ICT entrepreneurs seek scopes to invest abroad

Bangladesh’s ICT entrepreneurs have demanded investment opportunities abroad to brighten Bangladesh’s image.

They made the demand during a meeting with the Standing Committee on ICT and Digitisation of Trade Bodies at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka on Saturday, according to a statement.

Speaking at the event, FBCCI Standing Committee Director-in-Charge Syed Almas Kabir said if the government provides this facility, there will be an immense opportunity to rebrand Bangladesh.

“Global entrepreneurs will be able to learn about the potential of Bangladesh in a different light. As a result, foreign investment in Bangladesh will also increase,” he said.

“Therefore, the country’s ICT companies should be included in the draft policy of Bangladesh Investment Development Authority (BIDA),” Kabir added.

Mentioning the implementation of several mega projects – such as Padma Bridge, Metro Rail and the Karnaphuli Tunnel – across the country, he also said these projects will require a good number of digital devices and services and urged the government to procure these products and services from local producers.

The entrepreneur’s demand came after the government published guidelines allowing local entrepreneurs to invest abroad on January 16.

Businesses is able to invest abroad 20 per cent of their average exports in the previous five years or 25 per cent of net asset values based on the latest audited reports, whichever is lower, according to the guidelines.

Speaking at the event, FBCCI Standing Committee Chairman Shahid-Ul-Munir also said that a request has already been made to BIDA to allow local software companies to invest abroad.

The request came after the Bangladesh Bank issued a circular this week allowing only exporters to invest abroad.

Munir also noted that small, medium and new entrepreneurs will be deprived if the central bank circular was not amended.

Speaking at the event, FBCCI President Jashim Uddin said it was very important to digitise all ministries, departments and agencies of the government to maintain the pace of development across the country.

Mentioning that the prime minister had declared ICT services and products as “products of the year 2022”, the FBCCI chief said, “To achieve the 5-billion-dollar export target from the IT sector by 2025, government policy support for the sector needs to be extended.”

He also urged the standing committee to draw up a roadmap to achieve the export target.

The meeting also formed a sub-committee to prepare draft recommendations for the IT sector, including repealing the provision of deducting advance income tax from incentives, in the Income Tax Act and the forthcoming budget.