Bangladesh is a competitive market for al forms of industry, thanks to its large workforce that is driven through collective bargaining procedure.
This is a huge benefit to anyone considering investing, especially as the country has also undergone huge progress in terms of working conditions, labour laws and minimum wage policies. Many Bangladeshi products enjoy duty and quota free access to almost all the developed countries. Bangladesh’s foreign direct investment policies is one of the most progressive in South Asia. Not only do Bangladeshi products enjoy complete duty and quota free access to EU, Canada, Australia and Norway, they’re also finding access with lower duty in the markets of Thailand, India and Pakistan, and talks are well underway with China, Russia, Malaysia and other neighbouring countries.
Major Bangladeshi business is in ready made garments, which are responsible for 78% of the country’s export revenue. Other key exports include textiles, chemicals, sugar, fertiliser, cement, pharmaceuticals, frozen food, jute goods, leather, waste water treatment, energy production including renewable and ship building.
Meanwhile, major imports into Bangladesh include machinery and equipment, chemicals, iron and steel, yarn, textiles, food grain, crude petroleum, petroleum products. Major imports specific to the UK are power generation and industrial machinery, scrap metal, professional and scientific equipment, textile fibres, medical and pharmaceutical products, dyeing, tanning and colouring materials, apparatus and appliances, chemical, materials and products, office machinery. If your business is in any one of these sectors then your choice to join us on a future Trade Mission is a wise move.
Reasons to invest
- Ideal geographic location for global trade. Convenient air and shipping routes.
- Hardworking, low-cost labour workforce
- Fertile soil, natural gas and water.
- English widely spoken as a second language throughout the country.
- Double taxation avoidance agreements signed with 25 countries and counting.
- Tax exemption: Most business investments reward ve to seven years tax holiday. Electric power generation tax exemptions warrants 15 years.
- Duty: No import duty is applicable on any export-driven industry.
- Ownership: All foreign investors can initiate ventures wholly or in joint collaboration with local partners.
- Exit: There are no strings attached. You can wind up your business simply and ensure your investment is reauthorised from Bangladesh Central Bank.
- Other investment incentives include: tax exemption on royalties and technical know-how fees received by any foreign collaborator, firm or expert.