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Daily Business News All Daily Business News
24 Feb 2013
S Arabia-Bangladesh joint commission meets tomorrow

The Saudi Arabia-Bangladesh 10th Joint Commission meets on Monday and Tuesday in Riyadh to discuss economic and trade opportunities, said Bangladesh Ambassador Mohammed Shahidul Islam, according to a report published in Arab News on Saturday.

"The meeting is aimed at securing tangible benefits for both parties in terms of their economies, trade, investment, education, culture, human resource development, health, agriculture, manpower cooperation and other areas," Islam told MENAFN, the report said.

He added that the meeting of the commission, after a lapse of four years, would provide further impetus to bilateral relations.

The meeting will be co-chaired by Deputy Minister for Economic Relations Dr. Abdul Kalam Azad and Saudi Deputy Minister for International Affairs in the Ministry of Labor Dr. Ahmed Al-Fehaid. The Bangladesh team will comprise 30 senior government officials.

The ambassador said there are investment opportunities in various sectors in Bangladesh whose economy recorded an annual growth rate of over 6.0 percent in spite of multiple crises and climate change issues.

The government is determined to further increase growth until 2021 and sustain it thereafter to make Bangladesh a middle-income country, he said.

Efforts are underway to develop strong regional connectivity with roads, railways and waterways with a view to taking advantage of the unique strategic location of the country between south and Southeast Asia and physical proximity to China, with the potential to become the economic hub of the region.

He said Bangladesh has "strong economic fundamentals, resilience and potential" with Goldman Sachs ranking the country as one of the 11 emerging economies after the BRIC countries - Brazil, Russia, India and China. JP Morgan has included it in the list of Frontier Five, Standard and Poor has its investment rating as BB and Moody's Ba3 for successive years.

Islam said there were investment opportunities in power, information technology (IT), manufacture of ceramic and pharmaceutical products and the tourism sector. He described Bangladesh as the most valued destination for foreign investments.

The envoy indicated that the country has many affordable, hardworking and easily trainable workers.

There are also incentives and facilities offered by Bangladesh to foreign investors including a tax holiday for five to seven years; no import duty on the import of raw materials for export-oriented industries; and full repatriation of invested capital, profits and dividends.

There is also a concessionary duty on imported machinery; 100 per cent foreign equity allowed; and an unrestricted exit policy.

He said this offers investors an advantage when relocating industrial plants, especially in the export-oriented industries of Bangladesh.

Construction of bridges on the rivers crisscrossing the country, highways connecting important cities and commuter services in the capital city Dhaka are some of the major areas where foreign investors can consider putting their money, said Islam.

Islam pointed out that bilateral trade between the two countries is increasing steadily, even though the existing balance of trade is tilted heavily in favor of Saudi Arabia.

Bilateral trade between the two countries increased steadily over the last couple of years, said Islam. Bilateral trade between the two countries in the years 2010-11 and 2011-12 was 869.56 million and 922.33 million respectively.

Source :: The Financial Express