Bangladesh despite having a lot of potential is struggling to attract foreign direct investments from the European Union due to growing militancy and political uncertainty, a top EU diplomat said on Thursday, as reported in the press.The EU members are convinced that Bangladesh is a land of opportunities for foreign companies as the country has been maintaining gross domestic product growth of at least 6 percent over the years, said Pierre Mayaudon, Ambassador of the EU in Bangladesh. Bangladesh has also performed well in the Millennium Development Goals.Mayaudon’s comments came at the first EU-Bangladesh Business Council meeting, which was held at the Commerce Ministry in Dhaka. The EU-Bangladesh Business Council is a platform for discussion by the government officials and private sector entrepreneurs of both sides with the view to resolving any trade-related disputes. Bangladesh has many assets for attracting foreign investment and yet money is not flowing into the country in a big way, he said at the meeting where diplomats and leaders of the joint chambers between Bangladesh and the EU were present.Shortage of energy and limited infrastructure are also frequently mentioned to explain why foreign investors think twice before coming to Bangladesh, he said. Besides, Europe’s private investors have been facing numerous legal, technical or just practical obstacles in expansion of business in Bangladesh, he said.The EU is the largest and the most important trading partner for Bangladesh. In fiscal 2014-15, Bangladesh’s exports to the EU stood at $17.04 billion, of which 90 percent were garment items, according to data from the Commerce Ministry. About 60 percent of Bangladesh’s garment exports are destined for the EU, and total exports to the region would have crossed the $20-billion mark last year had the euro not been devalued. Bangladesh, as a least-developed country, has been enjoying a zero-duty benefit to the EU since 1971 under the EU’s “everything but arms” scheme.The government is ill-advised to pursue a policy of fomenting divisiveness, militancy and killings. Instead of peace there is chaos and cruelty in every aspect of public life. It is strange, how easy it has become for the government not to govern. Without investment – foreign and local, the government is in a serious position of not having confidence of the investors. Internationally also, only India claims its relationship with Bangladesh is a role model, and happy with it. Our own money is flying away to other countries for their benefit. But still we refused to be ashamed for incompetence.
