The two-day International Chamber of Commerce (ICC) Asia Conference began in die city yesterday with a riew to devising an appropriate approach towards a futuristic regional outlook.

The business conference titled. Investment tn Developing Coun-tries: Increasing Opportunities, first of its kind in Dhaka, is being attended by over 250 participants from 24 countries of Asia and Europe Including policymakers, business leaders, economists, investors, lawyers and profes-

slonals.

Prime Minister Sheikh llasina inaugurated the function at Pan Pacific Sonargaon Hotel, which was also attended by Deputy Prime Minister of Thailand and next Director General of World Trade Organisation (WTO) Dr Supachai Panltchpakdi. Aslan Development Bank (ADB) President Tadao Chino, ICC Secretary-General Maria Livanos Cattaul, Economic and Social Commission for Asia and the Pacific (ESCAP) Executive Secretary Kim

Hak-Su. Commerce Minister Md Abdul Jalil and ICC-Bangladesh President Mahbubur Rahman.

The prime minister said her government has announced investment-friendly policies, and urged all concerned to explore the possibilities of Investment in Bangladesh.

She said the flow of investment was Mowing down and being diverted to the more developed regions. "If this trend continues unabated, the sufferings of the people of this region will further aggravate."

Hasina said the International leaders of trade. Industry and commerce should come forward in support of the poor helpless people by ensuring steady and Increasing flow of direct investment to reverse this trend.

She hoped that the conference would lead to positive development in respect of pinpointing Investment opportunities In countries of the region and suggested concrete measures for follow- up actions.

ICC Secretary-General Marla Llvanos Caltaul said mere announcement of incentive packages does not contribute in attracting foreign investment unless implementations of those are ensured.

She said Bangladesh's Investment policies are one of the best In the world. But the announcement of policies and their Implementations are (wo different tilings."

Hie ICC was aware of the fact that investors are shy to invest In Bangladesh. "We hope that the ICC will be able to bridge the Information and image gap through launching o! Its ICC-UNCTAD investment guide.'

Cattaul said.

The ICC secretary-general also spoke on the activities of Ihe ICC and Ils contribution towards facilitating international trade and commerce. She said global economic scenario Is changing fast, and the developing countries are looking for new markets. And In the course of tapping new markets, businesses face complications.

The ICC tries to respond to the needs of the businesses."

She said the developing countries have a feeling that global economy did not help them much. For this new policy adjustments have lo be made by ojien-Ing up of trade and Investment.

The secretary general also said that the ICC called on the developed countries to keep their commitments by opening up their markets to the developing countries.

Thai Deputy Prime Minister Dr Supachai Panitchpakdl. who takes over as WTO Director General in 2002. spoke on trade liberalisation and concerns of the developing countries.

There is no doubt that the world wc live In Is more integrated and dependent (han the world we lived in couple of decades ago.

Trade liberalisation promotes

efficiency In allocation of resources. Free trade not only brings opportunities but also new challenges," Dr Panitchpakdl said.

He said after double-digit growths Thal economy suffered setback in 1997. Free (rade has become an effective strategy for politicians who want to be nationalistic. In the short-term. It may be politically popular action, "but the fact Is that we must be careful of what will be long-term economic gain."

Tlie Tlial deputy prime minister said under GATT WTO the developed countries have reduced their duties from 40 per cent in 1948 to current four per cent. Free trade Is necessary but not sufficient. The developing countries had been crying for more benefits.

But the commitments made earlier had not been kept by Ihe developed countries. 1 Ie said Intellectual property rights have helped companies lo protect their interest, but world population should not Ije deprived of their basic needs.

He said in the field of textile and clothing the liberalisation has been done half heartedly by the developed countries. Mca sures like export subsidy by the

developed countries Is depriving the developing nations of tlie advantages of globalisation.

ADB President Tadao Chino said most of the ADB assistance is extended lo the public sector, but II also provides support to the private sector In the form of loans, equity investments and guaran-

He said the conference had particular relevance with the bank's new strategy, which focuses on (he importance of private sector Investment In reducing poverty and supporting sustainable economic growth in Ihe Asia-Pacific region.

"Our strategy emphasises the critical Importance of the close co-operation and strong commit ' men! between public and private organisations to increase Invest merit opportunities In developing countries that, in turn, can yield significant returns lo tlie host countries, the private sector, and the local people."

He also said that In an effort to support private sector Investments In the region. ADB. as a multilateral financial Institution, plays an important role as an "impartial advisor" and "honest broker."

"Our vision Asia and the Pacific free of poverty -- Is no

utopian dream. If the world is to halve poverty by 2015. Asia and the Pacific must be the spearhead. I strongly hope our multilateral and your business efforts can lead to solid co-operation lo support sustainable economic growth and development, and make Asia and Ilie Pacific free of poverty in the early part of tlie 21st century."

ICC-Bangladesh President Mahbubur Rahman said that trade liberalisation has not taken all to the frontier of progress and prosperity as was conveyed. "Many agreements of (he Uru guay Round still remain to be implemented widening the gap between the developed and tlie developing countries."

As a result, many developing counIriesand almost ali the LDCs are not only facing unwarranted economic situation, but their dreams and plans for growth are beingjeopardised, he said.

"Added to this fact is that ihe flow ol FDl has Ixwn on an understandable equation with more FDl flowing Into the not needed economics (hat (he needed ones."

Rahman also said that tlie global economic growth Is on (he Increase, but the real scenario of developing countries did not reflect the same.

He said the purpose of the two-day conference is to highlight Hie needs, priorities and ways for promoting useful inter actions among business leaders, policy-makers and professionals in pursuit of Iheir common goals.

ESCAP Executive Secretary Kim Hak-Su read out a message of UN Secretary-General Kofi Annan to the conference who mentioned the Joint role of the UN and the ICC in promoting free and fair trade as one of the ways to overcome poverty and promote Investment in the least-developed countries (LDCs).

He also laid emphasis on Ihe role of the global companies, saying. With good corporate citizenship, globalisation can come to benefit all people. But without it we may sec the back lash against globalisation grow even stronger."

Commerce Minister Md Abdul Jalil said he expects the conference lo contribute much in creating an environment in which all nations, rich and poor, could benefit from the globalisation process and enhance awareness about the principles and benefits of multilateral trading system In the developing countries.