PM Hasina offers SEZs for US businessmen, seeks larger investment

Bangladesh Prime Minister Sheikh Hasina on Tuesday called upon the US business community to invest largely in the South Asian country's renewable energy, shipbuilding, automobile and pharmaceutical sectors, reiterating her offer of a dedicated 'special economic zone' (SEZ) solely for them.

"I invite you to invest in our many vibrant and high-potential sectors, such as renewable energy, shipbuilding, automobile, pharmaceuticals, light and heavy machineries, chemical fertilisers, ICT, marine resources, and medical equipment, among others," she said.

The Bangladesh Premier also called upon the US business leaders to explore opportunities and invest in her country.

She made this call while presenting a keynote speech at a high-level executive business roundtable on "US-Bangladesh Economic Partnership: Shared Vision for Smart Growth."

The prime minister also inaugurated the US Bangladesh IT Connect portal (us.itconnect.gov.bd) at the event.

The US-Bangladesh Business Council organised the event at the Great Hall of the US Chamber of Commerce Washington, DC.

She hoped that the US-Bangladesh Business Council will play a significant role in advancing trade and investment cooperation between the two friendly countries.

"I also call on you here to remain and be with us as partners in our journey to a developed, prosperous, and Smart Bangladesh by 2041," she said.

She said Bangladesh is currently setting up 100 'Special Economic Zones' (SEZs), and 29 Hi-tech Parks in different parts of the country.

The premier reiterated about Bangladesh's most liberal investment policy status in the region. It includes foreign investment protection by law, tax holiday, remittances of royalty, unrestricted exit policy, full repatriation of dividend and capital on exit, she said.

"I assure you that we are giving topmost priority to improving our investment environment," she added.

She mentioned that the Bangladesh Investment Development Authority is implementing the "Bangladesh Investment Climate Improvement Programme".

"The United States can be Bangladesh's most robust partner. It is currently the largest single country destination of our exports, largest source of foreign direct investment, a long-standing development partner, and an important source of training and technology," she said.

Sheikh Hasina said she is optimistic that the United States would become Bangladesh's long-term productive partner in this challenging venture through trade, investment, technology transfer, and by creating a smooth and predictable supply chain for mutual benefits.

Describing the United States as a major economic and development partner of Bangladesh, she said both countries have intensive engagements in many areas, including trade and investment.

"Our shared aim is to achieve mutual benefit and prosperity for our peoples. This is evident in our growing bilateral trade, and people-to-people interaction. In 2021-2022," she said, adding that Bangladesh exported commodities worth US$ 10.42 billion to the United States, and imported goods worth $2.8 billion.

Referring to an example of Japan's proposal to develop an industrial hub in Bangladesh along the coastal belt, she said, "Our focus, therefore, now is to promote economic and commercial relations with regional and global partners, including the United States."

The premier said their efforts have led to Bangladesh making remarkable socio-economic growth over the last 14 years.

"It is now universally acknowledged as a 'Role Model of Socio-Economic development'", she continued.

"This has also been possible due to the continuity of good governance, rule of law, and stability, investment in rural economy, empowerment of women, and ICT that led to "Digital Bangladesh", she said.

This is why lately the brand value of Bangladesh has been growing fast, she said, adding that in Brand Finance UK estimate, Bangladesh's brand value recorded 37 percent growth last year, that is, the highest in the world, placing it next to India, among South Asian countries in Global Soft Power Index 2023.

"Our vision is to build a 'Smart Bangladesh' by 2041. This vision is beyond becoming a high income developed country by 2041, she said.

She added, "Smart Bangladesh is about being inclusive and founded on its smart citizens, smart economy, smart government, and smart society."