Govt won’t discriminate between foreign and domestic investors: Kamal

AHM Mustafa Kamal

The Bangladesh government will never discriminate between foreign and domestic investors when providing investment facilities as both sectors are of equal importance, according to Finance Minister AHM Mustafa Kamal.

"The physical infrastructures being developed in our country will help attract more foreign direct investment (FDI)," he said.

Kamal made these comments during Bangladesh Investment Development Authority's (Bida) 4th anniversary celebrations at their headquarters in Dhaka's Agargaon yesterday.

The finance ministry will continue to cooperate in any way necessary with the Bangladesh Economic Zones Authority (Beza) and Bida to help increase investment in the country.

Currently, the most valuable asset for Bangladesh is human resource as the country's demographic dividend is expected to expand until 2065, Kamal said.

Some 45 per cent of the existing workforce is female, which is a sign of a strong economy, but if this workforce can be further utilised, it will bring great success in the future.

The finance minister also emphasised on the need to diversify Bangladesh's export basket as simply depending on four or five products will prevent the country from achieving its targets in the sector.

Salman F Rahman, the prime minister's private industry and investment adviser, said without first increasing domestic investment, the country cannot expect a jump in FDIs.

Even though the Chattogram port's international ranking in cargo handling has improved, the main barrier for investment in the country is the lack of a proper seaport.

"But once the Maheshkhali seaport is complete, this barrier will be removed," Rahman added.

Meanwhile, Sheikh Fazle Fahim, president of the Federation of Bangladesh Chambers of Commerce and Industries, stressed on the need to prioritise public expenditure to encourage private investment.

Fahim also appreciated Bida's One-Stop Service (OSS) platform, which is helping improve the ease of doing business in Bangladesh.

Bida Executive Chairman Md Sirazul Islam said his organisation was working tirelessly towards its goal to accelerate investments from both home and abroad.

Bida's primary concern is to make it easier for potential investors to carry out their operations by ensuring quality foreign direct investment services and an investment-friendly environment.

The organisation routinely conducts meetings, seminars, roundtable discussions and workshops with concerned ministries in a bid to ensure that all the services required by an investor can be easily availed online, Islam said.

Bida aims to provide 154 services from 35 different organisations on its OSS platform, which already has 21 available services while another 18 will be added soon.

With regard to diversifying the country's exports, Rubana Huq, president of the Bangladesh Garments Manufacturers and Exporters Association, urged the government to use Vietnam as an example and form a special council to that end.

While addressing the event, Selima Ahmad, president of the Bangladesh Women Chamber of Commerce and Industry, said women should be more involved in policy formulation in order to increase the number of female entrepreneurs.

An investment friendly environment is required to increase both domestic and foreign investment, she added.

As of yesterday, Beza had already secured about $18 billion in investments for the various economic zones under its care, said Paban Chowdhury, executive chairman of Beza.

The Sumitomo Corporation of Japan has been recruited to help develop and operate the Japanese Economic Zone in Araihazar upazila of Narayanganj district, he added.

According to numerous entrepreneurs and experts present at the event, access to capital works like magic when it comes to creating entrepreneurs who would help rapidly develop the country's economy.

Earlier in the morning, Bida held a virtual views exchange meeting with young entrepreneurs, members of different government chambers and deputy and divisional commissioners to support the start-up culture.

Addressing the programme, Md Tofazzel Hossain, secretary to the Prime Minister's Office, said it was not possible to provide employment opportunities for 15 lakh people each year.

However, entrepreneurship could solve this problem and so, the government needs to cooperate with young entrepreneurs to generate employment opportunities through investment, Hossain said.

For example, deputy commissioners could help entrepreneurs secure bank loans. Therefore, the deputy commissioners have been asked to sit with officials of the banking sector in an effort to mobilise funds for new entrepreneurs.

"We should encourage entrepreneurship among the youth," he added.

AKM Hafizullah Khan, director of Bida's Entrepreneurship & Skill Development Project (ESDP), gave a presentation on the project.

Hosne Ara Begum, managing director of Bangladesh Hi-Tech Park Authority; Yasir Azman, chief executive officer of Grameenphone; Uzma Chodhury, director of Pran-RFL group; Zhang Zhengjun, CEO of Huawei Technologies (Bangladesh); Naser Ezaz Bijoy, CEO of Standard Chartered Bank Bangladesh, and Maj Gen SM Salahuddin Islam, executive chairman of Bangladesh Export Processing Zones Authority, congratulated Bida for its efforts in developing an investment friendly environment in Bangladesh over the past four years.