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Private sector investments down

By Staff Correspondent
Despite incentives and policy reforms, private sector Investment tn the country has fallen from 1986 to 1990, according to the Manila based Asian Development Bank (ADB).
The ADB figures, incorporated in the Just published Asian Development Outlook (ADO). 1992, say that during the period under review private sector Investment as average share of total Investments stood at 21 per cent against 79 per cent tn the public sector.
For the period from 1975 to 1980, the private sector in vestments contributed to 45
per cent and the rest came from the public sector, while for the period from 1981 to 1985 the private sector contributed 55 per cent of the total investments, according to the report.
The report further says that from 1985 to 1990 there was only a 10-mlllfon US dollar direct foreign Investment in the country, where as in 1985 and 1989 there was no foreign Investment at all.
Commenting on the public-private investment mix. the report says "In Bangladesh, investment ratios are very low and half of the capital forma-
tion originates in the public sector."
Commenting on the poor Investments by the private sector, Professor Abdullah Faruk, chairman. Bangladesh Shilpa Rin Sangstha, told The Daily Star that with the ’freedom for privatisation in the competition became stiff. As a result, those who applied earlier lost interest in investing during the period 1986 to 1990. ’It was a period of bad economy.'
Explaining further Prof Faruk said that there could be two types of growth, export led growth or Internal demand
led growth. When the country failed to stimulate internal growth investors did not have the opportunity for export led growth.
Even if Bangladesh had had enough raw materials to produce and export investors would have felt encouraged, added Prof Faruk.
Besides, the systems here did not allow the laisscz faire to the investors, added Prof Faruk.
During the period under consideration credit Was also squeezed, according to Prof Faruk.
Explaining the phenomena. Aftab UI Islam, Country Manager, NCR Corporation and treasurer, American-Bangladesh Economic Forum told The Daily Star that during the period 1986 to 1990 the private sector lagged behind because of big investments like the Chittagong Urea Fertilizer Factory and the Jamuna . Fertilizer Factory in the public sector.
Nevertheless. Islam said that the pace of private investment was being slowed down because of the existing Infrastructure Including the
prevailing political environment.
Contrary to the situation in Bangladesh neighbouring India was offering more privileges lo foreign investors, added Islam.
He further said that though there was one window service for approving investments, there were hundreds of invisible windows.
Government, said Islam, has 'opened the door but the bureaucracy Is yet to react to that.'
Some of the leading Investors of the country, preferring anonymity blamed the political environment and added that even with the change in government the situation did nol change drastically.
The ADO. referring to prospects of private investments in Asian countries, says that "Private investment is determined by general economic conditions, the maintenance of law and order and political stability, and the policy and institutional environment."
On the issue of direct foreign investments, the report paints a bleak picture and observes that the existing low rate is expected to continue over the next years.