JEDDAH, 2 June 2006 — Bangladesh has appealed to Saudi businessmen to consider investing in the country and help expanding the two-way trade. “Saudis may invest either on their own or establish joint ventures, especially in export processing zones (EPZs) or take over industries under the privatization scheme,” Dewan Sultan Ahmed, vice president of the Dhaka-based Federation of Bangladesh Chamber of Commerce & Industry (FBCCI), said at a meeting at the Jeddah Chamber of Commerce & Industry (JCCI) yesterday.
“In fact, the government has allowed the setting up of EPZs in the private sector with a view to attracting more domestic and foreign investment, and many EPZs have already been registered,” said Ahmed who is leading a 30-member trade mission. Bangladesh offers liberal packages, facilities and incentives in its effort to encourage foreign direct investment.
“Tax-holiday facilities are available for five to seven years depending on the location of enterprises,” he said, adding that an accelerated depreciation allowance is given to the industrial undertakings that do not enjoy tax-holiday benefits.
JCCI’s Deputy Secretary-General Saudi O. Ounallah, who presided over the meeting, said the Kingdom, a WTO member, was also becoming an attractive destination for overseas investors, as it has an easily reachable population of the region covering the Middle East, Africa and Asia. Dr. Mohammad Abdul Hamid, labor counselor and acting consul general of the Consulate General of Bangladesh, said this was the first time that such a large delegation was on a visit to this part of the world.