Investment meets in Dhaka & Singapore affirm Bangladesh’s business potentials but emphasise power, infrastructures and stability
An IBT Desk Report
Making gas and power available and building infrastructures are the prerequisites for attracting both local and foreign investments in Bangladesh, participants at a recent investment meeting reiterated. Foreign companies were also urged to come to Bangladesh to invest and to take benefits of international trade, especially concessions Bangladesh as a least developed country is entitled to. A few also called for addressing the political issues that often leaves a sense of uncertainty in the minds of the investors while taking fresh investments and expanding existing operations as well.
Prime Minister Sheikh Hasina, inaugurating a one-day International Investment Forum-2014, organised by the Board of Investment (BoI) in Dhaka on 17 September, urged the foreign investors to take full advantage of Bangladesh’s open and favourable regulatory regime and geo-strategic location in Asia to expand their businesses. ‘The government of Bangladesh is committed to stay on its upward course to attract FDI and maintain investment-friendly environment for our economic development… select Bangladesh for making investment,’ she said reassuring a few hundred investors from home and abroad.
BoI Executive Chairman Dr SA Samad said the investment promotion agency tried to introduce the one-stop service to investors but failed to deliver due to non-cooperation from other agencies and departments. Rajiv Kumar Jain, managing director of Ceat Bangladesh Ltd, a Bangladesh-India joint venture on tyre manufacturer, said: ‘Gas and power crises as well as political troubles should be addressed. Regarding business in Bangladesh, I can say if documents are properly submitted, registration is not a problem.’
‘Instability is more visible than real.’ Gowher Rizvi, foreign affairs adviser to the prime minister, said at the Singapore meet, ‘Bangladesh Investment Summit’. He added, ‘Bangladesh will not let you down.’ The organisers from the private sector highlighted the country’s potential as one of the top investment destinations and vast opportunities available in a growing economy like Bangladesh’s. As many as 10 sectors including power, information technology and telecom, pharmaceuticals, leather and shipbuilding were identified as ripe areas for foreign investments. Held on 4 September, the summit was attended by 80 investors from prominent global financial firms.
The vast domestic market of Bangladesh with a sizeable consumer class and its proximity with India and establishment of Bangladesh, China, India and Myanmar economic corridor were also discussed as advantage of making investments. ‘We have problems but many countries have many problems and our share of the problems maybe more than others, Mahfuz Anam, editor and publisher of The Daily Star, said. ’In spite of it, we are now ready for business. You will do business with us not out of philanthropy or out of altruistic reasons — you will do business with us for business reasons.’
