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Overseas investment proposals of Akij, Nitol Niloy, Ha-Meem tabled

  • Published at 08:00 pm May 14th, 2017
  • Last updated at 08:37 pm May 14th, 2017
Overseas investment proposals of Akij, Nitol Niloy, Ha-Meem tabled
The Cabinet Committee on Economic Affairs has postponed consideration of the proposals of three local firms, interested in overseas equity investment, due to insufficient details. The cabinet on Sunday returned the proposals of the Akij Group, Nitol Niloy Group, and Ha-Meem Group to the Financial Institutions Division. Following the cabinet meeting, Finance Minister AMA Muhith told the Dhaka Tribune: “We have asked the Financial Institutions Division to provide us with more specific details in the proposals of the firms.” “In principle, it is possible to approve the proposals of local firms to bring their capital aboard for investment,” he said. In reply to a query, Commerce Minister Tofail Ahmed said that a policy would soon be formulated for local firms to invest abroad. Akij Group has proposed to invest $20 million in Malaysia, Ha-Meem Group $10 million in Haiti and Nitol Niloy $7 million in Gambia. Ha-Meem intends to invest in the island nation’s garment sector to prop up its shipments to the United States, while Akij Group wants to buy a Malaysian company that produces fire boards and hardboard. Nitol Niloy plans to invest in Gambia’s banking sector.