Bangladesh seeks more Malaysian investment

KUALA LUMPUR: Bangladesh High Commissioner to Malaysia Md Golam Sarwar has invited more Malaysian entrepreneurs to consider investing in the republic.

He said the newly established 100 economic zones in Bangladesh as well as the infrastructure and technology sector present new opportunities for Malaysian investors.

"We are working to promote mutual investment. The JP Morgan labelled Bangladesh as one of the "Frontier Five" economies with high potential to become an attractive destination for investment.

"As the economy of Bangladesh is taking off to a higher trajectory of growth through the development of its infrastructure and tradable products, Malaysian entrepreneurs will find our power, telecommunications, infrastructure development, pharmaceuticals, textiles and agro-based industrial sectors lucrative for investment," he said in his speech at the Ambassador Global Lecture Programme organised virtually by Universiti Teknologi Malaysia (UTM), recently.

The lecture carried the theme "50 years of diplomatic relations between Bangladesh and Malaysia and the way forward".

The High Commissioner added that the Bangladeshi government also frequently shared the liberal investment policies of the country with potential Malaysian investors.

According to him, foreign investors in Bangladesh can enjoy a wide range of financial incentives, including tax holiday, avoidance of double taxation, exemption of duties, and repatriation of profits.

He added that besides the conducive investment climate, other factors that make Bangladesh a lucrative destination for foreign investment were a large domestic market, abundant skilled labour, presence of a home-grown entrepreneur class, and, above all, the Government's commitment to promote a win-win situation for foreign investors.

He added that recent data of Bangladesh Bank had shown that at the end of June 2020, Malaysian foreign direct investment (FDI) totalled US$825.14 million, making it the 9th largest investor in Bangladesh.

-- BERNAMA