Dhaka to simplify FDI policy to attract global manufacturers

Bangladesh with growing GDP is looking to grab the opportunity of attracting foreign businesses moving out from China. The foreign businesses based in China want to move out are looking at India and Bangladesh as their new home. Bangladesh is looking at simplifying its foreign direct investment (FDI) policy as well as the corporate taxation system to attract the foreign companies and move their manufacturing base to Bangladesh from China. 

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The sources said a committee has been formed by the Bangladesh government to make the  necessary recommendations for a simplified FDI policy and taxation system. The coronavirus outbreak has made to realize the global supply chains about how asymmetrical they are and wants to reduce their dependence on China. India and Bangladesh are emerging as a viable option to them. In comparison with other countries, despite of negative impact by deadly coronavirus Bangladesh is maintaining a positive economic growth rate.

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 International Monetary Fund has made a projection of Bangladesh’s GDP increase by 3.8% in 2020-21. In terms of macroeconomic performance,  Bangladesh is doing remarkably steadily and quite well, the country did not have any balance of payment shocks in the last 20-30 years.

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