Investment Climate Friendly in Bangladesh: DCCI Seminar
Dhaka Chamber of Commerce & Industry (DCCI) organizes seminar on “investment climate in Bangladesh: looking ahead” on 24 November 2015. Professor Dr. Gowher Rizvi, Advisor to the Prime Minister on International Relation Affairs was present as chief guest while Deputy Governor of Bangladesh Bank S.K. Sur Chowdhury was present as special guest.
Professor Dr. Gowher Rizvi said that we have potentials and we did well in millennium development goal (MDG). He said that Bangladesh will also do well in achieving sustainable development goal (SDG). Dr. Gowher Rizvi termed the private sector as the Ambassador of Bangladesh and urged upon to uphold the images of Bangladesh positively. He said that we should increase our business with China and India utilizing our strength of connectivity and proximity to reduce balance of trade. He also reiterated that Bangladesh is improving in infrastructure sector day by day. “We have huge demand as we are densely populated, but we want to be ahead of demand”, he said. He called upon the private sector to invest more.
DCCI President Hossain Khaled in his address of welcome said Bangladesh holds very insignificant share to the global FDI which is 0.12 percent in the world and 3.71 per cent in South Asia and around 4 percent to our local investment. Bangladesh attracted average $1.29 billion FDI annually with 12 percent annual growth rate. He urged the government to undertake and design comprehensive inclusive and effective road map in coordination with private sector to improve the position of Bangladesh in doing business context to attract more FDI. He said SDG requires around $600 billion investment with large stake of private sector. He urged the Bangladesh Bank to come forward with a low cost sustainable development fund with flexible access for businesses and industries.
S.K. Sur Chowdhury said that in order to achieve the goal of expected FDI and SDG we have to improve investment friendly environment and create entrepreneurs. Bangladesh enjoys duty & quota free access facilities in many countries including European market. He invited local and foreign investors to invest in Bangladesh utilizing our duty and quota free market access. He also emphasized the importance of simplification of regulatory compliance to attract more FDI.
Programme Manager of International Finance Corporation (IFC) Dr. Masrur Reaz and Country Chief Executive Officer of Standard Chartered Bank (SCB) Abrar Anwar were present as designated discussants. Abrar Anwar said that SCB has the asset worth of $ 5 billion and they want to expand it by investing more in Bangladesh. He said private sector of Bangladesh has the most investment and for poverty reduction we have to invest more and attract FDI in the country. He said Bangladesh is situated in the middle of South and South East Asia, so geographically Bangladesh can reap the best advantage of regional trade. Dr. Masrur Reaz said that rule of law, political stability, enabling environment for business are the pre-requisites for attracting FDI. He urged the government for creating an enabling environment for private sector investment in power and energy sector. He said that government should focus and give priority to other potential manufacturing sector like ship building, agro-based products besides the RMG. He reiterated simplification of process and reforms in regulatory framework.
Executive Member (Addl. Secretary) of Board of Investment (BoI) Nabhash Chandra Mandal in his keynote paper said that the government has set up 10 per cent annual economic growth by the year 2021. In 2015 Bangladesh’s export was worth of $31.2 billion. He said Bangladesh’s investment climate is friendly enough as the country maintains over 6 per cent GDP for the last one decade. He also said that Bangladesh maintains a vibrant, open, market based economy with a strong local market. Bangladesh in next 15 years will develop 100 economic zones, create 10 million employment opportunities and foster additional export target of about $40 billion.
DCCI’s former President Rashed Maksud Khan, Senior Vice President Humayun Rashid, Director (Logistics), AK Khan & Co. AMM Shahadat Hossain, DCCI Convenor Salim Akhtar Khan, former Sr. Vice President MS Shekil Chowdhury, DCCI Director K. Atique-e-Rabbani took part in the open discussion session. The discussants urged for adequate gas, electricity supply to industries, reducing corporate tax rate, institutional capacity building and promoting positive image of the country.
DCCI Coordinating Director Sameer Sattar gave vote of thanks.
DCCI’s Directors AKD Khair Mohammad Khan, Alhaj Abdus Salam, Muktar Hossain Chowdhury, Nessar Maksud Khan, former Director Data Magfur, former Vice Presidents Hossain A Sikder and M Abu Hurairah, and Secretary General AHM Rezaul Kabir were also present during the seminar.