Businesses say at International Investors’ Forum
Investment policy based on colonial legacy, poor infrastructure, shortage of gas and electricity are the key challenges to attracting foreign direct investment in the country, experts said at a seminar on Wednesday. They also said that there were some regulatory barriers to attracting FDI and the government should address the issues. ‘Policy reform is a must to attract foreign investment as the existing policy is age-old and based on colonial legacy,’ Asif Ibrahim, chairman of the Business Initiative Leading Development, said at the seminar ‘unlocking opportunities for investment’ on the sideline of the International Investors’ Forum 2014.
Board of Investment, Bangladesh Economic Zone Authority and Public Privet Partnership Office organised the International Investors’ Forum 2014 at the Sonargaon Hotel in the capital.
Asif urged the government to hold discussion with the stakeholders to reform the policy to ensure investment-friendly environment.
Rajiv Kumar Jain, managing director of CEAT Bangladesh Ltd, raised concern over commercial laws.
He said that the laws should be reformed to ensure level playing field for the investors.
‘A uniform interpretation of value-added tax act is also needed for the investors,’ he said.
Metropolitan Chamber of Commerce and Industry president Rokia A Rahman said, ‘We are doing well but we should keep in mind the challenges.’
She suggested that BoI should set up a ‘one stop service’ for the investors to facilitate investment.
Rokia emphasised on infrastructure development, uninterrupted supply of gas and electricity for the purpose.
‘If the government fails to address the challenges, the flow of FDI will be hindered,’ she said.
Dileep Kumar Das, executive member of the BoI, presented the keynote paper at the seminar.
Dileep urged the foreign investors to invest in Bangladesh due to its strategic location, regional connectivity and worldwide access.
He said that Bangladesh was a winning combination with its competitive business-friendly environment and cost structure that could give investors low-cost industrial workforce and energy and proven export competitiveness.
Bangladesh Bank governor Atiur Rahman urged the foreign investors to take advantage of the ample investment opportunities on offer in the dynamically growing Bangladesh economy.
‘Bangladesh is maintaining a most welcoming regime for FDI inflows and major opportunities for foreign investors in the country exist in the infrastructure, manufacturing of light engineering, pharmaceuticals, ceramics, garment and textile, leather and leather goods, service exports, tourism, hotels, and hospitals sectors,’ he said.
Software and IT-enabled services are yet other new promising areas for foreign investors in Bangladesh, Atiur said.
Bangladesh has emerged as an attractive destination for FDI in the South Asian region and recently the World Bank has ranked Bangladesh ahead of India, China and Vietnam in protecting investors’ interest, he added.
-With New Age input
