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Friday, March 29, 2024

Pakistani textile company to invest heavily in Bangladesh

Bangladesh is attracting many Pakistani textile companies because of better infrastructure, attractive tax incentives, and cheaper utility prices. Bangladeshi deputy high commissioner in Pakistan, Noor-e-Helal Saifur Rahman, recently reported that a Pakistani enterprise is expressing interest in investing heavily in Bangladesh.

However, he did not disclose the name of the Pakistani company while speaking to a Pakistani newspaper on the side-lines of a recent seminar titled ‘Talking Bangladesh Where Export and Investment Grow Better.’

Pakistan’s Soorty Enterprises, which invested $35 million in setting up a factory in Bangladesh more than five years ago, now employs 6,000 Bangladeshis, said Rahman.

Bangladesh plans to develop 100 economic zones nationwide over the next 15 years, which would create 10 million jobs and produce export-oriented goods worth $40 billion, he told the seminar. Bangladesh has also invited Pakistani Prime Minister Imran Khan to the upcoming D8 summit, he said.

“Balance of trade between the two countries is lopsided,” he noted. According to data from the UN Comtrade, Pakistan’s exports to Bangladesh in 2018 were valued at $783.82 million while Pakistan’s imports from the country were $72 million in the same period.

In the first six months of fiscal 2019-20, Pakistan recorded a trade imbalance of $11.7 billion, down by 32 percent, compared to the corresponding period of the previous year, when it faced a deficit of $16.8 billion.

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