Business leaders and experts on Sunday stressed the importance of enhancing private investment to improve the business climate so as to help Bangladesh meet its development needs and devise an effective revival from the shock of Covid-19.
They made the observations at a dialogue on “Private Investment in Uncertain Times: Covid Impact and Policy Implications for Bangladesh.”
Resurgent Bangladesh, a platform to help Bangladesh devise strategies and policies for economic recovery following Covid-19, organized the dialogue, during its third discourse meeting on the day.
Resurgent Bangladesh is a joint initiative of the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), Dhaka Chamber of Commerce and Industry (DCCI), Chittagong Stock Exchange (CSE), Business Initiative Leading Development (BUILD), and Policy Exchange.
MCCI President, Barrister Nihad Kabir, moderated the dialogue. It was attended by various members of parliament, Executive Chairman of BIDA, Executive Chairman of Bangladesh Export Processing Zones Authority (BEPZA), serving and former top civil servants, leading foreign and local investors, economists, and development partners.
Policy Exchange Chairman Dr Masrur Reaz gave the keynote presentation, where he stressed the need to identify evolving shifts in global production systems, investor priorities, and how they shape future investment outlooks, opportunities, and associated policy framework in the wake of Covid-led economic challenges.
Chairman of Chittagong Stock Exchange (CSE) and member of Resurgent Bangladesh steering committee, Asif Ibrahim, spoke about the need for enhancing private investment to improve the business climate in order to help Bangladesh meet its development needs and to devise an effective revival from the shock of Covid-19.
Member of Parliament Nahim Razzak said the Ministry of Foreign Affairs recently formed a dedicated unit to support trade and investment initiatives.
Executive Chairman of BEZA, Maj Gen Salahuddin Islam, hinted that the bold stimulus and the labor cost advantage will help Bangladesh tap into greater private investments. He also stressed the need to address inefficiencies at the level of service delivery to investors.
BIDA Executive Chairman Sirazul Islam said the government is moving ahead with reforms in the bankruptcy and customs acts.
Former Chairman of National Board of Revenue (NBR), Mosharraf Hossain Bhuiyan, called for stepping up regular and structured dialogue between regulators such as the NBR and the business community.
DCCI President Shams Mahmud spoke about the difficulties experienced by Italian investors in Bangladesh, and how regulatory service-delivery agencies in government create hurdles for investors.
Chairman of BUILD, Abul Kasem Khan, suggested that Bangladesh needs to better exploit the huge markets of China and India.
Managing Director of Apex Footwear, Syed Nasim Manzur, suggested that weaknesses in customs and logistics, and foreign exchange regimens, create a colossal burden for both local and foreign private investors, and that this requires an immediate overhaul.
GrameenPhone CEO Yaser Azman was of the opinion that reform of the overall regulatory framework followed by tax policy consistency will help to significantly improve the business climate.
Managing Director and CEO of Unilever Bangladesh, Kedar Lele, emphasized opportunities to tap into South Asia’s intra regional trade and investment prospects.
