Investors have urged the political parties to ensure political stability in the country to attract foreign direct investment (FDI) as well as domestic investment.
The appeal was made from a roundtable in Dhaka Saturday in the backdrop of the ongoing political turmoil and amid apprehension of further unrest ahead of next general election.
The foreign and local investors already operating in the country also reiterated the call for removing other longstanding bottlenecks like complex business start up process, corruption, and inadequate infrastructure.
“The investor confidence in Bangladesh may depend on the reduction of these risk factors,” DCCI President Sabur Khan told the discussion. “The extent of such obstacles frustrate foreign investors.”
Dhaka Chamber of Commerce and Industry (DCCI) organised the roundtable titled “Opportunities and Challenges for Foreign Direct Investment” to discuss the investment environment, opportunities, prospects and incentives prevailing in Bangladesh, and to contribute formulating policy guideline in attracting more FDI.
The DCCI president also stressed on removing bureaucratic inertia, reformation of policies, ensuring conducive policies, land acquisition and availability, and energy and power security.
“To attract not only foreign direct investment but also to attract local investments, Bangladesh has to make sure of infrastructure development, energy and power security along with political stability, which is a must for attracting FDI,” Jahangir Saadat, President of Korean EPZ said in his presentation.
Vivek Sood, Chief Executive Officer of Grameenphone strssed on four factors transperency and stability in regulation, reducing cost of regulation that is very high, commercial freedom for the development of telecom sector and minimising hassles of spectrum mamnagement.
He stressed on updating the telecommunication policy in consultation with the stakeholders and forming an investment-friendly tax regime.
President of Santos Bangladesh Andrew De Garis urged for a politically congenial atmosphere for the sake of attracting more FDI. He stressed on formulating an energy regulatory policy.
Former DCCI President Sayeeful Islam urged the government to include investors in budget making process. He requested DCCI to develop a common platform of the government, foreign and joint trade bodies to work on attracting FDI.
He said it is the high time to sit for dialogue with political parties to resolve the crises and protect the rule of law in the country.
“Instability and lack of confidence is a great obstacle on the way of attracting FDI and local investment,” said former DCCI President Hossain Khaled. “We have to look on reducing cost of doing business and simplification of business policy.”
CEO of Bangladesh Foreign Trade Institute Dr Mozibur Rahman said shortage of land is one of the major concerns in Bangladesh and proposed establishing more special economic zones and extensive infrastructure development in the country. “We should give more importance on establishing a deep-sea port to facilitate FDI and export activities.”
He informed that a comprehensive trade policy will be formulated soon under the guidance of the Ministry of Commerce.