Country needs heavy investment in hi-tech, backward linkages: Land minister

Bangladesh needs heavy investment in hi-tech and its backward linkage industries, said Land Minister Saifuzzaman.

"We don't want small investments or investment in the textile sector. We need a big investment in other thriving sectors," he said while speaking as chief guest at the closing ceremony of the BSEC roadshow held in Geneva on Wednesday.

Bangladesh that was once chiefly an agro-based economy now relies heavily on the industrial sector, the land minister mentioned. He invited Swiss investors to visit Bangladesh to see the improved business climate in the country before making any investment plan.

"You do not need to invest right now as we don't want small investments. Visit Bangladesh first and then make big investment decisions" he said.

Citing a report of the International Monetary Fund (IMF) report, he said Bangladesh was among the top resilient economies in the world during the Covid-19 pandemic.

"The Bangladesh economy was thriving before the pandemic. However, we recovered pandemic losses fast, thanks to resilience," Minister Saifuzzaman told the event – the 2nd phase of the "Investor Summit: Bangladesh Capital Markets" at the Hotel President Wilson in Geneva, organised by the Bangladesh Securities and Exchange Commission. The first summit was held in Zurich.

The summit was also focused on showcasing Bangladesh's Economy and Capital Markets to international investors titled "The Rise of Bengal Tiger: Potentials of Trade & Investment in Bangladesh".

Addressing the event, BSEC Chairman Professor Shibli Rubayat-Ul-Islam said Bangladesh needs heavy foreign investment to achieve the Sustainable Development Goals (SDGs).

Arif Khan, vice chairman of Shanta Asset Management, gave a presentation on the potentials of Bangladesh.

He said foreign currency is most stable in Bangladesh among the Asian frontier markets. "Interest management has improved remarkably. The lending rate has been brought down to single-digit from double-digit. The deposit rate is lowest in 25 years, causing an increased money flow to the stock market."

He identified six reasons to choose Bangladesh as an investment destination – which include sustainable economic growth, political stability, forward-looking infrastructure strategy, competitive labour, service innovation and a young and skilled workforce.

In his presentation, Major General Md Nazrul Islam, executive chairman of the Bangladesh Export Processing Zones Authority (Bepza), displayed the incentives that Bangladesh is offering foreign investors in the economic zones.

He said foreign investors can avail 10 years of tax holiday for investing in economic zones.

In Bangladesh, foreign investors will get labour at the lowest cost at less than 100 dollars monthly wage, he added.

To demonstrate the Bangladesh capital market, and trade and investment opportunities in the global platform and attract investors from global and NRB communities to invest in Bangladesh, the BSEC has taken one of its major initiatives in recent times by organising this series of shows.

Before this, the commission organised several shows in Dubai, the United Arab Emirates and in four major cities in the USA earlier this year.

Participants in the BSEC roadshow in Switzerland – organised with courtesy from Walton Bangladesh – acknowledged that NRBs are now more energised and the total image of Bangladesh has changed in this part of the world through the wonderful presentations by the visitors.

A senior team of BSEC led by its Chairman and representatives from ministries and regulatory authorities concerned attended the roadshow.