The government established several export promotion zones to attract foreign investment with special incentives and to promote new investment outside the immediate mega city Dhaka and the port city of Chittagong. Raw materials can be imported tax-free under condition that it is used exclusively for the production of export goods. There is Tax-Holiday for industries within and outside the Export Processing Zones (EPZ) and duty-free import of machinery and raw materials for export-oriented industries.100% foreign equity allowed. Full repatriation of dividend and capital allowed upon exit. Bonded Warehouse and back-to-back Letter of Credit facility allowed for export-oriented industries. Avoidance of double taxation is based on bilateral agreements. Foreign investment in Bangladesh is guaranteed by an Act of Parliament against forfeiture and nationalization.