SINCE its birth Bengal has harbored the free spirit of entrepreneurs. The muslin, spices and other premium produces have its exclusive market over the globe. Before the colonial accession by British, Bengal was considered the fourth largest exporting country in the world. The balance of trade was always tilted to Bengal since colonization. Things have changed as the economic instruments were destroyed. In recent years the economy of Bangladesh is taking a fair turn. The growth of economy is persistent for a decade registering over 6% growth with 7.2 % last year. Bangladesh is now trying to establish itself as the next rising star in South Asia for foreign investment. The government has implemented a number of policy reforms designed to create a more open and competitive climate for private investment, both foreign and local.

Bangladesh has been quick to undertake major restructuring for establishing a market economy, with key role played by the private sector. Its current development strategy is based on the creation and distribution of wealth through the acceleration of growth driven by competitive market forces, with the government facilitating the process. The government has moved speedily to translate its vision of becoming MIC (Middle Income Country ) by 2021 through policy plans such the ‘7th five year Plan’, ‘Perspective Plan’, National Social Security Strategy (NSSS), appropriate Sustainable Development Goals etc.

The World Bank has on July 1, 2015, categorized Bangladesh as a Low Middle Income Country (LMIC), up from Low Income Country (LIC) and on March 15 this year UN declared that Bangladesh met the criteria for graduating from the status of lower developing country (LDC) to that of developing country. It was achieved due to the visionary leadership of Bangladeshi Prime Minister Sheikh Hasina over the past nine years.

Under her able leadership, Bangladesh followed pragmatic development strategies that resulted in inclusive economic growth, structural transformation and remarkable social progress. Bangladesh met all three criteria for graduation from LDC: its per capita gross national income is $1,610, well above the UN’s lower limit of $1,230; the human asset index is 72.9, compared with the UN target of 66 and the economic vulnerability index is 24.8,below the UN’s upper threshold of 32. As a result, Bangladesh is emerging on the world stage as an important country offering plenty of opportunities for trade and investment.

Bangladesh has been consistently pursuing an open-door investment policy and playing a catalytic role to augment private investment. For that regulatory controls and constrains have been reduced to a minimum. The government has steadily liberalized its trade regime. Significant progress has been achieved in reducing non-tariff restrictions on trade, rationalizing tariff rates and improving export incentives. Keeping this in mind and considering the incentive package offered by other competitor countries, Bangladesh has been offering multiple incentives packages to the developers as well as to the unit investors in the economic zones.

To mitigate land crisis for industrial use and to create fully serviced industrial zone government has taken measures to build 100 Economic Zones in the country. The regulatory framework for the EZ is as under Bangladesh EZ Act, 2010; Bangladesh Economic Zones (Appointment of Developer, etc.) Rules,2014 and Policy of Private EZ, 2014.

Bangladesh, being a winning combination of competitive market, boasts business-friendly environment and competitive cost structure that can give you best returns. It is an ideal destination for Saudi entrepreneurs as it has a very dynamic young talented Muslim population (almost 90% population is Muslim) with attractive incentives. Potential investors may explore enormous potentialities in investment opportunities in different sectors, such as tourism industry, IT, ship-building, pharmaceuticals, etc. in Bangladesh.

Recently the government of Saudi Arabia has opened up investment opportunities for Bangladeshi entrepreneurs who can either invest solely or with Saudi partnership as Joint Venture projects in different areas such as aquaculture and fisheries, construction, human resources training, tourism and many more areas. Recently the governor of Saudi Arabian General Investment Authority (SAGIA) expressed his willingness to support Bangladeshi investors coming to the Kingdom. SAGIA offers ‘advice and services to support interested parties from the initial planning stage through to after care.

All interested entrepreneurs from the Kingdom are requested to undertake visit to Bangladesh and they may wish to contact the Embassy in Riyadh at mission.riyadh@mofa.gov.bd or visit website of Bangladesh Investment Development Authority (BIDA) at www.bida.gov.bd for further details. Bangladesh is eagerly waiting to receive Saudi brothers and sisters who would like to explore the enormous potentialities in investment opportunities in different sectors, tourism industry, IT, ship-building, pharmaceuticals, etc. in Bangladesh. — SG