US investments to Bangladesh will increase more, hopes Kamal

Finance Minister AHM Mustafa Kamal today expressed his hope that the investments from the USA would increase more in the coming days as the US investors are keen to invest further in Bangladesh’s various sectors like in agriculture, automobiles, in energy and services sectors.

“We’ve discussed about the possible US investments in Bangladesh…I hope that the investments from the USA will increase further in the coming days,” he said.

The finance minister was briefing reporters after a delegation of the US-Bangladesh Business Council met him at the Finance Ministry conference room at Bangladesh Secretariat today.

He said that the delegation comprises of businessmen representing various sectors and industries and all of them want to expand trade and commerce with Bangladesh.

“We’ve also assured them that all the facilities are available here in Bangladesh for making investment and doing business. No business or FDI failed in the country while no foreign investor had left the country empty handed,” he said.

Noting that Bangladesh is an unprecedented land of opportunities, the Finance Minister said he had appraised the US-Bangladesh Business Council delegation that Bangladesh is the place for doing business.

He informed that the delegation expressed their interest to invest in Bangladesh’s agriculture, automobile and in gas exploration.

Asked whether the delegation sought for tax holiday facilities, Kamal said the existence of tax holiday in the country is different to various sectors.

He said if the ‘Made in Bangladesh’ concept could be promoted further among the foreign investors, then the country would progress further while the investors would be benefitted more.

“We want to generate more employments in the country through materialization of this concept,” he said adding that the visiting business delegation urged the government to ensure all the necessary facilities to expedite their investments in Bangladesh as they want to see Bangladesh in the ‘peak of development’.
Regarding the demands from the business delegation on tax and duty related issues, Kamal said that already there are such facilities like avoidance of double taxation while the National Board of Revenue (NBR) would look into the issues.

Replying to another question, he said there was no discussion on political issues in the meeting.

When asked about the current inflationary situation, the finance minister said when the Awami League government assumed office, then the inflation rate was 12.3 percent, but now the annual inflation is around 7.5 percent despite the global uncertainties including the onslaught of the Russia-Ukraine War.

“But, no one knows when the war will come to an end. Despite this, the country is performing well,” he added.

Economic Relations Division (ERD) Secretary Sharifa Khan said that the US investors have expressed their interest in production and export of soybean oil to Bangladesh.

She said the main interest of the US investors is the Bangladesh’s agriculture and services sectors.

She said VISA, which deals with cashless transactions in the country, sought incentives as well as sought the US investors sought tax exemptions in merchant payments.

Citing a survey, the ERD secretary said that the US investors mentioned that Bangladesh would be the 9th largest consumer market in the world by 2030 and they want to be a partner in this journey of growth.

Representative of Met Life, which has been operating in Bangladesh’s insurance sector for the last 72 years, said that Bangladesh is now the best destination for making investment.

President of US-Bangladesh Business Council Atul Keshap and CEO of Excelerate Energy Steven Kobos were present, among others, at the meeting. (BSS)