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Prime Minister Sheikh Hasina on Wednesday (23 August) said she has a dream to turn Bangladesh into a trillion-dollar economy, urging the South African investors to come up with robust investment particularly in the ICT, infrastructure, textiles and tourism.
"I have a dream; the 170 million people of Bangladesh have a dream. And that is, to become a trillion-dollar economy and a fully developed smart nation by 2041," she said.
In pursuit of achieving the dream, the premier said they have embarked on an ambitious endeavor aimed at setting down long-term objectives for prosperity and advancement.
She said this while addressing a Road Show titled “The Rise of Bengal Tiger: Bangladesh Trade and Business Summit" at Radisson Hotel and Convention Centre joining virtually from her Palace of Residence, the Radission Blu Hotel Sandton here.
Bangladesh Securities and Exchange Commission (BSEC) and Bangladesh Investment Development Authority (BIDA) jointly organized the summit.
Sheikh Hasina arrived here yesterday to attend the 15th BRICS Summit at the invitation of South African President Cyril Ramaphosa.
At the summit, the prime minister said Bangladesh has been steadfastly fortifying its commercial landscape to evolve into an even more friendly destination for trade, business, and investment.
"Our conviction rests in the belief that our endeavors will not only yield benefits for us but will also prove profitable for all those who choose to invest in our growing economy," she said.
The premier said they have welcomed investors worldwide, particularly from South Africa, to explore the numerous investment prospects within Bangladesh as this is the perfect time to acquaint yourselves with what Bangladesh offers.
"This is the time to know Bangladesh better and to invest in its future. --- We offer opportunities across sectors like ICT, electronics, infrastructure, textiles, tourism, heavy industry, and small industries. Our government is committed to facilitating smooth business operations," she said.
Mentioning that Bangladesh is ready to welcome prospective South African investors, she said Bangladesh's authorities such as the Bangladesh Investment Development Authority, Bangladesh Economic Zone Authority, Bangladesh Export Processing Zone Authority, Bangladesh High Tech Park Authority, and Bangladesh Securities and Exchange Commission, will all support foreign investors for optimal returns.
Apart from this, she said Bangladesh promises a secure and prosperous future for global investors and currently Bangladesh has the most open foreign direct investment policies in South Asia that includes a liberalized industrial policy, one-stop service, an allowance for 100% foreign ownership, an easy exit policy, a 15-year tax exemption, a VAT exemption for imported machinery, streamlined services, and more.
"In our growing economy, we are poised for substantial long-term financing. Amid the 4th Industrial Revolution, AI, and Venture Capital, Bangladesh is pursuing "Financial Connectivity" globally, prioritizing "Investment Banking" over traditional Consumer Banking," she continued.
About why Bangladesh adopted "Look Africa Policy", Sheikh Hasina said Africa with a population exceeding 1.5 billion, is currently experiencing rapid urbanization and economic growth which provides favorable opportunities for Bangladesh to expand its exports, particularly in sectors like textiles, ready-made garments (RMG), pharmaceuticals, and agricultural products.
She mentioned that in the past decade, Bangladesh has shifted its focus on untapped markets in Africa.
Bangladesh Foreign Minister Dr AK Abdul Momen and Prime Minister's Private Investment and Industries Affairs Adviser Salman Fazlur Rahman, among others, were present as Minister of Public Works and Infrastructure, South Africa, Sihle Zikalala spoke at the event.
BIDA Executive Chairman (Senior Secretary) Lokman Hossain Miah and BSEC Chairman (Senior Secretary) Professor Shibli Rubayat-Ul-Islam gave brief descriptions about Bangladesh's economy and the government's efforts to expedite foreign direct investment in Bangladesh.
TDM/SD
