Pakistani textile firms are keenly setting-up production units in Bangladesh due to availability of better infrastructure, economical utility prices and attractive tax incentives.
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According to Express Tribune – “Businessmen from Pakistan have expressed keen interest in investing in Bangladesh. In fact, a Pakistani entity is about to make a historic investment in Bangladesh,” revealed Bangladesh Deputy High Commissioner Noor-e-Helal Saifur Rahman.
Speaking at a seminar titled “Talking Bangladesh Where Export and Investment Grow Better” on Tuesday, Ramham stated that Soorty Enterprises invested $35 million by setting up a factory in Bangladesh more than five years ago. “The firm now employs 6,000 Bangladeshis,” he added.
“A new group, which we are not disclosing right now, is going to make an even bigger investment,” he said on the sidelines of the seminar.
Giving a presentation, he said Bangladesh had planned to develop 100 economic zones nationwide over the next 15 years, which would create 10 million jobs and produce export-oriented goods worth $40 billion.
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Rahman emphasised that Bangladesh had excellent macroeconomic stability characterised by a high growth rate of 8.13% recorded in 2018 and a satisfactory level of public debt. “It is an open and diverse economy with very cheap labour, almost three times cheaper than Pakistan,” he said. “The country has a strategic geographical position as a gateway to the Asia-Pacific region.”
He added that Bangladesh also enjoyed a strategic and competitive position in the value chain of the global economy and an economic and legislative environment favourable for business.
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“We have invited PM Imran Khan to the upcoming D8 summit and hopefully he will attend the event,” said Saifur Rahman. “Relationships between Pakistan and Bangladesh are improving but still they are not as good as they should be.”
Also speaking at the seminar, Bangladesh High Commissioner Tarik Ahsan said advancement in political relations between Pakistan and Bangladesh would help improve bilateral business ties. “Balance of trade between the two countries is uneven,” said the high commissioner.
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Via: Express Tribune