European Union (EU) has decided to increase its investment ratio in the country's service sectors from 40 per cent to 49 per cent for making European investment more attractive and for improving doing business index here.
The decision to make 51:49 ratio of Bangladesh and EU investment was taken during Bangladesh-European Union Business Climate Dialogue, held at the Ministry of Commerce conference room in the capital on Thursday.
The dialoge, third of its kind since May last year, agreed to work together for resolving problems in trade and investment relationship between Bangladesh and EU under five working groups.
The groups, working since the first meeting, continued efforts to identify problems and recommend solutions with all-out efforts of the two sides.
Commerce Minister Tofail Ahmed led the Bangladesh delegation in the meeting, while EU Delegation Ambassador Pierre Mayaudon led the EU side.
UK High Commissioner Alison Blake, Ambassador of Spain D Alvaro de Salas Gimenez de Azacarate, Ambassador of Denmark Mikael Hemniti Winther, Ambassador of Netherlands Leoni Cuelenaere, and Head of Economic Department of France Francois Petit were also present on the occasion.
Commerce Secretary Shuvashish Bosu, Chairman of Bangladesh Investment Development Authority Kazi M Aminul Islam, Chairman of National Board of Revenue M Nojibur Rahman, Vice Chairman of Export Promotion Bureau Bijoy Bhattacharya, and Registrar of Joint Stock Companies and Firms M Mosharraf Hossain were among the Bangladesh delegation members.
Briefing the journalists after the meeting, the commerce minister said Bangladesh has requested the EU delegation to take steps for increasing prices of local garment products, which still remain low even after making huge investment in the sector.
The minister said five groups - import duty and customs trade facilitation, Bangladesh pharmaceutical sector, licences and investment in service sector, tax regime and financial - will continue to work in resolving problems in trade and investment between the two sides.
"We want to encourage foreign direct investment from EU member countries, and showed interest to increase trade volume to Europe by 10 per cent," said the commerce minister.
He also said during the meeting, investment from EU member countries was invited in the special economic zones (SEZs), being set up in 100 locations across the country.
Tofael Ahmed reiterated the government's stand to take decision after Accord and Alliance proposed the government to extend the time of inspecting fire safety, electrical safety and structural integrity of RMG units after the end of current tenure in May 2018.
The EU Delegation ambassador recalled Bangladesh's engagement in the EU markets, and hoped that EU investment here would increase with rise in exports of the member countries.
Pierre Mayaudon also said Bangladesh needs more investment for benefit of the nation, and EU exports to Bangladesh would ensure high quality products.
The ambassador focused on holding meetings with investors and exporters, making necessary rules and regulations with simplicity, credibility and neutrality.
He also said Bangladesh-EU chamber of commerce is likely to be formed soon.
The dialogue concluded with the decision to continue holding business climate meetings.
The last such meeting between Bangladesh and EU was held in December, focusing on pharmaceuticals, financial flows and tax regime. Bangladesh has been enjoying duty-free facility from EU.
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Source: The Financial Express