Let local entrepreneurs invest abroad: analysts

The government should allow local entrepreneurs to invest abroad, analysts said at a view exchange meeting yesterday.

Poor infrastructure and shortage of gas and power in Bangladesh obstruct the businesses in making new investment in the country, they said.

Considering the comparative advantages in other countries, the government can give go-ahead to the entrepreneurs to invest in foreign nations, Dr Mohammed Farashuddin, former governor of Bangladesh Bank, said at the event.

The International Business Forum of Bangladesh (IBFB) organised the event with its president Hafizur Rahman Khan in the chair, at the association's office in Dhaka.

Farashuddin also said local entrepreneurs will not go abroad to make new investments if they get adequate infrastructure and facilities in Bangladesh.

The government is offering many benefits for foreign investment in Bangladesh, but the number of investors making good use of the benefits is much lower than expectation, he said.

“If we can remove the uncertainties and infrastructure constraints, foreigners will come,” said the former central bank chief.

Businesses are not getting sufficient gas and electricity, said AK Azad, former president of the Federation of Bangladesh Chambers of Commerce and Industry. “We did not see any major headway in introducing liquefied natural gas. We (factory owners) are in the dark about the future of energy supply.”

Moreover, political uncertainty adds further woes at regular interval, he added.

“Many countries offer cheap land and energy for foreign investments and we want to take the opportunity,” said Azad, the owner of a business group that exports apparel worth around $300 million a year.

Business editors of different media outlets also spoke at the event where Ismail Hossain, assistant professor of Dhaka University, presented a keynote paper.