President of American Chamber of Commerce (AmCham) in Bangladesh Forrest E Cookson has underscored the need for identifying the specific areas to promote US investment, says UNB.

Identify some specific sectors first and try to manage two or three big investors. Then many others will follow with their money. Cookson told the Board of Investment yesterday.

Board of Investment (BOI) arranged a meeting with AmCham at its conference room to discuss prospects and problems of US investment in Bangladesh.

BOI Executive Chairman Farooq Sobhan presided over the meeting. American Ambassador in Dhaka John C Holz-

man and NBR acting Chairman Saiful Islam Khan were, among other, present.

AmCham president said Bangladesh is now recognised in USA as an interesting place for investment.

But. he said, project oriented approach is necessary. "We like to see growth in certain areas. We also want to see clear cut rules for investing in services sector like computer software."

Cookson stressed the need for expansion of American International School, ensuring security of American people and easy access to duty free shops as part of improving the', living facilities.

Some 500 to 800 American families are expected to come here by next three years, he

said.

Appreciating the BOI'S steps. American Ambassador John C Holzman said Bangladesh is advancing towards positive dimension for investment.

He suggested that the government's commitment to private investors is the best way to attract foreign investment.

Clear and transparent regulatory framework is also essential for the investors to take quick decision, he added.

Foreign Investors Chamber of Commerce and Industry (FICCI) president AKM Shamsuddin suggested that regulatory rules in English be made available to them. He also tileaded for establishment of ow cost high speed data transmission facilities within this

year.

Other AmCham members who spoke at the function suggested creation of a network among the Bangladeshis dealing with US business houses for better Interaction. They can provide improved technology, they said.

The members expressed concern over the widespread corruption. The problem of corruption must be addressed to attract Investment.

Farooq Sobhan explained various steps taken by the government to promote foreign investment. He assured the AmCham members that their concern and suggestion would be communicated to the appropriate authorities.