Hi-Tech Parks
Bangladesh Hi-Tech Park Authority (BHTPA) is establishing Hi-Tech Park, Software Technology Park and IT Training & Incubation Centre throughout the country to attract the local and foreign investors for the development of Hi-Tech/ IT/ITES industries. It creates huge employment opportunities and skilled human resources. Hi-Tech park is full of opportunities to invest in Hi-Techindustry and promote business which are knowledge and capital-based. Information technology, Software Technology, Bio-Technology, Renewable Energy, Green Technology, IT Hardware, IT Enabled Services and R&D etc. are major areas of investment in HiTech industry in Bangladesh.
Software Technology Parks
There is a huge demand for space in software technology parks among the companies investing in the IT sector. The Software Technology Parks are being built to meet this demand. these will be constructed in compliance with all the conditions for construction of green buildings. The project’s main objective is to encourage private investment and create employment by building an innovation ecosystem in Bangladesh.
IT Incubation Center
IT Incubation Centres provide initial supports such as mentorship, connections, space and much more to fledgling startups and make them ready for facing the world. Some of the world’s most successful startup ecosystem is well-known for having a disproportionately large number of incubator and accelerator programs. Compared to these countries Bangladesh is near nowhere.
Opportunities For Investors
Supported by the availability of English-proficient young tech savvy workforce combined with an increasingly reliable communication and power infrastructure, bolstered by strong government support and favorable policies and incentives, the IT sector has been recognized as one of the most promising industry in the country and is forecasted to reach USD 5 billion by 2025.
After the Covid pandemic, the major trend that has accelerated across the world is digitalization. As countries all over the world grappled with lockdowns, digital technologies became the savior. The Bangladesh ITes industry has adapted and progressed rapidly during 2020 with a Harvard Business Review study recognizing it as a break out economy suggesting the potential to rapidly digitalize for both post-Covid economic recovery and longer-term transformation.
Incentive Packages For Investors
To facilitate and encourage investment, the Government of Bangladesh provides various fiscal and non-fiscal incentives, privileges and facilities comprising of exemptions/reduction of corporate income taxes, reduced import taxes on capital machineries and raw materials, reduced VAT, provision of export subsidies and various other banking facilities and privileges.
These incentives are subject to revision upon annually enacted Finance Act and individual Statutory Regulatory Orders (SROs).
Enabling Ecosystem
Bangladesh, over the last few years, has really shined in the development of the startup ecosystem.
As an ecosystem, we have been able to raise millions of dollars from international venture capitals (VC) and local investors, and have created an environment with scalable models and best practices in places where people can manage their daily work at ease through secured platforms. At the same time, these service-based products are also enabling us to solve critical problems of the society.
In 2021, Bangladeshi startups raised a total of USD 166 million in funding, which is almost four times higher than the previous year, and the majority (around 98 percent) of this funding came from global investors.
Initiatives Underway
- Capacity building of Bangladesh Hi-Tech Park Authority.
- Extension of IT Training & Incubation Center at Natore
- Establishment of Institute of Frontier Technology
- Establishment of 11 (Eleven) IT Training & Incubation Center
- Establishment of IT Business Incubator at 3 (Three) University
- Basic Infrastructure for Hi-Tech Park at University of Chittagong
- Establishment of Software Technology Park-2 at Karwan Bazar, Dhaka
- Establishment of Head Office for Bangladesh Hi-Tech Park Authority
- Establishment of Divisional Office for Bangladesh Hi-Tech Park Authority
- Basic Infrastructure for Hi-Tech City-3 (66 Acres)