Improve services at airports to get FDI

Bangladesh should upgrade the service quality and facilities at the airports to give foreigners a positive impression about the country's investment environment, a top official of Bangladesh Investment Development Authority (BIDA) said yesterday.

Services and facilities of high standards at the entry points would encourage the foreigners to more invest in Bangladesh, said Kazi M Aminul Islam, executive chairman of BIDA.

“Ensuring pro-investment services is crucial to attract higher foreign direct investment to the country.”

He said there should not be any division between the private sector and the public sector and the two needs to work hand in hand.

He made the comments during a meeting with the Board of Directors of Dhaka Chamber of Commerce and Industry (DCCI) led by its President Osama Taseer, at the BIDA headquarters, the chamber said in a statement.

In Bangladesh, there is a huge number of educated youth, who are unemployed, he said.

He also urged the private sector to come up with more investment to create more job opportunities.

In order to improve in the rank of ease of doing business index, Bangladesh has to attract local and foreign investment and improve infrastructure, industrial energy situation, efficient institutional framework and skills development, Taseer said.

The private investment needs to be scaled up to 26.6 percent by 2021 and 35 percent of gross domestic product by 2030, he said.

“Moreover, the national FDI Strategy needs to be aligned with the industrial policy, export policy, foreign exchange regulations, import policy and government strategies.”

He said complex regulations and bureaucratic hurdles increase the cost of doing business in Bangladesh and hurt the growth of investment.

The business leader said Bangladesh needs to conduct a cross-country policy effectiveness study and bring about reforms in the areas of trade, investment and business regulations accordingly.

DCCI Vice President Imran Ahmed, Directors Hossain A Sikder, Ashraf Ahmed, SM Zillur Rahman, Mohammad Bashiruddin, Deen Mohammad and Enamul Haque Patwary were also present.