Bangladesh Bank (BB) Governor Dr. Atiur Rahman has assured the Japanese investors to provide all-out support to facilitate their business activities in Bangladesh.“From the central bank, I promise wholehearted proactive collaboration with the BOI, Prime Minister’s Office and other government authorities towards further facilitation and support for Japanese investments in Bangladesh, addressing and resolving issues promptly as they arise,”
Dr. Rahman said.He was speaking as a special guest at the opening session of Bangladesh-Japan Business Forum at the Pan Pacific Sonargaon Hotel in Dhaka on Saturday.The Business Forum was organised jointly by the Japan External Trade Organisation (JETRO), Board of Investment Bangladesh (BOI) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
The central bank governor said Bangladesh’s stance on foreign direct investment (FDI) and foreign portfolio investment (FPI) inflows are among the most liberal in South Asia region.
“We have constant engagement with local foreign investor communities in Bangladesh for facilitation of all kinds of business related external transactions including inflows of equity and debt, and outflows of royalty/technical fee, profits/dividends and disinvestment proceeds including capital gains,” the BB governor noted.
He also said major recent new facilitations include enhancement of family remittance ceiling for expatriates to 75 per cent of salaries, and repatriability of sale proceeds of foreign equity in unlisted companies at fair value based on assets, income and earnings trends instead of solely at net asset value.
“Foreign owned businesses can now access local and external financing on the same basis as for locally owned businesses, and their interest free short term borrowings from their parent businesses at home require no prior approval,” the central bank chief explained.He also urged the Japanese and Bangladeshi business leaders to work together in taking full advantage of all the existing and new facilities and bring about a major new upturn in our bilateral trade and investment relationships.“We look forward to Japan which is our time-tested friend, always remaining Bangladesh’s important partner in helping attain her development vision of higher middle income country status by 2030 and advanced economy status by another decade or so,” the BB governor observed.In March early this year, Dr. Rahman visited Japan and sought Japan’s support for Bangladesh to join the Regional Comprehensive Economic Partnership (RCEP).The RCEP is a Free Trade Agreement (FTA) scheme of the 10 ASEAN (Association of South East Asian Nation) member states and its FTA partners include Australia, China, India, Japan, Korea and New Zealand. Mooted at the 2011 ASEAN Summit in Indonesia, the RCEP negotiation process was formally launched during the 2012 ASEAN Summit in Cambodia.The objective of RCEP negotiations is to achieve a modern, comprehensive, high-quality and mutually beneficial economic partnership agreement that will cover trade in goods, trade in services, investment, economic and technical cooperation, intellectual property, competition, dispute settlement and other issues.Japanese Prime Minister Shinzo Abe, Industries Minister Amir Hossain Amu, Commerce Minister Tofail Ahmed, State Minister for Foreign Affairs Shahriar Alam, Executive Chairman of the BOI Syed Abdus Samad, Chairman and Chief Executive Officer (CEO) of the JETRO Hiroyuki Ishige, President of the FBCCI Kazi Akram Uddin Ahmed, former President of the FBCCI and Managing Director (MD) of the Mir Group Mir Nasir Hossain, MD of the Western Marine Shipyard Limited Sakhawat Hossain and MD, CEO and president of eight Japanese companies also spoke on the occasion.