Tofail urges Hong Kong entrepreneurs to invest in Bangladesh

FT ONLINE

Commerce Minister Tofail Ahmed on Thursday urged the entrepreneurs in Hong Kong to invest in Bangladesh, saying the country is an ideal place for investment.

"If necessary, investors can take back their full investments and profits. At the same time, the government has withdrawn the double tax system in case of exports," he said at the 13th Prime Source Forum in Hong Kong, organized by the Prime Source Forum, said a commerce ministry release in Dhaka.

The minister described the investment opportunities in Bangladesh in a keynote presentation titled "The Global Fashion Industry and Economic Opportunities for Bangladesh" at the conference.

Tofail told the investors of Hong Kong that they will be benefited, if they make investments in any of 100 special economic zones announced by Prime Minister Sheikh Hasina.

He said Bangladesh has already complied with the three criteria to become a developing country.

To become a developing nation, any country has to fulfill the criteria of per capita income, human assets index and economic vulnerability index of the United Nation Economic and Social Council (ECOSOC). Per capita income of Bangladesh rose to $ 1,610 while human assets 72.9 percent and economic vulnerability 25 percent, he added.

The commerce minister hoped the ECOSOC will announce Bangladesh's graduation from the LDCs in its next evaluation meeting in this month.

"So, Bangladesh will turn into a developing nation in 2021 when the country will celebrate its 50 years of independence," he hoped.