HPM Sheikh Hasina suggests three ways for BRICS-BIMSTEC engagement

The Bangladesh premier first sought the two groupings to give importance to develop quality and resilient infrastructure as part of her suggestions.

Secondly, she urged them to launch a wider cooperative agenda for technology and her third suggestion sought them to be engaged in a conversation for sustain economic growth.

Prime Minister Sheikh Hasina sought closer BRICS and BIMSTEC engagement for sustainable development, peace and stability of the member states of the two groupings.

Addressing at the Summit, the premier also urged the BRICS leaders to give special attention to the opportunities in the low-income countries.

Simultaneously, she called upon the leaders of the two groupings to join hands to combat terrorism and violent extremism saying "all our efforts for sustainable development depend on peace, security and stability".

The premier said, being a responsible member of the global community, Bangladesh maintains "zero tolerance" to any act of terrorism or violent extremism.

"We must join hands to deal with terrorism and violent extremism as well," the premier said.

Sheikh Hasina arrived here this morning to attend the Outreach Summit of the BRICS, a forum of world's five major economies -- Brazil, Russia, India, China and South Africa -- and BIMSTEC, an economic forum of south and southeast Asian countries.

The Bangladesh premier thanked Indian Prime Minister Narendra Modi for his initiative to bring the leaders of BRICS and BIMSTEC to a single table.

"This is indeed an apt and timely step ... let us reflect on how we can identify mutual scope as well as synergies for cooperation between our two groupings," she said.

Pointing out the objectives of creating BIMSTEC in 1997, Sheikh Hasina, a founder member of the forum, said the Bay of Bengal initiative was founded to improve the lives and livelihoods of the people in the Bay of Bengal region as its "potentials are enormous".

Highlighting the potentials of BIMSTEC, the prime minister said the region is strategically located at the crossroads of South and South-east Asia.

"The countries have made significant economic growth and notable social advancements in recent years . . . the region also has an active younger population which will continue to have over the next decades," she said.

Sheikh Hasina said BIMSTEC has regional hydroelectricity potential of more than 300 gigawatts and its vast marine resources in the Bay of Bengal are yet to be fully mapped even.

"As we are pledge-bound for sustainable development with signing of a transformative 2030 Agenda, the BIMSTEC countries have similar outcomes on financing for development, disaster reduction and climate change.

These, she said, are important for both BRICS and BIMSTEC in terms of addressing "our common challenges and tapping possible opportunities," she said.

The prime minister said large part of BIMSTEC needs to develop quality and resilient infrastructure.

"Countries like Bangladesh need billions of dollars of investment in the form of FDI, equity investments and public private partnership (PPP) for development," she said.

The premier particularly highlighted the investment opportunities in Bangladesh, saying the country is now on the road for developing 100 Economic Zones (EZs) at its different parts which would be very prospective for investors.

"Works of hi-tech park, software technology park, electronic city are progressing fast where investors can find enormous opportunities," she said.

Sheikh Hasina said Bangladesh's liberal investment policy includes protection of foreign investment by law; generous tax holiday; concessionary duty on import of machinery; remittances of royalty; 100 percent foreign equity; unrestricted exit policy; full repatriation of dividend and capital on exit.

"We can assure you that our regimes and incentives are indeed competitive; and regulatory and policy environments are supportive," she said.

She urged BRICS countries to give special focus on the opportunities in the low-income countries by the banks to be established under the BRICS framework.

She said BIMSTEC as a region needs to give attention to development of science, technology and innovation capabilities as the world is now focused on "learning".

"Sizable part of our population needs access to technologies in farming, water, sanitation and basic health ... so we also need to develop and adopt technologies to address the challenges arising out of climate change," the premier said.

Sheikh Hasina said both BRICS and BIMSTEC can engage in a conversation to sustain economic development.

"It could be opportune for us to link our value chains and markets aligning with the norms and trends of global supply chains," she said, adding that two groups can also join hands on developing value chains for products and services.