Hong Kong investments sought for logistics sector

Bangladesh has sought investments in its logistics sector from Hong Kong.

At a programme – Exploring business and investment opportunities for Bangladesh via Hong Kong – speakers urged investors from Hong Kong to invest in Bangladesh owing to its pro-investment environment. 

They also said Bangladesh has set up 100 economic zones where various facilities are being provided for investors.

At the event in a city hotel organised by the Dhaka Chambers of Commerce and Industry (DCCI) and Hong Kong Trade Development Council (HKTDC), Economics Relations Division Secretary Sharifa Khan said there was a big gap in business and trade between Bangladesh and Hong Kong which was an opportunity.

"So, businesses should look for business opportunities and work together to fully utilise those," she said.

Sharifa also added that Bangladesh was a manufacturing hub and as the two shared many business entities, they could work together. 

"We urge Hong Kong authorities to train our educated people. You are good in logistics and technology so we want your support," she said.

Speaking as the special guest, she said Hong Kong has an opportunity to invest in Bangladesh which is offering the largest export-oriented economic zones.

The logistic sector is untapped in Bangladesh, so Hong Kong may invest in it. 

In a presentation, Rajesh Bhagat, consultant South Asia, HKTDC, said ready made garments, textiles, light engineering, leather and jute goods were promising sectors for foreign investors.

Bangladesh Economic Zones Authority executive member Mohammad Ifran Sharif said, "We are going to establish 100 economic zones to attract foreign direct investment, while the Mirsarai Economic Zone is the one of the largest economic cities in Asia."

The government is offering different types of fiscal policy support for investors, he added.

Around 75% of the land has already been leased to investors from home and abroad, of which three have already seen production taking place. 

Four government-to-government economic zones are also under construction or under process, he added.

Hong Kong is the 20th largest export destination for Bangladesh, said the BEZA executive member.

Janandrenath Sarkar, additional secretary ministry of commerce, said under the government's policy, FDI is appreciated.

Investors will get a five-year visa through investing at least $1 million. If the investment is $10 million, investors will have no visa requirements facility.

Chief Guest Tipu Munshi, MP, Minister, Ministry of Commerce, said a lot of Indian businesses were willing to invest in Bangladesh and they demonstrated that last week's visit by Prime Minister Sheikh Hasina.

Any investment in Bangladesh will also be an opportunity to export to all over the world, he said, adding that the Seven Sisters states in India were a good export destination from Bangladesh.

Arman Haque, senior vice president, DCCI delivered the concluding remarks at the event moderated by DCCI President Rizwan Rahman.