Power, infrastructure key to foreign investment
Businesses yesterday urged the government to urgently address the gas, power and infrastructure issues to attract more local and foreign direct investment.
The call came at a daylong seminar on investment opportunities at the capital's Sonargaon Hotel, organised by the Board of Investment and inaugurated by Prime Minister Sheikh Hasina.
The seminar was attended by investors from home and abroad.
Asif Ibrahim, chairman of BUILD, a public-private initiative for policy formation, said the private sector is the country's engine for growth. “We have to encourage the private sector for more investment.”
Regarding the overseas trade benefit, Shubhashish Bose, vice-chairman of the Export Promotion Bureau, said the country enjoys zero-duty benefits to 38 countries under the Generalised System of Preferences (GSP) scheme.
“So the foreign companies can come here to invest and to take the benefit of international trade.”
Besides the zero-duty benefit, Bangladesh also enjoys trade advantages for some specific products to India, China, Korea, Malaysia and other countries, he said.
Atiur Rahman, governor of Bangladesh Bank, said major opportunities for foreign investors in Bangladesh exist in infrastructure, including gas and electricity generation, roads, highways and bridges, hotels and other tourism facilities.
Opportunities also exist in sectors such as tertiary health care, light engineering, pharmaceuticals, ceramics, garment and textile, leather and leather goods and tourism.
Software and IT-enabled services are yet another promising area for foreign investors in Bangladesh, he said, while emphasising the large domestic market with a sizeable middle-class population segment.
Rokia Afzal Rahman, president of the Metropolitan Chamber of Commerce and Industry, said developing economic zones are very important for attracting local and foreign investment.
“Bangladesh has a very good investment prospect,” she said, while asking the BoI for introducing a true one-stop service for investors.
BoI Executive Chairman SA Samad said the agency tried to introduce the service but failed to deliver due to non-cooperation from other agencies and departments.
Rajiv Kumar Jain, managing director of Ceat Bangladesh Ltd, a Bangladesh-India joint venture on tyre manufacturer, said: “Gas and power crises as well as political troubles should be addressed. Regarding business in Bangladesh, I can say if documents are properly submitted, registration is not a problem.”
Ceat completed acquisition of 28 acres of land in Bhaluka in Mymensingh and construction of the plant will start in October.
Ceat tied up with the local AK Khan & Company to produce tyres for Bangladeshi vehicles at the $52 million Bhaluka plant.
Comments