Kuwaiti Parliament Speaker Jassem al-Khorafi (R) accompanies Prime Minister Sheikh Hasina, as she tours the national assembly in Kuwait City yesterday. Photo: AFP

Prime Minister Sheikh Hasina has urged Kuwaiti business leaders and entrepreneurs to import products from Bangladesh and make investment in the country's promising sectors under an attractive package of incentives.

“In fact, there is ample scope for diversifying and increasing our two-way trade. We only need to work together to identify areas of cooperation to harness the existing potential,” she told the audience at a luncheon meeting hosted by Kuwait Chamber of Commerce in her honour yesterday.

Hasina arrived here Sunday on a three-day state visit to the oil-rich Gulf state with a wide range of matters of bilateral cooperation on her agenda, especially development assistance, investment and labour issues.

Chairman of the apex trade body Ali Mohammad Thunayan Al-Ganim delivered his welcome address.

The prime minister said Kuwait could import from Bangladesh high-quality garments, ceramics and pharmaceuticals.

The other items she put on offer, which also have equal recognition in an increasingly environment-conscious world, are finished leather and leather products, furniture, handicrafts, and, particularly, jute and jute products.

Hasina said another important area of immense possibility is investment by Kuwait in Bangladesh. “Our government has been successful in creating an attractive investment climate with liberal fiscal and financial policies.”

She listed some of the significant facilities offered to the investors, which include tax holiday, concessionary duty on imported machinery, avoidance of double taxation, remittance of royalty, technical know-how, technical assistance fee, allowing 100 percent foreign equity, unrestricted exit policy, and full repatriation of capital and capital gains in the event of exit.

A huge domestic market of 150 million people, abundant skilled labour, the presence of homegrown entrepreneur class, supportive legal regime, and, above all, commitment of the government are added attractions for foreign investors, the PM told the leading Kuwaiti businesspeople.

She said Kuwaiti investors could seriously consider investing in power, telecommunications, infrastructure development, pharmaceutical, textiles, ICT, real estate, gas and energy, leather, furniture and agro-based industry sectors.

She assured the Kuwaiti entrepreneurs that her government would provide all possible assistance and cooperation in doing business.

“With your cooperation in the fields of trade, commerce and investment, both the State of Kuwait and Bangladesh would mutually be benefited bringing greater prosperity to our countries and peoples,” Hasina hoped.

At present, the balance of trade is very much in favour of Kuwait.

During 2007 to 2008, Bangladesh's exports to Kuwait stood at $9.69 million, while the corresponding import figure was many times higher.

The Kuwaiti chamber chief stressed a better communication toward cooperation in the fields of trade and investments in the interests of both Kuwait and Bangladesh.

Labour and Expatriate Welfare Minister Mosharraf Hossain, Foreign Minister Dipu Moni, State Minister for Environment Hasan Mahmud and Principal Secretary MA Karim were also present on the occasion.