Wednesday, May 25

NRBs urged to set up manufacturing industries in Bangladesh (video)



Bangladesh Bank (BB) Governor Atiur Rahman on Wednesday said that almost all industrial sectors in Bangladesh are open for investment by non-resident Bangladeshis (NRBs), reports UNB.

“NRBs can play a significant role in technology transfer in the form of training for skill devel-opment and management efficiency,” he said while addressing an NRB focused event ‘Bangla-desh Financial Sector: Opportunities, Regulations, Products and Services’ in London.

The function, jointly organised by the Standard Chartered Bank (SCB), UK Bangladesh Cata-lysts of Commerce & Industry (UKBCCI), and Bangladesh High Commission in the UK, was also addressed by Bangladesh Commissioner in London Md Abdul Hannan, CEO of Standard Chartered Bank Bangladesh Abrar A Anwar, and Chairman of UKBCCI Iqbal Ahmed.

According to a message received in Dhaka, the governor, highlighting the prospects and oppor-tunities of NRB investment in Bangladesh, said the expatriates can also contribute in mitigating the saving-investment gap with new financial engineering know-how and products.

NRBs can engage in profitable investment by setting up cost effective labor intensive export manufacturing bases in Bangladesh, producing for markets in host countries and elsewhere, he added.

The governor noted that NRBs know better the taste and lifestyle of the consumers of host countries. Many of them have already invested in the areas of aviation, hotels and restaurants, fish, and agro-processing industries.

He said different savings instruments such as non-resident foreign currency deposit, US Dollar premium bond, wage earners development bond, etc., are already available for the NRBs.

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Mr. Rahman added that Bangladesh Bank has taken additional measures to attract NRBs to partic-ipate in these trading platforms which are mostly digitized. The government is encouraging public-private partnership (PPP), tax holiday and other exemptions on investment to boost the NRB investments.

“So, the NRBs can contribute in developing the upcoming special economic zones which will build a solid foundation for the potential foreign direct investment,” he said.

BB Governor said, “Our NRB entrepreneurs will be the path finder for foreign investors who are eager to shift their businesses from other countries to Bangladesh taking into account the cost competitiveness.”

In addition, in the event’s sidelines, the governor had meetings with the President of Interna-tional Sovereign Wealth Fund Associations, Global Chief of Standard Chartered Bank, and Managing Director of Moody’s.