Leaders of the Dhaka Chamber of Commerce and Industry (DCCI) have urged the government to declare the period from 2019 to 2021 as the “Infrastructure Years”.
They made the proposal when a team of the DCCI board of directors, led by DCCI President Abul Kasem Khan, called on Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi M Aminul Islam at the BIDA Headquarters in Dhaka on Wednesday.
Regarding the proposal, the DCCI president said: “In order to improve the ranking of Bangladesh with the aim of attracting private investment and facilitating industrialization, we need to improve our infrastructure, industrial energy situation, efficiency in the institutional framework, and develop a skilled workforce."
“We need to come out from the stagnant situation of both local and foreign investment. The private investment sector needs to be scaled up to 29% from the current level of 22.5%.”
He also said that BIDA needed to effectively introduce an integrated one stop service, equipped with skilled human resources, to assure prospective investors of the simply and ease of business in Bangladesh.
“A national strategy prioritizing the manufacturing sector and industrial projects needs to be developed for Foreign Direct Investment (FDI) promotion. In this connection, an FDI promotion task force may be formed under BIDA, in collaboration with private sector representatives including the Chambers of Commerce,” added Abul Kasem Khan.
The BIDA Executive Chairman said the financial sector of Bangladesh needed more innovation and reforms, suggesting entrepreneurs be facilitated with five year tax free incentives to attract venture capital, private equity and angel investment.
He also stressed on the need to develop a skilled workforce, as Bangladesh has to spend about US$5 billion in outward remittance due to salaries.
“We need to enhance the business-friendly environment of the country to attract FDI as well as local investment.”
DCCI Senior Vice President Kamrul Islam, Vice President Riyadh Hossain were in attendance at the meeting, as well as directors Akber Hakim, Andaleeb Hasan, Md Al Amin, SM Zillur Rahman and Waqar Ahmad Choudhury, among others.