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Special offer awaits Chinese investors

Star Business Report
Bangladesh will offer an industrial park or a special economic zone to Chinese investors in a bid to get them to invest on a large scale, the FBCCI chief said yesterday.
The offer will be made during Prime Minister Sheikh Hasina's five-day official visit to China from June 6. A delegation from the Federation of Bangladesh Chambers of Commerce and Industry will accompany her.
The FBCCI delegation would attend the China-South Asia Business Forum and China-South Asia Expo in Kunming, where they would discuss investment and trade between the two countries. They would also meet Chinese business leaders in Beijing.
"The cost of doing business in China is high, so we will give them an alternative of investing and developing industries here. We will promise them an industrial park or a special economic zone," FBCCI President Kazi Akram Uddin Ahmed said.
Zahid Hussain, lead economist of World Bank's Dhaka office, said 1.5 million jobs can be created a year if the government allocates 40,000 acres of land together with electricity and gas to Chinese entrepreneurs. The Chinese garment factories that produce low-cost clothes would shift to Bangladesh then, he said at a programme of the Economic Reporters' Forum last month.
Meanwhile, Ahmed hinted that there might be a positive outcome regarding the deep seaport at Sonadia Island near Cox's Bazar during the visit.
China Harbour Engineering Company Ltd, a subsidiary of the state-owned China Communications Construction Company Ltd, has shown interest in financing and constructing the port, which would boost the country's Ci DP growth by 2 percent.
The deep-sea port of Bangladesh will create a business hub in Asia, he said.
"Asia will emerge as the number one trading region of the world, so we should look at East instead of the West to make the best use of the country's potential for trade expansion in the global market."
Ahmed's comments came at a press conference to brief on the developments that took place during the FBCCI delegation's visit to Japan with the prime minister.
Japanese investors have recommended expansion of the country's jute product range to tap into the Japanese market, lie said.
The country's exports might hit $50 billion within a year if only 10 percent of Japan's import market can be cornered, according to Ahmed.
AtiquI Islam, president of the Bangladesh Garment Manufacturers and Exporters Association, said Japan is a huge market for Bangladesh. The island nation imports apparel worth $31.78 billion every year, but only 1.77 percent of it comes from Bangladesh.
The Bangladeshi business delegates urged their Japanese counterparts to import more from Bangladesh to minimise the huge trade gap (almost 50 percent) that remains in favour of Japan, he said.
One of the areas through which Japan can boost their imports from Bangladesh is garment. "We asked them to raise it to 10 percent."
Hasina also offered a special economic zone to Japanese investors during her visit.