Govt to establish ‘Bangladesh Development Authority’ to facilitate business: Prime Minister

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Dhaka, Jan 24: Prime Minister Sheikh Hasina on Sunday said that the government is going to establish ‘Bangladesh Development Authority’ to facilitate their business.

After inaugurating the two-day Bangladesh Investment and Policy Summit 2016 at a city hotel, she also reassured all the local and foreign investors of her government’s highest level of commitment to quickly facilitate their pragmatic proposals and simplification of investment procedure so that they can make the best use of their money.

Mentioning that security and profitability of investment are guaranteed in Bangladesh, Hasina repeated the poets’ verse, “You will never find another country like this anywhere else …”.

Board of Investment (BoI), Business Initiative Leading Development (BUILD) and Prime Minister’s Office (PMO) are jointly organising the Bangladesh Investment and Policy Summit.

Sheikh Hasina said this is the most opportune moment to show the dynamic role of investors and urged them to be part of Bangladesh’s historic growth and development. “All relevant forces have fallen into place nicely.”

“This Summit will give you the most appropriate platform to know Bangladesh’s investment trend, policies and potential more concretely and systematically – for seeing is believing,” she told the investors.

She said Public Private Partnership (PPP) in infrastructure investment offers a new window of opportunity for investors while the Existing Export Processing Zones (EPZs), and Special Economic Zones (SEZs) are being expanded and developed for competitive manufacturing for local and global markets.

Hasina said her government is going to establish Bangladesh Development Authority for the simplification of investment procedure. “We’re planning to establish 100 Economic zones across the country. More than thirty sites have already been selected for special economic zones and foundations stones of 10 zones will be laid next month.”

“We achieved 6.51 percent GDP growth in the last financial year. During the previous five years, our average GDP growth was 6.2 percent. We’ve been working to achieve 7 percent GDP this year. The indication we after passing half of the financial year, we’re hopeful of achieving 7 percent growth,” she added.

Finance Minister AMA Muhith, Industries Minister Amir Hossain Amu, Commerce Minister Tofail Ahmed, Chief Minister of Meghalaya Dr Mukul Sangma, South Asia Region CEO of Axiata Limited Dr Hans Wijayasuriya, Chairman of Adani Group Gautam Adani, Director of the International Finance Corporation of the World Bank Group Sujoy Bose and FBCCI President Abdul Matlub Ahmed spoke at the inaugural session of the Summit.

The Prime Minister noted that the ability to attract private investment, both foreign and local, has increased. “We’ve attained the ability to implement big projects. The initiative to implement the Padma Bridge project with our own fund is a testimony of our ability.”

“Our duty is to create a business-friendly environment, which we’re doing. Massive reforms have been carried out in infrastructures and, rules and regulations. We’ve undertaken all types of initiatives to create an investment-friendly environment,” she said

Sheikh Hasina said her government and colleagues have put in utmost efforts to provide and develop policy and regulatory framework conducive to the business community.

She said to identify private sector policy issues and resolve them in a systematic, research-backed and fact-based manner, the Prime Minister’s Office (PMO) has set up the Private Sector Development Policy Coordination Committee (PSDPCC).

The Prime Minister noted that the major opportunities for foreign investors in Bangladesh exist in the physical infrastructure sector, including gas and electricity generation, roads, highways and bridges, tertiary health care and pharmaceuticals, ports development.

She said Bangladesh has entered a new era of inclusive and equitable growth — both economic and social. The country has started displaying its increasing strength by following an upper growth path.

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