Re-launch of One Stop Service soon

SA Samad, executive chairman of Board of Investment, speaks at a seminar on 'Bangladesh's Potentials for Foreign Investment' organised by Canada-Bangladesh Chamber of Commerce and Industry (CanCham) yesterday in Dhaka. Photo: CanChamStar Business Report

The state-run investment promotional agency will re-launch its One Stop Service to provide better services to entrepreneurs expediting investment processes, its chief told a seminar in Dhaka yesterday.

“Enhancing image through better service is our goal,” said S A Samad, executive chairman of the Board of Investment (BoI).

Canada-Bangladesh Chamber of Commerce and Industry (CanCham) organised the seminar on Bangladesh's Potentials for Foreign Investment at the auditorium of Dhaka Chamber of Commerce and Industry.

The BoI boss listed some facilities offered to investors, both local and foreign, which include cash incentives, zero tariff benefit for importing some specific raw materials and guaranteed loans against opening of letters of credit.

In this context he also pointed his finger at opening up a widened area of investments for all except four sectors including arms and ammunition, forest plantation, nuclear energy and security printing and minting. “ You have a lot of areas you can make investment.”

Samad assured foreign entrepreneurs that their interests are protected by the law of the land.

At present there are 44 Canadian projects in Bangladesh with an accumulated investment of $296.37 million employing 11,087 persons, he pointed out.

"The government is relentlessly trying to improve the law and order for creating a better investment climate in the country," Samad said.

The decline in corruption and crime is a clear indication of the better law and order, he added.

In his speech, Canadian High Commissioner in Bangladesh Robert McDougall stressed improvement in Dhaka's traffic congestion to attract foreign direct investment (FDI).

"Practical actions are needed, rather than soft words for reducing the city's traffic jam,” he said.

Urging an accelerating pace in the execution of annual development programmes, CanCham President Masud Rahman lauded the government's public-private partnership (PPP) initiatives saying it is a good effort to lure FDI.

However, he lamented that current investment offers are not enough in the cases of much-needed physical infrastructures like energy, port, roads and railways.

These areas need huge money with slow return, Rahman said.

"Appropriate policy support that envisages joint ventures and incentives may be given to attract investment in these areas," Rahman added.

CanCham Vice-president John Douglas Hearns also spoke.