Pak investors planning factory relocation
Textiles, garments and pharmaceuticals entrepreneurs from Pakistan are seeking ways to invest in Bangladesh, lured by the country’s liberal foreign investment policies and incentive regime, a Pakistani industrialist said Tuesday.
“Cheaper labour and other facilities like the European Union’s generalised system of preferences (GSP) have inspired us to invest in your country,” said Jumara Haleem Puri.
“Political instability in Pakistan is also another factor to relocate our factories to Bangladesh,” he told reporters in the city.
“A good number of industrialists of Pakistan are planning to shift their industries to Bangladesh. Owners of textiles, garments and pharmaceutical companies are the main investors who want to invest in Bangladesh,” Mr Puri said.
He also said that he had completed all formalities to start a towel manufacturing factory in Chittagong Export Processing Zone (CEPZ) with an initial investment of Tk 300 million.
“We will employ at least 300 Bangladeshi people in our new factory,” he said.
Mr Haleem said he along with other Pakistani and Bangladeshi investors are going to import advanced drugs of heart disease for the local market, which will be marketed at a competitive price.
“We’ve signed an agreement with Apollo Hospitals in Dhaka and some other reputed hospitals of Bangladesh that provide treatment to cardiac patients,” Mr Puri said.