Bangladesh can be the right place for investment from Brunei: Tipu Munshi

Commerce Minister Tipu Munshi on Sunday urged energy-rich Brunei to invest in Bangladesh taking advantage of facilities that the country offers for the foreign investors.

"Bangladesh can be the right place for investment. My request will be to invest in Bangladesh," he said while speaking as the chief guest at a business meeting with Brunei's Finance Minister Dr Awang Haji Mohd Amin Abdullah in a city hotel.

The commerce minister mentioned countries like India and China where Bangladesh has the opportunity to export whatever it wants apart from its own market of 170 million people. 

He also urged the Brunei finance minister to remove the discriminatory rule for Bangladeshi immigrant workers who have to deposit $1600 while the amount is only $500 for Malaysian workers.

Highlighting some of the major benefits provided in Bangladesh foreign investment policies, the minister informed, besides the gigantic domestic market, investing in Bangladesh will offer additional access to the Indian and Chinese market as these two markets allow most of the made in Bangladesh products duty free.

State Minister for Foreign Affairs Md Shahriar Alam also spoke at the meeting chaired by President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Jashim Uddin.

He also highlighted the contributions of Bangladeshis, especially that of the construction workers.

The state minister urged Brunei to appoint more Bangladeshi manpower as Bangladesh has been focusing more on creating skilled manpower.

Bangladesh may offer a dedicated economic zone for Asean countries if Brunei provides capital and marketing assistance, he said.

Issues related to trade and investment, recruitment of skilled workers from Bangladesh and using port facilities were discussed in the meeting.

Dr Amin was appointed as the Minister at the Prime Minister's Office and Minister of Finance and Economy II on 27 September, 2018 and re-appointed on 7 June, 2022.

Minister Dr Amin said the two countries have the opportunity to work together on trade and investment fronts and explore opportunities to create a regional hub in terms of transportation. "We are expanding our seaports at the moment."

A memorandum of understanding (MoU) signed between ZES Trading and Ghanim International Corporation was signed to introduce Halal food from Brunei in the Bangladeshi market.

Dr Nur Rahman from Ghanim International and FBCCI director Dr Kazi Ertaza Hassan, CIP signed the MoU on behalf of their organisations.

Dr Amin informed that Brunei port is nearer to China, and therefore using the port as a transshipment hub would save time and money of Bangladeshi businesses.

Minister of Home Affairs Ahmaddin bin Haji Abdul Rahman praised the contribution of the skilled Bangladeshi manpower in keeping Brunei economy afloat.

FBCCI President Jashim Uddin urged the visiting delegation from Brunei to consider Bangladesh as their next trade and investment destination.

"We have ongoing development projects to facilitate investment," he said, mentioning deep seaports, 100 special economic zones, hi-tech parks, tourism parks, nuclear power plant, metro rail, LNG terminal and construction of road and rail on bringing the whole country under a common network.

"So, our story is now very different from what it was before and Brunei can choose Bangladesh as their next destination for trade and investment," said the FBCCI President.

He said they foresee the scope of strengthening cooperation in trade and investment with a focus on development and innovation, food processing, ICT, plastic, petrochemical, shipbuilding, tourism, infrastructure development, petroleum and energy and Knowledge transfer to facilitate the transition of the 4IR.

FBCCI director Priti Chakraborty recommended joint ventures to set up training institutes to create skilled manpower in the field of ship building, health and ICT.

BGMEA President Faruque Hassan and FICCI President Naser Ezaz Bijoy also spoke at the meeting.

Among others, FBCCI Vice-Presidents Md Amin Helaly, Salahuddin Alamgir and Md Habib Ullah Dawn were present.

Later, Finance Minister of Brunei Dato Amin and Home Minister of Brunei Dato Ahmaddin inaugurated the Brunei Halal Foods Flagship Outlet Store in Gulshan-2, Dhaka.

Lauding the contributions of the Bangladeshi expatriates in Brunei to the economy of Bangladesh and Brunei, Bangladesh conveyed its readiness for providing required workforce to Brunei, including professional and skilled human resources.

Earlier on Saturday evening, the State Minister conveyed to Sultan of Brunei Haji Hassanal Bolkiah that Bangladesh was ready for attracting FDI and encouraged Bruneian investment in Bangladesh.

The Sultan admired the Bangladeshi expatriate workers in Brunei as hard working and sincere.