When sky is our limit
Barrister Al Amin Rahman, Advocate, Bangladesh Supreme Court :
The Government of Bangladesh extends magnanimous treatment and environment towards foreign investors under its relaxed legal policy framework and principle of compliance with international norms and principles. Globally, foreign investors tend to invest in a place where there is an assurance of making profits. Businesses throughout the world is encroaching in every sector to come out of their jurisdiction and expand on international boundaries, the trend has never been more accessible than ever before in countries like Bangladesh. Bangladesh seems to be a country of opportunity in the light of the recent initiatives taken by the Government, especially in matters related to enacting foreign investment friendly provisions and promoting the same on 8More on Page 2, Col
(From Page 1) diplomatic stage. Despite the fact that several security concerns in regards to safe financial gateways and political turmoil’s are an ongoing issue, and are getting addressed before thinking of investing in Bangladesh, the Government is very willing to bring foreign investment in Bangladesh through easing the process of investing in Bangladesh via easier legal compliances, tax provision, procedural hassle and heavy documentation. For empowering an economy to grow rapidly, clasping with a strong balance of payment position, and a stable exchange rate, foreign investment is imminent and momentous. Bangladesh predominantly offers adequate banking and other relevant facilities to investors, both domestic and foreign, for establishment of industries and to facilitate their business transactions (An opportunity not to be missed, Foreign Investment has never been easier in Bangladesh, http://www.alaminrahman.com/foreign-investment-in-bangladesh/).
The same has been reflected in the fourth Bay of Bengal Initiative For Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Summit, concluded in Kathmandu on 30th and 31st August of 2018. The member states including Bangladesh in the BIMSTEC summit inked a deal for cross-country energy grid interconnection and reaffirmed strong commitment to work out a comprehensive approach for combating terrorism. The BIMSTEC leaders have emphasized the importance of exploring multiple avenues of connectivity, ranging from physical to digital platforms. During the summit, the leaders also highlighted the need for enhancing deeper cooperation within the member states.
BIMSTEC is a unique regional organization that connects South and Southeast Asia. It comprises five littoral states of the Bay of Bengal – Bangladesh, Thailand, Myanmar, India and Sri Lanka, and two landlocked Himalayan nations – Nepal and Bhutan. BIMSTEC accounts for around $2.8 trillion in GDP, 22% of the global population and 3.64% of the world’s surface area. This regional grouping was set up on June 6, 1997 in Bangkok to promote economic and technical cooperation and people-to-people relations between the five South and two Southeast Asian nations.
Bangladesh has non-discriminatory legal provisions for foreign investors and also it facilitates repatriation of full invested capital, profit and dividend. The visa procedure for investors is comparatively easier in Bangladesh and in my experience, I have found these issues attract foreign investors a lot and encourage them to invest in Bangladesh. Beside these, the new relationship and commitment of the leaders in BIMSTEC summit would definitely impact our economy positively through exerting considerable influence on the thinking of foreign investors. This effort of the government of our country should be appreciated whole heartedly by everyone of this country. I congratulate the Prime Minister of our country, Sheikh Hasina for stepping towards another dynamic era. It is hoped that all that was agreed in the BIMSTEC summit 2018 would be duly implemented as was expected by the leaders.