BMCCI advocates for investment-friendly environment at BIDA

Photo: Courtesy

The Board of Directors of the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI), led by President Shabbir Ahmed Khan, met with Lokman Hossain Miah, executive chairman of the Bangladesh Investment Development Authority (BIDA) to discuss key issues to promote the Malaysian Investment.

The meeting was attended by Senior Vice President Anwar Shahid, Vice President M Riyaaz Rasheed, Vice President Mahbubul Alam, Secretary General Md Motaher Hoshan Khan, and Director M Mahmudur Rashid, Director SM Ziaul Hoque, FLMI.

Executive Chairman Lokman Hossain Miah expressed gratitude to the BMCCI delegation for their interest in promoting Malaysian investment. He shed light on the recent development works that have driven Bangladesh to the peak with the dynamic and prudent leadership of our Hon'ble Prime Minister Sheikh Hasina. Now, Bangladesh has been elevated to a developed country status and has been placed in a dignified position on the world map. Bangladesh, once one of the ten poorest countries in the world, is now the 41st largest economy in the world and getting enrolled in the list of LDCs. The country has established itself as a role model of development by achieving unparalleled success in all areas. The nation is now a development role model across the world.

To captivate the global market's attention towards Bangladesh, BIDA has launched the One Stop Service (OSS), an online platform that consolidates relevant government institutions to provide services to both domestic and foreign investors. By serving as the exclusive point of contact and a singular interface for investment-related services between the government and investors, the One Stop Service (OSS) aims to augment investment facilitation services in Bangladesh. Investments registered with BIDA receive various incentives such as Tax Exemption on Capital Expenditure and Income Tax Exemption, particularly for enterprises focused on export.

The Executive Chairman emphasized that the government's substantial investment in Bangladesh's energy and other sectors aims to showcase Bangladesh as an investment-friendly destination. He outlined the various measures undertaken to enhance the investment climate and underscored the existing legal framework in Bangladesh, which safeguards investors' investments and facilitates easy dividend withdrawal. He assured the delegation that remaining challenges would be swiftly addressed, envisioning Bangladesh as a prime investment hub in the near future.

During the meeting, President Shabbir A Khan emphasised the significant potentials for foreign investors, particularly those from Malaysia, in Bangladesh. He has highlighted the proactive role of the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) in promoting investment and fostering bilateral trade over the past 24 years. President Khan has called for support from BIDA as a responsible authority to attract foreign direct investment (FDI) and facilitate investment, expressing BMCCI's willingness to collaborate with BIDA to overcome challenges and create a more conducive environment for investment.

Secretary General Md Motaher Hoshan Khan highlighted the significance of promoting investment from Malaysia and urged for the implementation of appropriate policies to attract foreign direct investment (FDI). He emphasized the need for a business-friendly environment that encourages trade growth between the two countries.

Executive Chairman Lokman Hossain Miah expressed gratitude to the BMCCI delegation for raising these important issues. He requested the chamber to provide pinpointed proposals for review, assuring them that the BIDA would handle these matters with utmost importance.

At the end of the meeting, BMCCI delegates echoed their promises to remain committed to fostering an investment-friendly environment and enhancing economic cooperation between Bangladesh and Malaysia.