Staff Reporter :
Simplification of tax administration, remittance guideline, proper infrastructure development and skilled manpower are the key features that would help attract more Foreign Direct Investment (FDI) in the country.
Speakers at a roundtable expresed the views as above on Sunday. The Institute of Chartered Accountants of Bangladesh (ICAB) and the Japan Bangladesh Chamber of Commerce & Industry (JBCCI) jointly organised the discussion on Foreign Direct Investment prospects in keeping view of National Budget 2022-2023 held at Hotel Sheraton Dhaka in the city.
Ambassador of Japan to Bangladesh Ito Naoki expects that ICAB and JBCCI will collaborate in future to create congenial business environment in Bangladesh where Foreign Investors could enjoy more facilities while investing in Bangladesh.
ICAB and JBCCI will come together with specific proposals to the policy makers and very strategic efforts are needed for this purpose, he added.
Bangladesh has set a very unique example in terms of economic recovery from the pandemic time, he said adding, “Bangladesh showed remarkable resilience to the recovery process and the recovery economy of Bangladesh has a wonder foundation.”
“Now, the Russia -Ukraine war has changed the world’s economic situation. We all should follow the international laws and rules,” he said.
“Foreign companies need to renewal work permit before the end of the year or, two year or three which is not realistic. It should be made for onetime,” he demanded.
Bangladesh Special Economic Zone which is being prepared for Japanese companies, will be a unique example in the country to attract FDI, he further said.
ICAB President Md Shahadat Hossain said, “Japan has been continuously supporting Bangladesh for the successfully graduation from LDC. Currently, approximately 320 Japanese companies are doing business in Bangladesh and the number is expected to rise in shortly.”
FDI is considered as a significant vehicle to build up physical capital through transfer of technology and managerial skills and knowledge between the countries, he said, adding “Bangladesh aims to bring FDI $2 billion in 2022 and $2.5 Billion in 2023. ICAB believe Japanese entrepreneurs will contribute a lot to achieve this target.”
Highlighting the role of Chartered Accountants in economic development, ICAB President said, Chartered Accountants have been directly and indirectly involved in ease of doing business environment in the country through tax planning, proper compliance and implementation of tax laws.
JBCCI President Asif A Chowdhury said, appropriate reform measures are needed in the country’s administration to reduce the bureaucratic tangle and interference in business and investment to attract more investment in the country.
Emphasising on improving the efficiency of port services, he said, the custom clearance procedures must be simplified along with the improvement in physical facilities and reforms in the labour management system to ensure the ease doing business.
He also placed a number of recommendations regarding privatisation, modernisation of business law, policies for macroeconomic stability.
Dr Muhammad Abdul Mazid, former NBR Chairman and ICAB Vice President N K A Mobin, among others, spoke at the event.
