Govt won’t discriminate between foreign and domestic investors: Kamal
The Bangladesh government won't discriminate between foreign and domestic investors when providing investment facilities as both sectors are of equal importance, according to Finance Minister AHM Mustafa Kamal.
"The physical infrastructures being developed in our country can help attract more foreign direct investment (FDI)," he said.
Kamal made these comments during Bangladesh Investment Development Authority's (Bida) 4th anniversary celebrations at their headquarters in Dhaka's Agargaon yesterday.
The finance ministry will continue to cooperate in any way necessary with the Bangladesh Economic Zones Authority (Beza) and Bida to greatly help increase investment in the country.
Currently, the most effective asset for Bangladesh is human resource as the country's demographic dividend is likely to expand until 2065, Kamal said.
Some 45 % of the prevailing workforce is female, which is a sign of a solid economy, but if this workforce can be further utilised, it'll bring great success later on.
The finance minister also emphasised on the need to diversify Bangladesh's export basket as simply depending on four or five products will avoid the country from achieving its targets in the sector.
Salman F Rahman, the prime minister's private industry and investment adviser, said without first increasing domestic investment, the country cannot expect a jump in FDIs.
Despite the fact that the Chattogram port's international ranking in cargo handling has improved, the primary barrier for investment in the united states is the lack of a proper seaport.
"But once the Maheshkhali seaport is complete, this barrier will be removed," Rahman added.
Meanwhile, Sheikh Fazle Fahim, president of the Federation of Bangladesh Chambers of Commerce and Industries, stressed on the necessity to prioritise public expenditure to inspire private investment.
Fahim also appreciated Bida's One-Stop Service (OSS) platform, which is helping increase the ease of conducting business in Bangladesh.
Bida Executive Chairman Md Sirazul Islam said his organisation was working tirelessly towards its goal to accelerate investments from both home and abroad.
Bida's primary concern is to make it easier for potential investors to carry out their procedures by ensuring quality foreign direct investment services and an investment-friendly environment.
The organisation routinely conducts meetings, seminars, roundtable discussions and workshops with concerned ministries in a bid to make sure that all the services required by an investor can be easily availed online, Islam said.
Bida aims to supply 154 services from 35 different organisations on its OSS platform, which already has 21 available services while another 18 will be added soon.
With regard to diversifying the country's exports, Rubana Huq, president of the Bangladesh Garments Manufacturers and Exporters Association, urged the federal government to use Vietnam as an example and form a particular council to that end.
While addressing the function, Selima Ahmad, president of the Bangladesh Women Chamber of Commerce and Industry, said women ought to be more involved with policy formulation so as to increase the number of female entrepreneurs.
An investment friendly environment must increase both domestic and foreign investment, she added.
By yesterday, Beza had already secured about $18 billion in investments for the many economic zones under its care, said Paban Chowdhury, executive chairman of Beza.
The Sumitomo Corporation of Japan has been recruited to help develop and operate the Japanese Economic Zone in Araihazar upazila of Narayanganj district, he added.
According to varied entrepreneurs and professionals present at the function, access to capital works like magic in terms of creating entrepreneurs who help rapidly develop the country's economy.
Earlier each morning, Bida held a virtual views exchange ending up in young entrepreneurs, members of different government chambers and deputy and divisional commissioners to support the start-up culture.
Addressing the programme, Md Tofazzel Hossain, secretary to the Prime Minister's Office, said it was not possible to supply occupations for 15 lakh persons each year.
However, entrepreneurship could solve this problem therefore, the government must cooperate with young entrepreneurs to create occupations through investment, Hossain said.
For example, deputy commissioners may help entrepreneurs secure bank loans. Therefore, the deputy commissioners have been asked to sit with officials of the banking sector in order to mobilise funds for new entrepreneurs.
"We should inspire entrepreneurship among the youth," he added.
AKM Hafizullah Khan, director of Bida's Entrepreneurship & Skill Development Project (ESDP), gave a presentation on the project.
Hosne Ara Begum, managing director of Bangladesh Hi-Tech Park Authority; Yasir Azman, chief executive officer of Grameenphone; Uzma Chodhury, director of Pran-RFL group; Zhang Zhengjun, CEO of Huawei Technologies (Bangladesh); Naser Ezaz Bijoy, CEO of Standard Chartered Bank Bangladesh, and Maj Gen SM Salahuddin Islam, executive chairman of Bangladesh Export Processing Zones Authority, congratulated Bida because of its efforts in developing an investment friendly environment in Bangladesh over the past four years.
