PM asks Kuwait to import from Bangladesh

Prime Minister Sheikh Hasina on Monday met with Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah at Seif Palace in Kuwait City. Photo: PID UNB, Kuwait City

Prime Minister Sheikh Hasina urged Kuwaiti business leaders and entrepreneurs to import world-class products from Bangladesh and make investment in the country’s promising sectors under an attractive package of incentives.
"In fact, there is ample scope for diversifying and increasing our two-way trade. We only need to work together to identify areas of cooperation to harness the existing potential," she told her audience at a luncheon meeting hosted by Kuwait Chamber of Commerce in her honour.
The prime minister arrived in Kuwait on Sunday on a three-day state visit to the oil-rich Gulf state with a wide range of matters of bilateral cooperation on her agenda, especially development assistance, investment and labour issues.
Chairman of the apex trade body Ali Mohammad Thunayan Al Ganim delivered the welcome address.
The prime minister said Kuwait could import from Bangladesh high-quality garments, ceramics and pharmaceuticals, which have been established as popular items in the developed world.
The other items she put on offer, which also have equal recognition in an increasingly environment-conscious world, are finished leather and leather products, furniture, handicrafts, and, particularly, jute and jute products.
Hasina said another important area of immense possibility is investment by the State of Kuwait in Bangladesh. "Our government has been successful in creating an attractive investment climate with liberal fiscal and financial policies."
She listed the significant facilities on stake for investment, like tax holiday, concessionary duty on imported machinery, avoidance of double taxation, remittance of royalty, technical know-how, technical assistance fee, allowing 100 percent foreign equity, unrestricted exit policy, and full repatriation of capital and capital gains in the event of exit.
A huge domestic market of 150 million people, abundant skilled labour, the presence of homegrown entrepreneur class, supportive legal regime, and, above all, commitment of the government are added attractions for foreign investors, the PM told the leading Kuwaiti businesspeople.
She said Kuwaiti investors could seriously consider investing in power, telecommunications, infrastructure development, pharmaceutical, textiles, ICT, real estate, gas and energy, leather, furniture, and agro-based industry sectors.
"I invite you to come forward with investments in Bangladesh, which would be lucrative, as well as assist in strengthening even further our countries’ relations."
She assured that her government would provide all possible assistance and cooperation in doing business.
"I hope my invitation to you all for expansion of trade with and enhancement of investment in Bangladesh would receive your favourable response.”
On a note of confidence, the Prime Minister said: "With your cooperation in the fields of trade, commerce and investment, both the State of Kuwait and Bangladesh would mutually be benefited bringing greater prosperity to our countries and peoples."
She said that the two states are bound by brotherly ties based on common faith, culture and tradition.
She noted that the Gulf State has now established itself as a regional economic hub and Bangladesh would very much like to closely engage with Kuwait for a more meaningful cooperation.
"An important area is, of course, by way of enhancing our bilateral trade," she said, adding that, at present, the balance of trade is very much in favor of Kuwait.
In 2007 to 2008, Bangladesh’s exports to Kuwait stood at a mere USD 9.69 million while the corresponding import figure was many times higher.
In his speech the KCCI chief highly praised Hasina’s leadership, especially in dealing with the challenges of security and development.
Hasina, not only in her capacity as prime minister of the friendly and great country but also as a shining example of the ambition and competence of the Muslim woman and as a good example of the intelligence and diplomacy of the politician, faces, with great courage and skill, the challenges of security and development, he said.
He wouldn’t deny that the size of trade exchange and the level of economic cooperation between two countries by far fall short of reflecting the depth of the Islamic bonds of two nations and brotherly relations among the leaders of both countries.
"Neither do I deny that the responsibility of changing it is a matter of our joint interest. It is our sincere hope that your visit will mark an encouraging start for all of us to bear out responsibilities," the Kuwaiti business leader said.
He mentioned that the meeting held today gave a very valuable opportunity for both countries to identify and communicate with the highest positions of information and decision in the friendly Bangladesh and the key milestones toward cooperation in the fields of trade and investment in the best interests of both the countries.
Labour and Expatriate Welfare Minister Engineer Mosharraf Hossain,
Foreign Minister Dr Dipu Moni, State Minister for Environment Dr Hasan Mahmud, Ambassador-at-Large Ziauddin, Principle Secretary MA KArim, Press Secretary to the Prime Minister Abul Kalam Azad and other high officials from Bangladesh side and business leaders from Kuwait were present among others at the function.