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1. Tax
holiday : Tax
holiday faciliteis will be available for 5 or 7 years depending
on location of the industrial enterprise.
Tax
holiday facilities will be provided in accordance with the existing
laws. The period of tax holiday will be calculated from the month
of commencement of commercial production. Tax holiday certificate
will be issued by NBR (National Board of Revenue) for the total
period within 90 days of submission of applicaiton. This facility
can be availed of by industries set up within June 30, 2000 A.D.
2. Acceleration :
Industrial undertakings not enjoying tax holiday will enjoy
accelerated depreciation allowance. Such allowance is available
at the rate of 100 per cent of the cost of the machinery or plant
if the industrial undergaking is set up in the areas falling within
the cities of Dhaka,
Narayangonj, Chittaong, and Khulna
and areas within a radius of 10 miles from the municipal limits
of those cities. If the industrial undertaking is set up elsewhere
in the country, accelerated depreciation is allowed at the rate
of 80 per cent in the first year and 20 per cent in the second year.
3. Concessionary duty on imported capital machinery :
Import
duty, at the rate of 5% ad valorem, is payable on capital machinery
and spares imported for initial installation or BMR/BMRE of the
existing industries. The value of spare parts should not, however,
exceed 10% of the total C&F value of the machinery. For 100%
exportoriented industries, no import duty is charged in case of
capital machinery and spares. However, import duty @ 5% is secured
in the form of bank guarantee or an indemnity bond will be returned
after installation of the machinery. Value Added Tax (VAT)
is not payable for imported capital machinery and spares.
4. Rationalisation
of import duty :
Duties and taxes on import of goods which are produced locally will
be higher than those applicable to import of raw materials for producing
such goods.
5. Incentives to Non-Resident Bangladeshis (NRBs) :
Investment of NRBs will be treated at par with FDI. Special incentives
are provided to encourage NRBs for investment in the country. NRBs
will enjoy facilities similar to those of foreign investors. Moreover,
they can buy newly issued share/debentures of Bangladeshi companies.
A quota of 10% has been fixed for NRBs in primary public shares.
Furthermore, they can maintain foreign currency deposits in the
Non-resident Foreign Currency Deposit (NFCD) account.
6. Other incentives :
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Tax
exemption of royalties, technical know-how fees received by
any foreign collaborator, firm, company and expert.
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Tax
exemption on the interest on foreign loans under certain conditions.
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Avoidance
of double taxation in case of foreign investors on the basis
of bilateral agreements.
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Exemption
of income tax up to 3 years for the foreign technicians employed
in industries specified in the relevant schedule of income tax
ordinance.
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Tax
exemption on income of the private sector power generation company
for 15 years from the date of commercial production.
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Facilities
for full repatriation of invested capital, profit & dividend.
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6
months' multiple entry visa for the prospective new investors.
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Re-investment
of repatriable divident treated as news investment.
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Citizenship
by investing a minimum of US$ 5,00,000 or by transferring US$
10,00,000 to any recognized financial institution (non-repatriable).
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Permanent
residentship investing a minimum of US$ 75,000 (non-repatriable).
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Tax
exemption on capital gains from the transfer of shares of public
limited companies listed with a stock exchange.
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Special
facilities and venture capital support will be provided to export-oriented
industries under "Thurst sectors". There will be no
discrimination in case of duties and taxes for the same type
of industries set up by foreign and local investors and in the
public and private sectors.
7. Incentives to export-oriented and export-linkage industries:
Export-oriented
industrialisation is one of the major objectives of the industrial
policy 1999. Export-oriented industries will be given priority and
public policy support will be ensured in this respect. An industry
exporting at least 80% of its manufactured goods or an industry
contributing at least 80% of its products as an input to finished
exporables, and similarly, a business entity exporting at least
80% of services including information technology related products
will be considered as an export-oriented industry. To make investment
in 100 percent export-oriented industries attractive, the following
incentives and facilities will be provided:
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Dutyfree
import of capital machineries and spare parts upto 10 percent
of the value of such capital machinery will continue.
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Existing
facilities for Bonded Warehouse and back-to-back Letter of Credit
will continue.
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The
system for duty drawback will be further simplified and to this
end, duty drawback will be fixed at a flat rate on exportable
and potentially exportable goods. Exporter will receive duty
drawback at a flat rate directly from the relevant commercial
banks.
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The
arrangement for providing loans up to 90 percent of the value
against irrevocable and confirmed Letter of Credit/Sales Agreement
will continue.
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To
ensure backward linkage, incentives will be extended to the
"deemed exporters" supplying indigenous raw materials
to export-oriented RMG industries, using indigenous raw materials
will be given facilities and benefits at prescribed rates.
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The
exportoriented industries, further to the provisions of Bangladesh
Bank foreign exchange regulations, will be entitled to receive
additional foreign exchange, on case to case basis, for publicity
campaign, opening overseas offices and participating in international
trade fairs.
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The
entire export earning from handicrafts and cottage industries
will be exempted from income tax. For all other industries,
income tax rebate on export earnings will be given at 50 percent.
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The
facility for importing raw materials, which are included in
the banned/restricted list, but required in the manufacture
of exportable commodities, will continue.
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The
import of specified quantities of duty-free samples for manufacturing
exportable products will be allowed consistent with the prevailing
relevant government policy.
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The
local products supplied to local industries or projects against
foreign exchange L/C will be treated as indirect exports and
be entitled to all export facilities.
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The
Export Credit Scheme will be further expanded and strengthened.
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10
percent products of the enterprises, located in both public
and private EPZs, will be allowed to be exported to domestic
tariff area against foreign currency L/C on payment of applicable
duties and taxes.
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100%
percent export-oriented industry outside EPZ will be allowed
to sell 20% percent of their products in the domestic market
on payment of applicable duties and taxes.
-
The
export-oriented industries which are identified by the government
as "Thurst Sector" will be provided special facilities
and venture capital support.
Apart
from the above mentioned facilities, other facilities announced
and provided in the Export Policy will be applicable to export-oriented
and export-linkage industries.
Bangladesh, traditionally known for jute and tea exports, has recently
attracted world-wide attention for ready-made garments and leather
exports. Bangladesh foresees in expansion of her agricultural sector
as well as increased diversity of non-traditional industries and
business. Below is a short account of a few potential investment
areas. In addition an indicative list of private sector investment
opportunities is presented at Appendix-II.
Textile
From a modest beginning in 1978 as an insignificant non-traditional
item of export, fetching only US$ 6.4 million in 1981, garment sector
of Bangladesh has now become a $ 3.8 billion foreign exchange earner,
enjoying the status of 5th largest garment exporter and
largest shirt and T-shirt exporter to the EU and 6th
largest apparel exporter to the USA. Apart from contributing 73.28%
of total foreign exchange earning of the country, this sector has
become the largest source of employment generation. This sector
employs over 1.5 million people of whom 90% are women. Directly
and indirectly, about 15 million people are dependent on this sector.
Today over 2800 small and medium scale privately owned garment factories
registered with Bangladesh Garment Manufacturers and Exporters Association
(BGMEA), spread in cluster over the EPZs and urban areas of Dhaka,
Chittagong and Khulna are manufacturing ready-garments of varied
specifications as per size and designs stipulated by the overseas
buyers.
The apparel sector has created an export-oriented captive market
for over 3 billion yards of fabrics per year, which is increasing
by not less than 20% each year, textile sector, rather capital intensive
one required foreign capital to flourish to successfully match the
fabric requirement of the export-oriented ready-made garment (RMG)
sector of the country. Presently around 85% of the total requirement
of woven fabric and around 35% of the total requirement of knit
fabric are imported by the export-oriented RMG industry.
a) Yarn gap : During the year 1996-97 country's yarn production
was about 160 million kg, out of which 56 million kg of yard has
been supplied to RMG and knitwear industry. The yarn demand for
1998 is 545 million kg. Out of which 186 million kg will be
required for domestic fabric. The yarn demand for domestic requirement
will increase from 186 million kg in 1999-2000 to 263 million kg
in 2004-5. For export-oriented RMG industry, the yarn requirement
will increase from 434 million kg in 1999-2000 to 554 million kg
in 2004-5.
b)
Fabric gap : The fabric demand for 1998 is 4095 million metre,
out of which 2422 million metre will be required for RMG industries
and 1673 million for local consumption. In 1997 country's fabric
production was about 1150 million metre which met approximately
35% of the country's total fabric requirement. At present only 15%
of the woven fabric requirement of the export-oriented RMG industries
is met with local supplies.
c)
Government projection : The government envisages establishment of
242 spinning mills, 476 weaving mills and 475 dyeing-printing-finishing
mills by the year 2005, to meet the demand gap of yarn and finished
fabric.
Jute
goods (diversified jute products)
Jute is the second most important traded natural fibre, after cotton.
Of the global production of about 3 million tons of jute and allied
fibres, the five major jute producing countries, named, Bangladesh,
China, India, Nepal and Thailand account for about 97 per cent.
Bangladesh is the second largest producer of jute. A substantial
amount of foreign exchange (Tk 1500-1700 crore per year) is earned
by Bangladesh through export of jute and jue products.
Jute is usually known for its use as packaging material, and remains
as an important packing material in national and international trade.
The traditional jute products are sacking, hessian and carpet backing
cloth.
The International Jute Organisation (IJO), in cooperation with national
and international research institutions, have developed a number
of technologies, processes and products for diversified use of jute.
These are now ready for commercial exploitation. Prospective investors
may avail themselves of the opportunity to invest in these projects
for which guidance and assistance will be forthcoming from IJO.
Feasibility/Viability reports of few such projects, the outlines
of which are mentioned below, can be collected from the IJO.
Home textile has been identified to be an area where jute blended
with other fibres can produce a range of products suitable for consumption
as home textile materials. The process has also been developed for
blending jute with cotton and other fibres to spin relatively finer
quality of yarns for use as textile grade materials. Fabrics as
well as home textiles like curtain, bed covers, bed sheets, pillow
covers, sofa set covers, mattress covers, wall mats, prayer mats,
etc and other products like soft luggage bags, fancy packing, covering
blankets, shoe uppers, denims, jackets, wrappers, mufflers, caps
etc. could be made out of these jute blended yarns. A number of
composite materials have been developed with jute and resins. Such
materials can replace wood for various applications. The products
are not only cheaper in cost, but also have excellent properties
like fire resistance and insects proof. Door panels, window frame,
tables, furniture, paneling materials and engineering structural
material can be produced with such resin treated jute.
Jute can also be reinforced with plastic to produce moulded products
by using any moulding techniques. Upto the extent of 40% of jute,
the flow property of the plastic remains unchanged, whereas the
products improve in their physical properties. Jute can also replace
environmentally hazardous synthetic products as well as glass fibre
materials in many applications.
Non-woven products made of jute and jute blended with other fibres
can replace shoe in soles in a big way. The non-woven technology
can also produce jute mats that can be used by the intermediate
suppliers of automative component for various applications.
This natural jute fibe can replace glass fibre in such application.
The bio-degradability and re-cycleability of jute will come handy
in such uses. Moreover, the jute products will be cheaper and lighter
than the glass fibre materials making the vehicles cost competitive
and fuel efficient.
Using whole jute or jute fibre as an inport for making paper pulp
is now an established phenomenon. In this process forest resources
are substituted by jute, which is an annual crop and thereby help
preventing deforestation.
Flexible jute bags laminated with aluminium foils and plastics can
be used for packaging tea. Paper based flexible bags are replacing
tea chests for carrying tea in order to keep aroma and flavour of
tea which can easily be replaced by flexible jute bags.
Jute textile is an existing product used for soil erosion control
and agro-plant mulching. This natural fibre based geotextile can
easily replace the synthetic geotextile in many applications. Jute,
an annual corp, available at cheap price is the basic raw material
for all of these diversified products. International awareness of
eco-friendliness, bio-degradability and re-cycleability of jute
adds advantages to this natural fibre for substituting others. As
a new sector for investment, all there diversified products have
potential for earning attractive returns.
There is already a substantial domestic leather industry, mostly
export-oriented. The leather includes some ready-made garments,
although that aspect is confined mainly to a small export-trade
in "Italian-made" garments for the US market. Footwear
is more important in terms of value added, accounting for just over
US$ 4 million export in FY 1992-93. The figure raised at US$ 22.77
million in FY 1996-97. This is the fast growing sector for leather
products. Presently Bangladesh produces between 2 and 3 percent
of the world's leather market. Most of the live-stock base for this
production is domestic which is estimated as comprising 1.8 percent
of the world's cattle stock and 3.7 percent of the goat stock. The
hides and skins (average annual output is 150 million sq ft.) have
a good international reputation. Foreign direct investment in this
sector along with the production of tanning chemicals appears to
be highly rewarding.
Having the basic raw materials for leather goods as well as for
production of leather shoe, a large pool of low cost but trainable
labour force together with tariff concession facility to major importing
countries under GSP coverage. Bangladesh can be a potential off
shore location for leather and leather products manufacturing with
low cost but high quality.
The frozen fish export is the second largest export sector of the
country with annual turnover of US$ 321 million (17.05 M. Lbs) in
1996-97. The average annual growth rate is 28%. This 100% export-oriented
industry includes the following sub-sectors which need proper attention
for augmentation of production and export earnings.
● Hatcheries
● Sustainable aqua-culture
technology
● Feed meals plants
● Processing unit
for value-added products.
Foreign investment with technology in this potential sector has
been recognised as the most viable areas in Bangladesh.
Bangladesh is now on the threshold of an investment break-through
in the oil and gas sector. The energy sector as a whole enjoyed
an annual accelerated growth rate of 15.31 percent during the Fourth
Five Year Plan period against a target of 9.28 percent. During Fifth
Five Year Plan this rate is expected to be 25 percent. This sector
also mobilizes a significant amount of financial resources
for public sector investment. In 1996-97 an amount of taka three
thousand crore was generated on account of CD VAT and other
payment which is about 25% of the annual development budget.
The government has taken up some short-term and long-term programmes
to solve the present energy crisis in the country. With these, country's
energy situation is expected to improve within a short time. 58
km Ashuganj-Bakhrabad gas transmission pipe-line has been commissioned
and Chittagong has been connected with the national grid. This would
lead to an additional gas supply of 82 MMCFD. Meghna-Bakhrabad gas
transmission line (28 km) has been completed and Salda-Bakhrabad
gas transmission line (35 km) has been commissioned this yhear.
Meghna (17 MMCFD) and Salda (15 MMCFD) gas fields have begun
production and gas supply to national grid has increased by 32 million
cft. daily. The Belabo gas field was also brought to production
by completion of Belabo-Narshingdi gas pipeline (13 km). The Kailastila
well no. 4 (28 MMCFD) also has started production. Habiganj (No
9) has been completed and started production this year (20 MMCFD).
An urgent programme is in hand to complete gas transmission line
across Jamuna Bridge which is expected to be commissioned soon.
Contracts for Oil and Gas expploration under Production Sharing
Contracts have so far been signed for 8 blocks. In order to further
intensify and expand gas production, the remaining 15 blocks were
put up for bidding. It was found that most of the global players
in oil and gas participated for 12 blocks. Award of some blocks
have already finalised. An LPG plant has been established at Kailashtila
with an annual production capacity of 5000 M. ton. LPG is being
marketed since August 1998. Attempts have been made to encourage
foreign investments in this field. Three MOUs have been signed.
An NGL plant at Ashuganj will be set up by RPGCL with World Bank
funding.
A Pilot CNG Project has been implemented to popularise the use of
environment friendly fuel and already about 1,000 vehicles have
been converted to CNG. Steps have been taken to expand the use of
CNG in the country. Private sector participation in CNG activities
are being encouraged.
Barapukuria Coal Mine Development Project is under implementation
and production has already been started. About 10 million tons of
coal will be produced per year of which 85% will be used for a 300
MW power plant. Madhyapara Hard Rock Plant is under implementation.
Reform measures have been taken to strengthen operational capability
of the sector. To this end, initiatives are afoot to establish a
Gas Regulatory Authority (GRA) and Hydro-Carbon Unit.
Power
sector (electricity)
An adequate supply of electricity at a reasonable reliability
and cost is a pre-requisite for the socio-economic development.
17% of the Bangladesh population have access to electricity and
per capital generation is 106 kw. The potential for growth of this
sector is very high. The Government of Bangladesh has attached top
priority for the development of the power sector.
a) Power generation : Since the creation of Bangladesh the
installed generation capacity has increased to 3603 MW (including
302 MW IPP) from 550 MW in 1971-72. The maximum demand of 183
MW in 1971-72 also has increased to 2449 MW at present. However
the present available generation capacity is about 2400MW. Many
of the existing power plants are gradually reaching at a stage where
balancing, modernisation and rehabilitation have become necessary.
It is possible to involve the private sector in this aspects in
the near future.
A Power System Master Plan study was conducted in 1995. The study
has identified the least cost power development plan for the next
20 years. It is estimated that the peak demand in FY 2000 will be
about 3150 MW and this will increase to about 4600 MW in FY 2005.
The Siddhirganj 210 MW power plant is under construction and the
installation of Shahjibazar 60 MW, Haripur 109 MW and Baghabari
100 MW power plants are under process.
b) Private sector generation : The government is committed
to provide adequate electricity supply to its population at a reasonable
price. In view of the large capital requirement in the power sector
and limitations of government fund, private sector investment would
be necessary for desired development of the power sector. Accordingly,
Bangladesh has amended its industrial policy and the power sector
has been opened up to the private sector.
The government approved the "Private Sector Power Generation
Policy of Bangladesh" in 1996 to attract private investment
in power generation. Under the policy, the private power companies
shall be exempted from corporate income tax for a period of 15 years
and the companies will be allowed to import plant and equipment
without payment of custom duties and VAT.
Contracts have already been awarded for installation of 4 Barge
Mounted Power Plants (BMPP) with a capacity of 100 MW each, Haripur
360 MW and Meghnaghat 450 combined cycle power plant in the private
sector. Out of these, the Barge Mounted Power Plants at Khulna,
Haripur and Baghabari have been commissioned. The process of signing
contracts for Baghabari 115 MW Gas Turbine Power Plant and Noapara
100 MW Barge Mounted Power Plant in the private sector is underway.
The Rural Power company is setting up 60 MW gas turbine power plant
in Mymensingh. Further steps have been taken to set up small power
plants having capacity upto 10 MW in rural areas for ensuring uninterrupted
power supply and overall economic development of the country.
c) Transmission : The transmission voltages are 230 kv and
132 kv. The route length of transmission lines has increased from
994 km. in 1971-72 to 3500 km at present. The distribution voltages
are 33 kv, 11 kv and 0.4 kv. The distribution network has also expanded
and increased from 9010 km. in 1971-72 to 136,000 km. With the increased
supply of electricity, the number of consumers has increased from
254,000 in 1971-72 to 3,700,000 now.
With the increase in the supply of gas resources in future the spread
of the electrical system through rural area electrification will
be given priority.
The government has recently completed the construction of Comilla-Bara
Aulia 132 KV and undertaken the construction of Comilla - Hat hazari
230 transmission line to increase the reliability and stability
of the power transmission system and to evacuate the surplus power
generated in the Chittagong area.
The Power Grind Company of Bangladesh (PGCB) constituted under company's
act has undertaken the construction of Comilla-Meghnaghat-Haripur
230 KV line for evacuation of power to be generated at Meghnaghat
Power Plant and construction of Tongi-Kallyanpur-Hasnabad 230 KV
line for increasing the reliability and stability of power
supply in Dhaka area.
d) Distribution : In September, 1998, the power distribution
system of the Mirpur area of Dhaka has been handed over to the Dhaka
Electric Supply company (DESCO), established under company's act.
Necessary work for building the infrastructure for distribution
of additional 400 MW to meet the growing demand of greater Dhaka
area has already been taken up.
Necessary rules and regulations are being formulated in order to
establish a National Energy Regulatory Commission to ensure safety,
security of electrical system, to promote competition and efficient
market conduct, to protect the interest of the consumers, investors
and other stockholder's, to provide uninterrupted and reliable power
supply at a reasonable price etc.
The Government of Bangladesh has adopted National Telecommunication
Policy, 1998. The strategic vision of the government is to facilitate
universal telephone service throughout the country and where there
is a demand all those value added services such as cellular mobile
telephone, paging, data services, access to internet (including
electronic mail), voice mail and video conferencing all at an affordable
cost without compromising performance. To achieve the vision, government's
role as a service provider will diminish as the private sector's
role increases. The government's objective will be to create a new
policy environment to support the new scenario. Its ability to create
policy, regulate and facilitate will be strengthened through a new
Telecommunication Act which reflects the government's new policies,
objectives and strategies and establishment of new institutions
including a Telecommunication Regulatory Commission (TRC) which
will become the guardian of the Act and fulfill its regulatory functions.
By opening the telecommunication sector to competition and consolidating
an independent regulatory board, private sector investment both
domestic and foreign is encouraged. Private participation will improve
access to and quality of both basic and value-added services which
historically have remained monopolistic. Investment is encouraged
through BLT/BOT/BOO/BTO and other joint venture schemes which, by
greatly increasing the capacity, quality and type of services, will
create improved efficiencies in other sectors such as transportation
energy and the textile industry.
The present teledensity of Bangladesh is about 0.4 telephone per
100 persons. In order to substantially eliminate the unserviced
demand and increase the teledensity from 0.4 telephone to 1 telephone
for every 100 persons, target for expansion of telephone penetration
is fixed at 1,300,000 line units including associated inland and
overseas transmission links and facilities. The aim is to lay emphasis
on the efforts to upgrade the semi-urban and rural telecommunication
facilities and make the telecommunication services with the latest
technology available in phases to all the thanas, unions, growth
centres and ultimately to the villages by the year 2005.
To meet the telecommunication requirements of the country the government
has been developing and expanding the systems and services of BTTB.
Private sector operations in the rural telecommunication, paging,
cellular telephones and riverine radio trunking have alreayd
been allowed. At present 7 private operations are providing their
services to about 100,000 customers. Government has allowed expading
300,000 digital telephone in Dhaka by private sector participation
through open tendering.
In accordance with overall national policy, liberalization of the
telecommunications sector will continue. However, the government
retains the sole authority to determine the number of competitions
that are economically viable for certain services. The strategy
is to provide equal and rational opportunities to all competitors.
In air transport, the government has given provisional domestic
air transport operating license to 6 private companies for STOL
services. Seven airports have been refurbished to cater their needs.
International air & cargo transport in the private sector is
now allowed for operation in Bangladesh.
Bangladesh's experience in basic electronics spans over two
decades. In recent years, European and Asian electronic firms have
established technical collaboration with their Bangladeshi counterparts
to produce some electronic goods at competitive prices. This has
tremendous potentiality for expansion.
Light industries in Bangladesh produce a multitude of labour intensive
goods including toys consumer items, small tools and paper products
for the domestic market. Further development of these industries
offers various investment opportunities. Export-oriented production
in light industries has gained momentum in the past few years. Entrepreneurs
from Hong Kong, Japan and Korea have taken advantage of Bangladesh's
cheap and easily trainable labour and its infrastructure facilities
to manufacture products for the export market.
With growing international interest in travelling through Asia,
tourism is taking roots in Bangladesh. Bangladesh offers a variety
of historically significant and culturally unique sites for tourists.
Sylhet's tea gardens, Cox's Bazar sea-beach, the Royal Bengal Tiger,
deer and the Sundarbans, the largest mangrove forest in the world
with unique bio-diversity offers tourist attractions. Ancient mosques,
Buddhist monasteries, Hindu temples, monuments and other landmarks
dot the countryside.
Additional
hotel and resort facilities could be created for attracting tourists
from home and abroad. Dhaka and Chittagong also have an unmet demand
for additional hotel rooms, restaurants, entertainment and recreational
facilities.
Raw jute, tea, tobacco, vegetables, spices and tropical fruits are
the key potential products. Agriculture is the biggest private sector
operation contributing 35 of GDP. The government has gradually removed
the constraints imposed by state intervention, deregulated and liberalised
the markets to allow further private participation, particularly
in the supply of inputs and distribution of outputs. The government
has drastically reduced duties and taxes on a range of agriculture
inputs. Fertilizer is exempted from customs duties and VAT. Bangladesh
continues to grow about 2 percent of the world's tea in some 150
plantations in the north-east region of Sylhet. Tropical fruits
and vegetables are grown seasonably and have recently begun to be
exported in various forms. Tobacco farming is also well established.
Bangladesh has the basic attributes for successful agro-based
industries, namely, rich alluvial oil, a year-round frost free environment,
an adequate water supply and an abundance of cheap labour. Increased
cultivation of vegetables, spices and tropical fruits now grown
in Bangladesh could supply raw materials to local agro-processing
industries for both domestic and export market.
Progressive agricultural practices, improved marketing techniques
and modern processing facilities would enable the agro processing
industry to improve its quality and expand production levels significantly.
Computer software
development, data entry & data processing
Availability of substantial number of qualified and experienced
young people in various branches of engineering, science and technologies
have opened up the scope of profitable investment in these sectors.
Comparatively short training period and low investment have made
such ventures highly profitable.
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