Incentive packages for foreign investors on the way: Amu

Foreign investors are set to get a host of incentive packages and policy support in the upcoming national industrial policy 2015, Industries Minister Amir Hossain Amu said yesterday.

The government is pursuing a liberal investment and industrial policy for foreign investors, Amu said at the monthly luncheon of the Foreign Investors' Chamber of Commerce and Industry at the capital's Sonargaon Hotel. 

At present, foreign investors get tax holidays and scope to repatriate their entire profits.

“We are giving more thrust on the establishment of knowledge-based hi-tech green industries to get the status of middle-income country by 2021 and developed country by 2041.”

The country will welcome more investment in some booming industrial sectors like: shipbuilding and recycling, infrastructure, communication, information communication technology, agriculture, textile, power, health and education, he added.

“If we compare Bangladesh with Indonesia, Thailand and Philippines, we are far behind in terms of net FDI flow,” Ficci President Rupali Chowdhury said.

FDI inflows rose 24 percent year-on-year to $1.6 billion last year, according to the Board of Investment.

Poor policy design and implementation, low quality of infrastructure and human capital, weak institutions, poor governance and administrative hassles discourage potential foreign direct investment, she said.

The Ficci president went on to urge the BoI to provide a 'one-stop solution' to foreign investors for ease of doing business.     

Meanwhile, Amu said the industries ministry has taken the initiative to formulate a new policy to put more emphasis on growth and competitiveness.

A draft of the policy has already been prepared and will be finalised soon after taking opinions from stakeholders. Kevin Lyon, vice-president of Ficci, also spoke.