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Tofail tells UK trade team

Bangladesh offers maximum trade incentives in Asia
The government has taken very liberal policies in trade and investment and offered maximum incentives to the investors which is claimed to be best in Asia, reports BSS.
This was stated by the Commerce and Industries Minister Tofail Ahmed at a meeting with the visiting 11 -member British trade mission here yesterday.
The minister said. "Congenial environment is prevailing in Bangladesh."
Listing the different steps taken by the government to create environment for investment including establishment of permanent law commission, enactment of private law. formulation of industrial policy and energy policy the minister said the government was Implementing various projects to improve the infrastructural fa-
cilities to ensure prompt and sufficient services to the investors.
The minister said the government was contemplating building up second port in Chittagong and welcome private investment in this construction work. He said construction of World Trade Centre would be started soon to expedite trade related activities.
Elaborating different components of the "incentive package" offered to the investors, the minister said the investors had been relieved of double taxation, capital gains was allowed, relocation of existing industries from abroad was permitted and investors would enjoy tax holiday from 5 to 12 years depending on location and category.
He said Investment was allowed in all sectors except four reserved sectors.
The minister said the government had opened energy sector for private investment. Foreign potential investors responded very positively to invest in gas exploration and production and distribution of electricity and other gas-based industries, he said.
Responding to the queries of the British team, the minister said the government had revitalised the Privatisation Board and appointed a well-reputed business personality and former advisor to the last caretaker government Syed Man-zoor Elahi as its chairman with the rank and status of a minister.
He said the government in
the first phase of privatisation would go ahead with the list of industries identified by the previous BNP government for privatisation. Of them. 33 are under industries ministry-22 jute mills and 11 textile mills. He said, foreign Investors are most welcome to participate In the bidding.
Led by Paul Taylor of the Northern Development Company of UK. the trade mission representing nine companies showed their interest to Invest In Bangladesh as they were informed by the UK Investors already In Bangladesh about the congenial environment atmosphere here.
British High Commissioner to Bangladesh, David Walker and Commerce Secretary were present at the meeting.