Foreign investors to get one-page licence to establish factories in Bangladesh: Ctg Chamber president
The government has agreed in principle to introduce the eased licensing process to attract foreign investment.
Foreign investors will be able to establish businesses in Bangladesh's planned Free Trade Zones through a simplified one-page licensing system, according to Chittagong Chamber of Commerce and Industry President Mohammed Amirul Haque.
The government has agreed in principle to introduce the eased licensing process to attract foreign investment, he said while speaking to journalists after a workshop on Italian textile technologies and a business-to-business meeting at the chamber conference hall of the World Trade Centre in Chattogram yesterday.
"We are planning to provide foreign investors with a one-page licence for the Free Trade Zones in Chattogram and Matarbari. The government has already agreed to the one-page licence. Companies will be registered and able to operate using this licence," he said, expressing optimism that the initiative will reduce bureaucratic hurdles for overseas investors to set up establishments.
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Highlighting trade relations with Italy, Amirul said Bangladesh currently exports around $2 billion worth of goods annually to the European country and aims to increase it to $5 billion.
"Italian machinery is among the best in the world, especially for textiles, ceramics and other industrial applications. We discussed greater cooperation and investment opportunities in the Free Trade Zones," he said.
Aminul expressed optimism that the proposed investment framework would further strengthen bilateral economic ties between the countries.
Italian Ambassador to Bangladesh Antonio Alessandro said his country is looking to deepen its trade and investment ties with Bangladesh by expanding technology partnerships and encouraging Italian companies to explore new business opportunities.
The ambassador said a delegation of 11 Italian textile machinery manufacturers visited Bangladesh to showcase their latest technologies and establish partnerships with local manufacturers.
"They came to present their latest technologies, innovative solutions and machinery and to establish new contacts with Bangladeshi textile industries. We have received a very positive response today," he said.
The workshop brought together leading industrialists, representatives of Italian machinery manufacturers and textile companies, and Bangladeshi business leaders to explore opportunities for technology transfer, investment and trade cooperation.
Among those who addressed the event were PHP Family Vice Chairman Mohammad Mohsin Chowdhury, Ispahani Group Managing Director Salman Ispahani, Pacific Jeans Group Managing Director Sayed Tanvir, Independent Apparels Managing Director SM Abu Tayyab and former Bangladesh Garment Manufacturers and Exporters Association Vice President MA Salam, among other business leaders.
