But, he noted that despite significant potential, bilateral trade between Bangladesh and South Africa stood at only US$ 316.83 million last year, well below its full potential.
“This presents a promising opportunity for cooperation given the export and import potential of both countries,” he added.
PM Hasina said that she is confident that there are ample opportunities for cooperation between the two countries, involving business communities and trade associations.
“Beyond existing bilateral mechanisms, we look forward to setting up a ‘Joint Committee on Trade and Investment’ and negotiating a ‘Double Taxation Avoidance Agreement with South Africa’.”
He said Bangladesh offers opportunities in sectors such as ICT, electronics, infrastructure, textiles, tourism, heavy industries and small scale industries.
“Our government is committed to facilitate smooth business operations. Bangladesh is ready to welcome potential South African investors,” he said at the conference.
Organizations such as Bangladesh Investment Development Authority, Bangladesh Economic Zone Authority, Bangladesh Export Processing Zone Authority, Bangladesh High Tech Park Authority and Bangladesh Securities and Exchange Commission, all support foreign investors for optimum returns, he added.
He said that as a growing economy, Bangladesh is ready for adequate long-term financing. In the midst of the Fourth Industrial Revolution, AI and Venture Capital, Bangladesh is pursuing “Financial Connectivity” globally, prioritizing “Investment Banking” over traditional consumer banking.
In this regard, he said that the Bangladesh Securities and Exchange Commission (BSEC) is upgrading the capital market for necessary long-term financing. In 2020, the stock markets outperformed regional competitors, with a market capitalization of US$61 billion, or 16.8 percent of GDP.
For financial progress, Sheikh Hasina said, we have expanded our bond market, introducing Sukuk, Green Bonds, ETFs, Venture Capital, Private Equity and Impact Funds, thereby diversifying investment opportunities. Soon, we are going to introduce derivative products in our capital market, which will help in reducing investment risks by way of hedging.
Portfolio investment has also been made faultless through enhanced facilities for repatriation of principal and returns without any approval, he added.
