The Board of Investment (BoI) must have full authority to take decision independently to boost foreign investment, businessmen said yesterday.
They said this at a Memorandum of Understanding (MoU) signing ceremony between BoI and Canadian Bangladesh Chamber of Commerce and Industry (CanCham).
The MoU signing took place in Dhaka Chamber of Commerce and Industry (DCCI) auditorium in the capital.
“BoI is fully empowered only on paper, but not in practice,” said Jahangir Alam, secretary and CEO of India Bangladesh Chamber of Commerce and Industry.
He suggested awarding full authority to the Board of Investment and efficient manpower for it to make decision in the best interest of smooth foreign investment and to promote Bangladesh’s image to them.
Foreign investment policy in Bangladesh is excellent, but problem lies in its implementation, Jahangir said, adding that as a result foreign investors face difficulty in making investment in the country.
Many Indian companies have expressed interest of investment in power and energy sector in Bangladesh. Some of them already started making investment and a large number of them remain in the pipeline, he said.
Sayed A Samad, executive chairman of BoI, conceded that the authority is empowered only on papers.
“We have manpower from all parties concerned, but they cannot function properly. Their efforts remain uncared for,” he said.
Bangladesh will be able to invite foreign investors if BoI is given independence to do its task independently, said Shah Muhammad Sultan, senior vice-president of China and Bangladesh chamber.
Businessmen also focused infrastructure laxity and energy crisis as barriers to foreign investment at the function.
Private sector should engage in energy sector as the government alone cannot develop the sector, said Rashed Maksud Khan, president of Bangladesh-Philipine Chamber.
Hasan Khaled, presiedent of Dutch-Bangla Chamber, suggested that existing energy crisis can be sloved through renewable energy.
He said many foreign investors are interested to invest in this particular renewable energy sector.
Tawfiqu-e-Elahi Chowdhury, energy adviser to prime minister, also atteneded the function as the chief guest.
