Abu Sazzad :
Efficient bureaucracy, simplification in procedures for Foreign Direct Investment (FDI) registration, improvement in legal infrastructure as well as acceleration in one-stop service provided by the Board of Investment are needed for attracting FDI at expected level. The number one obstacle in attracting FDI in Bangladesh is especially the bureaucratic complexities. The further reasons are lack of investors’ confidence and congenial environment, unavailability of land, institutional weakness, corruption and some other ‘unknown reasons’.
Efficient bureaucracy, simplification in procedures for Foreign Direct Investment (FDI) registration, improvement in legal infrastructure as well as acceleration in one-stop service provided by the Board of Investment are needed for attracting FDI at expected level, said Foreign Investors Chamber of Commerce and Industry (FICCI) President Rupali Chowdhury recently.
In the recent year, the country received $1.5 to $2 billion FDI, but we need at least $8 to $10 billion FDI for achieving the expected level of economic growth or sustainable development, claimed the FICCI President.
The government should find out the reasons why new foreign investors are not making investment at expected level in the country, whereas existing foreign investors are earning profit and making reinvestment in the country, said Rupali Chowdhury.
FICCI members have been making many recommendations to the government for attracting FDI, she also mentioned.
Foreign investors are also concerned about inconsistency in the government’s policy, she said adding that government’s agreement with foreign investors should be watertight and it should not be changed along with the changes of governments.
She has underscored the need for strengthening the Board of Investment and ensuring coordination among the government agencies to facilitate the FDI.
Referring to the government’s policy on Korean Export Processing Zone in Chittagong, Rupali said that retreating from such agreement gave wrong signal to the foreign investors.
International Chamber of Commerce Bangladesh (ICCB) President Mahbubur Rahman said, the government should find out the reasons why the foreign investors were not coming in the country despite having all favourable regulatory regimes.
A strong partnership between the public and the private sectors is needed to solve the problems faced by the foreign investors and for creating better business environment to attract more FDI, he suggested. Continuation in policy regime is needed to boost confidence of foreign investors, he observed.
The number one obstacle in attracting FDI in Bangladesh especially the bureaucratic complexities, said ICCB) President Mahbubur Rahman.
The further reasons are lack of investors’ confidence and congenial environment, unavailability of land, institutional weakness, corruption and some other ‘unknown reasons’, according to Bangladesh Bank Deputy Governor SK Sur Chowdhury.
The central bank was reviewing the Foreign Exchange Regulations Act to further liberalise the foreign exchange regime for attracting more FDI in the country, SK Sur Chowdhury said.
Centre for Policy Dialogue (CPD) Additional Research Director Khondaker Golam Moazzem has underscored the need for improving the supply chain to attract more FDI in the country.
The investment proposals registered with the BoI were not being materialized due to lack of infrastructure and supply chain, he claimed.
An underdeveloped supply chain in the manufacturing sector is the main cause behind low FDI levels in Bangladesh.
The business climate is unfavourable as access to utilities, like electricity, gas, transportation, waste management and office space, are still inadequate and below investors’ expectations, said Khondaker Golam Moazzem.
FDI in the energy sector may have a causal relationship with corruption, he observed. Bangladesh’s private sector has been facing multi-dimensional challenges, and the emergence of new entrepreneurship has been constrained by poor skills caused by a lack of effective and quality education, Moazzem said.
Efficient bureaucracy, simplification in procedures for Foreign Direct Investment (FDI) registration, improvement in legal infrastructure as well as acceleration in one-stop service provided by the Board of Investment are needed for attracting FDI at expected level. The number one obstacle in attracting FDI in Bangladesh is especially the bureaucratic complexities. The further reasons are lack of investors’ confidence and congenial environment, unavailability of land, institutional weakness, corruption and some other ‘unknown reasons’.
Efficient bureaucracy, simplification in procedures for Foreign Direct Investment (FDI) registration, improvement in legal infrastructure as well as acceleration in one-stop service provided by the Board of Investment are needed for attracting FDI at expected level, said Foreign Investors Chamber of Commerce and Industry (FICCI) President Rupali Chowdhury recently.
In the recent year, the country received $1.5 to $2 billion FDI, but we need at least $8 to $10 billion FDI for achieving the expected level of economic growth or sustainable development, claimed the FICCI President.
The government should find out the reasons why new foreign investors are not making investment at expected level in the country, whereas existing foreign investors are earning profit and making reinvestment in the country, said Rupali Chowdhury.
FICCI members have been making many recommendations to the government for attracting FDI, she also mentioned.
Foreign investors are also concerned about inconsistency in the government’s policy, she said adding that government’s agreement with foreign investors should be watertight and it should not be changed along with the changes of governments.
She has underscored the need for strengthening the Board of Investment and ensuring coordination among the government agencies to facilitate the FDI.
Referring to the government’s policy on Korean Export Processing Zone in Chittagong, Rupali said that retreating from such agreement gave wrong signal to the foreign investors.
International Chamber of Commerce Bangladesh (ICCB) President Mahbubur Rahman said, the government should find out the reasons why the foreign investors were not coming in the country despite having all favourable regulatory regimes.
A strong partnership between the public and the private sectors is needed to solve the problems faced by the foreign investors and for creating better business environment to attract more FDI, he suggested. Continuation in policy regime is needed to boost confidence of foreign investors, he observed.
The number one obstacle in attracting FDI in Bangladesh especially the bureaucratic complexities, said ICCB) President Mahbubur Rahman.
The further reasons are lack of investors’ confidence and congenial environment, unavailability of land, institutional weakness, corruption and some other ‘unknown reasons’, according to Bangladesh Bank Deputy Governor SK Sur Chowdhury.
The central bank was reviewing the Foreign Exchange Regulations Act to further liberalise the foreign exchange regime for attracting more FDI in the country, SK Sur Chowdhury said.
Centre for Policy Dialogue (CPD) Additional Research Director Khondaker Golam Moazzem has underscored the need for improving the supply chain to attract more FDI in the country.
The investment proposals registered with the BoI were not being materialized due to lack of infrastructure and supply chain, he claimed.
An underdeveloped supply chain in the manufacturing sector is the main cause behind low FDI levels in Bangladesh.
The business climate is unfavourable as access to utilities, like electricity, gas, transportation, waste management and office space, are still inadequate and below investors’ expectations, said Khondaker Golam Moazzem.
FDI in the energy sector may have a causal relationship with corruption, he observed. Bangladesh’s private sector has been facing multi-dimensional challenges, and the emergence of new entrepreneurship has been constrained by poor skills caused by a lack of effective and quality education, Moazzem said.
