Prime Minister Sheikh Hasina has urged Malaysian businesses to invest in a 'rapidly transforming Bangladesh'.
Published : 03 Dec 2014, 08:50 AM
Speaking at a seminar attended by Malaysian business leaders on Wednesday, she flagged road, power, energy, tourism, waste management and water supply as the key sectors to invest.
"Equally attractive is the entire chain of food and agriculture sector. And, Bangladesh is ready to consider any form of partnership, including Public Private Partnership," Hasina told the gathering at the Hotel Grand Hayatt in Kuala Lumpur.
She said that Bangladesh's vision is to become a mid-income economy by 2021 and a developed one by 2041. "All our development enterprises aim at ensuring well-being, justice and a life of dignity for all."
Bangladesh views manufacturing as an avenue to optimise investors' returns as well as workers' welfare "without affecting lives and livelihoods of others", said Hasina.
"We believe that social development and economic growth must go hand in hand and complement each other in the long run."
With a gross domestic product (GDP) of $130 billion, Bangladesh is now one of the fastest growing economies in South Asia, the prime minister said , pointing out that its economy has continued to grow at over 6 percent in the last five years.
"Many of our friends in the West estimate that, in spite of inadequate infrastructure, return on investments in Bangladesh is a few times higher than in their own economies!"
Citing ESCAP and BCIM initiatives, Hasina said that it would connect a number of key growth centres and ports.
"As those initiatives materialise, many of those would turn their focus on Bangladesh.
"Assessments indicate that Bangladesh is expected to emerge as an important manufacturing, distribution and logistics hub– within and beyond South Asia," the prime minister said.
Bangladesh is ready to take the advantage of opening up of new connectivity with its "skilful, fast-trainable and young workforce, liberal and competitive fiscal regime and incentive packages", she added.
Hasina said that Bangladesh does face some challenges in terms of power, energy and communications infrastructure.
"We already have sizable FDI (foreign direct investments) in these areas. And we are ready to welcome quality investments from Malaysia to meet our large requirements."
The prime minister said that Bangladesh realises its shortcomings in creating an enabling atmosphere for business. "Thus, we are in the process of creating as many as 18 Special Economic Zones (SEZs). We are fast easing critical logistics and processing facilities for the foreign investors.
"I extend a most warm invitation to you all to Bangladesh – for once, please visit and experience for yourself the real Bangladesh. Please, be a part of the next growth story called Bangladesh! ", said Hasina.