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Preferential treatment has doubled country’s export

Roundtable in Chittagong on foreign investments told

From Staff Correspondent
CHITTAGONG. July 2: Due to preferential treatment Bangladesh s exports have doubled in less than 10 years, reaching almost two billion euro.
This was disclosed by the Ambassador of the Commission of European Union In Bangladesh at a roundtable at the Chittagong Stock Exchange (CSE) office today. The roundtable titled Foreign Investments in Bangladesh: Problems and Prospects was Jointly organised by the International Chamber of Commerce (ICC) and CSE.
Speaking as chief guest, the envoy said that EU was com-milted to extending preferential treatment In the future for (he leas! developed countries (LDCs) in the framework of the World
Trade Organisation (WTO).
The EU is also I he biggest market for the LDCs. he said, adding nearly 45 per cent of Bangladesh's global exports go to the EU markets.
On trade liberalisation, the ambassador said that it was not an end in itself.
“There Is need for some accompanying measures that will help balance the effects of an open trading system." he added. "But to really benefit from (he potential of globalisation. LDCs nave also to set up domestic jm>1-Icy environment, which promotes sustainable development."
Stressing on the need fot a comprehensive private-sec tor development strategy, (he EU envoy said. "The private sector
Is an engine for growth, a source of employment and revenue, a key actor and partner In the development process."
Foreign direct investment Into developing countries, he said, has emerged as the largest and fastest growing single component of external finance for this group of countries
"Taken together II has jumped from a mere 2.5 billion US dollars in 1990 to 170 billion In 1998 and in the same period official development assistance flow decreased from 59 billion to 52 billion dollars." the ambassador pointed out
Referring to FDI In Bangladesh, he said that il mostly came lor power and gas sectors which meant that con-
ditions were not sufficiently attractive for the rest.
"The figures speak for themselves and there Is no room for complacency. I do not propose to recite once again the list of complaints that every foreign and national investors have in mind. These are well known."
He stressed the need for a more Imaginative and determined approach to attract Investment.
Liberalising the economy Is not enough without (he accompanying measures to create the enabling climate Without the basic Infrastructures, without adequate power supply and without good telecommunication (here will not be an incentive |o invest."
He informed that during var-
ious meetings throughout Europe, a limited number ol firms and organisations had considered investing In Bangladesh.
The future ol foreign Investment would very much depend on two major decisions taken by any government of Bangladesh, one concerning future markets for natural gas and (he other on the speed of privatisation of state owned enterprises," he said.
"Opening markets alone is not sufficient if private sector does not diversify and go for backward linkage. Foreign investment will not come if basic conditions are not met. Gas exploration ran be the catalyst Io create these conditions." he added
Chaired by Amir Khosru Mahmud Chowdhury MP. president of CSE, the discussion was participated by Jean Alfonsi. MD, Lever Brothers BD Ltd; Ki-hak Sung, president. Youngone Corp Ltd.: A Qaiyum Chowd-hurv MD, Chittagong Industrial Park. Mahbubur Rahman, president. International Chamber of Commerce,
Bangladesh; Rashed Maksud Khan. MDM, Bengal Fine Ceramic Industries Ltd.; Mohlud-din Babar, secretary. ICC; Syed Mahmudul Huq. Director. CSE; Abdul Aziz Sarkar, member. Investment Promotion. BEPZA; Marut Matin. CEO. CSE; and Salman Ispahan! and Habibul-ah Klum, vice presidents of ?SE