Investment will face no hiccup in polls year: BIDA

Bangladesh Investment Development Authority (BIDA) yesterday ruled out any possibility of disturbances in the inflow of foreign and local investment centring probable political turmoil in the year of parliamentary elections.

“I hope the political stability will continue in the country this year ahead of general election and there will not be any negative impact on the inflow of investment,” said Kazi M Aminul Islam, executive chairman of the BIDA.

He said businesses have assurances like getting adequate gas and electricity, which were vital for setting up industrial units.

“So this time I do not see any major interruption in inflow of investment in the country,” he said.

The comment came following a barrage of questions from journalists on poor inflow of foreign and local investment due to poor and slow progresses in reforms in the BIDA, resulting in stagnation in investment inflow.

The Dutch-Bangla Chamber of Commerce and Industry (DBCCI) and BIDA jointly organised a press conference at the Bangladesh Economic Zones Authority's Dhaka office ahead of a BIDA-DBCCI delegation's visit to the Netherlands and Belgium on April 18-25.

Islam could not exactly state the amount of investment Dutch companies made in Bangladesh over the last one year.

He said the BIDA was going to set up a much-expected “one stop service” by June or July to reduce delays and resolve problems regarding investment.

Islam said the government has been working to set up two liquefied natural gas terminals soon to reduce gas crisis in the industrial sector.

Replying to a query, he said Bangladesh exported goods worth $1 billion to the Netherlands last fiscal year while importing that worth $200 million.

Regarding the visit, Islam said the delegation would mainly try to woo Dutch and Belgian investment in sectors such as ICT, water management, agriculture and agricultural food processing.

On reforms in policies aimed at easing obstacles and reducing costs of business, Islam said a lot needs to be done by the BIDA to bring reforms of global standards.

Jeroen Steeghs, deputy head of mission of the Netherlands embassy, said apart from other forms of investment, Dutch company Philips has been doing business here over the last 50 years.

Suggesting that the government improve the business climate, he said there was a possibility of Dutch companies investing further.

Faruque Hassan, DBCCI president, said garment exporters have been working with the government over the last four years so that Bangladesh could enjoy GSP plus benefit after 2027, when the status graduation from least developed to developing country would occur.