FICCI for smooth energy supply, infrastructure
Attracting foreign direct investment is the first priority of the government to spur economic growth and boost investment in the country, commerce minister Tofail Ahmed said on Monday.
‘We are taking different steps including one stop service for the foreign investors to encourage the overseas corporate investors to invest their capital in the country’s promising sectors,’ Tofail told reporters after holding a meeting with a delegation of the Foreign Investors Chamber of Commerce and Industry in Bangladesh at his secretariat office in the capital.
FICCI president Rupali Chowdhury, who is the managing director of Berger Paint Bangladesh Ltd, led the seven-member delegation at the meeting. FICCI vice-president and managing director of Chevron Bangladesh J Strong, among others, were present.
The commerce minister said the government was optimistic of earning $30 billion in 2014 from the country’s merchandise export.
‘Within the next five years our export is expected to reach $40 billion,’ he said.
Regarding the United States Trade Representative’s action plan for regaining the suspended Generalised System of Preferences, the commerce minister said Bangladesh had so far implemented 13 conditions out of 16
contained in the plan.
He, however, said the process was under way to recruit 200 factory inspectors, while actions would be taken against the defaulting factories for their failures in upgrading safety compliances.
The meeting also discussed about introduction of trade union in the Export Processing Zones as a condition attached by the USTR.
Talking to the reporters the FICCI president said they had called upon the commerce minister for undertaking programmes to develop the country’s creaky infrastructure and ensure smooth supply of gas and electricity to facilitate FDI.
She also suggested holding regular inter-ministerial meeting involving ministries concerned for quick solution to business-related problems.
‘We want to see the commerce ministry holding regular inter-ministerial meetings involving private
sector for smooth functioning of businesses and investment,’ the FICCI president said.
It takes above one and a half years to two years to start a business in the country due
to numerous hindrances, she said.
‘The time should not be above two to six months for opening up new businesses in the country,’ she said.
-With New Age input
