Photo: Collected
Prime Minister Tarique Rahman has said his government is firmly committed to ensuring an investment-friendly environment in Bangladesh. He said, ‘Our message is very clear – Bangladesh is open for business.’
Highlighting his experience of starting his career in business before entering politics, the prime minister said he learned a simple lesson from it – investment requires confidence, predictability and the right environment for growth.
The prime minister, who is in New York to attend the 81st session of the United Nations General Assembly (UNGA), said this at a breakfast meeting with top Wall Street business leaders and investors at the JP Morgan headquarters at 270 Park Avenue in Manhattan on Friday morning local time.
Thanking JP Morgan, the organiser of the meeting, and the business leaders and investors present, he said, ‘I am not a Wall Street man; I have come here as a Bangladeshi and a political leader with the responsibility of protecting the interests of the people of the country.’
He said business leaders and investors work to protect the interests of their own businesses and investors, while he works to protect the interests of Bangladesh and the people of the country. Though the responsibilities are different, the core principle of both sides is the same – ensuring success.
The prime minister said he had presented Bangladesh’s priorities before the international community at the UN General Assembly session. Today he wants to directly present the country’s economy and the opportunities that exist in Bangladesh for global business.
Tarique Rahman said, ‘Bangladesh is home to more than 180 million people. The country has a young and hard-working population, a growing market and a strategic geographical location.’
He said, ‘The world knows Bangladesh as a major manufacturing and readymade garment hub. This is an important strength of Bangladesh and it will continue. But today’s Bangladesh holds far more potential than this.’
Saying there are significant investment opportunities in energy, infrastructure, logistics, technology, digital services, climate finance, manufacturing, agriculture and healthcare, the prime minister said the government’s goal is to build a one trillion dollar economy by 2034 and turn Bangladesh into a hub of globally connected manufacturing, investment and services.
He said that to achieve this goal the government is working to make Bangladesh easier, more stable and more reliable for investors. Steps are being taken to simplify the regulatory system, strengthen investor protection, simplify rules and regulations, improve tax and VAT administration, arrange for easy repatriation of profits and develop infrastructure.
The prime minister said his government wants to further deepen Bangladesh’s economic relations with the United States. Alongside this, he also highlighted new economic arrangements with Japan and South Korea, a new partnership initiative with the European Union and the further strengthening of economic relations with China.
He remarked that these steps are important to bring Bangladesh’s connections with the world’s major economies closer.
Mentioning JP Morgan’s role in the issuance of Bangladesh’s first sovereign bond, the prime minister said that through it international investors have got a new reference point for Bangladesh and an opportunity has been created to link the country’s capital market more closely with the global financial system.
He said investors ultimately assess a country by seeing what actually happens after the speeches. How predictable the rules and regulations are, how protected investment is, how efficiently capital can be moved and how easily profits can be repatriated – these are their legitimate questions.
The prime minister said it is the government’s responsibility to build confidence through policy formulation and, most importantly, its effective implementation. The government wants not short-term transactions but long-term partnerships that will create value for both sides.
Calling on Wall Street firms to invest in Bangladesh, he said the government wants to turn Bangladesh into a strong platform from which investors will be able to run their operations in the wider regional market.
The prime minister said Finance Minister Amir Khasru Mahmud Chowdhury and Tanvir Gani, special assistant for investment and capital market affairs, will work closely with investors and coordinate their interests and specific issues with the relevant individuals and institutions of the government.
He said the government’s goal is very simple – more investment, more trade, more employment, more technology and a stronger economic partnership between Bangladesh and the United States.
Calling on investors to invest in Bangladesh with confidence and build businesses for the long term, the prime minister said, ‘We are ready to work with you, to listen to you and to remove obstacles wherever possible. I hope to see many of you in Bangladesh soon.’
Top Wall Street business leaders, investors and representatives of financial institutions took part in the meeting.
