Canada wants to invest in potential sectors under PPP

http://www.newstoday.com.bd/index.php?option=details&news_id=44844&date=2011-11-21

Canada wants to invest in potential sectors under PPP

Canada has shown interest to invest in Bangladesh’s electricity generation, water treatment, construction and jute sectors under the Public Private Partnership (PPP), reports UNB.

Former Deputy Premier of Ontario Province of Canada and Minister for Energy and Infrastructure George Smitherman said this when a four-member delegation, led by him, met FBCCI president AK Azad at FBCCI in the city on Sunday.

Smitherman sought cooperation from the FBCCI in utilising their investment potentials in the sectors.

He said Bangladesh could be an FDI destination as the country’s economic growth rate and export earnings were good despite global ‘recession’.

Smitherman also said they are more interested to invest in electricity generation, water treatment, and high value-added RMG and jute sectors if Bangladesh provides a favorable environment.

Azad thanked Smitherman for his interest to invest in Bangladesh, and said the country could be a suitable place for foreign investment as government policies are going to be more flexible and investment friendly.

He said the bilateral relationship between Canada and Bangladesh is built upon shared values of democracy and pluralism, with exclusive focus on development cooperation, trade and investment, regional security, immigration and people-to-people links.

Jashim Uddin said, “Since we’ve scarcity of electricity and having limited resources of gas, coal-based electricity generation might be a potential sector for investment.”

He also urged the delegation to invest especially in solar power, water treatment, high value-added garments manufacturing, textiles and jute as all facilities are available in Bangladesh.

Both sides emphasised further strengthening the bilateral trade and economic relations between Canada and Bangladesh.

FBCCI first vice-president M Jashim Uddin, vice-president Mostofa Azad Chowdhury Babu, directors Obaidur Rahman, SM Nurul Hoque, President of Bangladesh-Myanmar Chamber of Commerce and Industry KB Ahmed, Byung-Duk Ahn, Dr Chul Seung Kee, Elliot Jinhwa Pak and Mir Shahabuddin Mohammad were also present.

The value of bilateral trade has tripled from US$ 593.0 million in 2005 to US$ 1.6 billion in 2010-2011 and Bangladesh’s exports to Canada for the FY 2010-2011 was US$ 994.67 million while imports were US$ 572.74 million.

As of April 2011, the proposed foreign and joint venture investment recorded by the Board of Investment to Bangladesh from Canada stood at US$ 1.8 million which for the FY 2009-2010 was US$ 1.18 million. The actual investment from Canada as of 2009 was US$ 0.21 million generating an employment for 565 employees.

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