British-Bangla chamber points to red tape

Red tape stands as a barrier to investment by non-resident Bangladeshis, said the chairman of British-Bangladesh Chamber of Commerce (BBCC).

"Expatriates are running low on confidence," said Shahagir Bakth Faruk at a meeting organised by the Sylhet Chamber of Commerce and Industry (SCCI) on Friday. He also said demand for establishing a special economic zone in Sylhet is still unmet.

Faruk said 27 Bangladesh containers had recently been sent back by British authorities. He urged exporters to export quality vegetables and other items.

Faruk said Bangladesh would require huge public and private investments for economic growth. "A special economic zone in Sylhet will therefore be a timely solution."

The BBCC chief referred to a series of meetings with business leaders and said NRBs are eagerly waiting for a "healthy investment opportunity" in the SEZ.

A lengthy and complex procedure of getting bank loan also slows efforts to set up new industrial units, he added.