Mahbubul Alam (fifth from left), leader of the delegation and President of the Chitagang Chamber of Commerce and Industry, leads a top-level business delegation during the meeting with Mazen M. Batterjee, Vice Chairman of the JCCI, on Monday. JEDDAH – The Chittagong Chamber of Commerce and Industry of Bangladesh has urged the establishment of a bridge between the Jeddah Chamber of Commerce and Industry (JCCI) and the Chitagong counterpart. Mahbubul Alam, leader of the delegation and President of the Chitagang Chamber of Commerce and Industry, said during the meeting with Mazen M. Batterjee, Vice Chairman of the JCCI, on Monday that he strongly believes that the interaction of the two sides will amply contribute to foster further the bilateral trade, investment and amity between these two friendly countries. Arab traders used to visit Chittagong port since the early days of Islam. Now is the time to enhance these ties as well as explore possibilities of further expanding them to newer areas like trade, business and investment on sole or collaboration, he said. Bilateral cooperation between Bangladesh and Saudi Arabia is rooted deep in history, culture and religious bonds. For the past 42 years, both Bangladesh and Saudi Arabia have undertaken a journey of shared values that has led us to where we are — a journey of cooperation and mutual trust that has enhanced our bilateral ties for now and for the years to come as well. Bangladesh has an excellent strategic geographic location. It is at the bridgehead point of the world's two most vibrant and burgeoning economic blocks-SAARC and ASEAN which is an abode of more than one third population of the globe. By all modes of transportation like air, road, rail and sea, these two blocks can be connected at the shortest time and distance from Bangladesh. Besides this strategic geographic advantage, Bangladesh has the world's competitive but most intelligent, loyal and hardworking abundant labor force, suitable for both manufacturing and service industries. Bangladesh is a country of opportunities galore. As a signatory of WTO it has deregulated and liberalized its trade and investment regime to create an enabling business environment for the entrepreneurs from both home and abroad. The country is pursuing a private sector led export oriented growth strategy and has formulated a very alluring policy and stimulus package program to this effect. The attractive incentive features offered by Bangladesh for foreign investors include, among others, 10 percent foreign equity allowed, tax holiday for 10 years and concessional income tax in lieu of tax holiday, unrestricted repatriation of invested capital, profit and dividend, legal protection of investment by the government, duty free import of raw material and capital machinery, accelerated depreciation facility, avoidance of double taxation, allowing of sale of share through public offering, and capital raise facility from domestic source. All these facilities are considered distinctively better in this region. Bangladesh enjoys the completely duty and quota free market access to EU, Australia, Canada, Japan, Norway and New Zealand and preferential market access from many other developed and higher developing countries. So, in order to catering its huge domestic demand and harnessing the opportunities of its privileged market access through export as well, he requested Saudi businessmen to invest in thriving sectors like shipbuilding, RMG, oil refinery, leather industries, ceramic industries and medicine. Investment may either be in wholly-owned project or in joint venture. Chittagong Chamber is always ready to provide you all necessary cooperation in this regard. Chittagong is the most ideal trade and investment center of the country and poise to emerge as the transnational business hub and investment destination. Mahbubul Alam and the 11 senior members of delegation paid official visit to JCCI. Md. Nazmul Islam, Consul Genera,l Bangladesh Consulate General Jeddah; and Dr. M. Mizanur Rahman, Economic Counsellor; and Mokammel Hossain, Labor Counsellor, also accompanied the delegation. — SG
