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PM urges Chinese entrepreneurs to relocate factories to Bangladesh

Untitled-1BEIJING, June 10 (UNB): Prime Minister (PM) Sheikh Hasina urged the Chinese entrepreneurs on Tuesday to relocate their factories to Bangladesh to avail themselves of competitive and affordable wages of Bangladesh’s young and energetic workforce.

“Since the costs of production of certain products in China are increasing, the factories producing those items can be relocated to Bangladesh where the costs are a lot cheaper, particularly due to the very competitive and affordable wages of Bangladesh’s young and energetic workforce,” she said.

Hasina was delivering her keynote speech at ‘Bangladesh Marching Ahead: Bangladesh-China Economic and Trade Cooperation Forum’ hosted by China Council for the Promotion of International Trade at Presidential Beijing Hotel. Distinguished industry and business leaders from both the countries were present.

Chairman of China Council for the Promotion of International Trade (CCIPT) Jiang Zengwei presided over the function which was attended by leading Chinese business leaders, chiefs of corporate bodies, manufacturing and trading companies, investment groups, construction, power generating and engineering companies.

Expressing her firm belief that Chinese investment in Bangladesh will be profitable and worthwhile, particularly in manufacturing and service sectors, the PM urged all the leaders of business and industry of China to visit Bangladesh to explore the possibilities of increasing trade and investment.

“I welcome you all to be our partners in our business activities and share together the gains and benefits, profits and prosperity,” she added.

Hasina said Bangladesh is a lucrative destination for foreign investment as its FDI policies offer the friendliest fiscal and financial incentives that include equal treatment to local and foreign investors, legal protection against nationalisation and expropriation, guarantee for expatriation of capital and dividend, corporate tax holidays from 5 to 7 years, concessionary duty on the import of machinery, export incentives, allowing 100 per cent foreign equity, and unrestricted exit policy.

“Moreover, Chinese investment is fully protected under the existing ‘Bilateral Investment Protection Treaty’ and a ‘Bilateral Tax Convention’. Another added attraction is that as an LDC Bangladesh is enjoying duty-free and quota-free market access to the EU and almost all developed countries,” Hasina told her audience.

She said Chinese investors may also participate in joint ventures with Bangladeshi entrepreneurs in sectors not yet tapped such as pharmaceuticals, ceramics, tourism, education, healthcare, road and rail communications, petrochemicals, agro-based industries, amongst others.

In recent times, Hasina said, China’s support for Bangladesh has been gaining momentum as the country had recently sought China’s assistance for some of its key areas of development during the period 2014-18, including the construction of power plants, a river tunnel.

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Source: Financial Express

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