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Businesspeople seek more investment from Taiwan

Star Business Report
Local businesspeople yesterday invited Taiwanese entrepreneurs to invest in Bangladesh to make up for the trade imbalance between the two countries.
"Taiwanese investors can invest either in joint ventures or in 100 percent ownership in the potential sectors," DCCI President Fazle RM Hasan said at a meeting with a 23-rnemberTaiwanese trade delegation led by Dr Chii Minng Yiin, administrative vice-minister, Ministry of Economic Affairs of Taiwan, at DCCI auditorium.
The Dhaka Chamber of Commerce and Industry (DCCI) organised the meeting to explore possibilities of trade and businesses of the two countries in the field of textile and backward linkage industries of RMG, food processing, electrical and electronics, bicycle, plastic machinery, clothing accessories, rubber and Information tech-
nology.
The Bangladeshi businessmen said there is tremendous potential for trade and economic cooperation between the two countries but the progress is far below the potentiality.
The DCCI president said Bangladesh enjoys preferential access to different developed markets which the Taiwanese investors can exploit by investing in those sectors. He called for nanowing the trade imbalance between the two countries.
In 2002-2003, Bangladesh exported goods worth US$ 14.35 million to Taiwan against an import of $328.34 million from the East Asian country.
To increase export to Taiwan, the DCCI president sought duty-free and quota-free access to Taiwan for all Bangladeshi products.
Appreciating Taiwan's decision to open its labour market to Bangladeshi workers by September 2004, he hoped that the decision
would result in employment of around 10,000 workers in Taiwan.
Speaking on the occasion, Chii Ming said Bangladesh has a bright future with GDP growth rate continuing at five percent
He however said in the quest for economic progress, Bangladesh must attract foreign direct investment by creating a favourable investment atmosphere.
Business entrepreneurs of both sides in the meeting showed interest in different products such as automobile parts, computer and IT products and joint marketing.
John JP Lin, chairman of Risesun Elec & Ind Cd of Taiwan, Matiur Rahman, former president of DCCI, AM Mubash-Shar, senior vice-president, and M Abu Horaira, vice-president of DCCI, also spoke at the meeting.
TheTaiwanese delegation yesterday also met with the members of Bangladesh Textile Mills Association (BTMA) at its office in Dhaka.