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Criticism of Investment Climate

Bol accuses AmCham, Ficci of tarnishing country's image

Star Report
The Board of Investment (Bol) yesterday accused two top foreign business-men's chambers of tarnishing Bangladesh's image by making comments on its investment climate that the board said were 'nothing but an attempt to malign the country's image'.
In separate letters to the Foreign Investors' Chamber of Commerce and Industry (Ficci) and the American Chamber of Commerce in Bangladesh (AmCham) on Thursday, the board also demanded a list of industrial projects registered with the Bol that the chambers claimed to have wound up because of poor investment climate.
The Bol letters to the chambers followed a report ran by a leading Bangla daily on July 28 which, quoting top leaders of Ficci and AmCham, said some 20 foreign projects had to brought down the curtain facing a number of obstacles.
"You were quoted in the news item as referring to the case of ETV in this regard, which is most unfortunate," the Bol letter to AmCham president said.
"You should be aware that the ETV-closure was the result of a judicial process and it is also expected that, as a chamber leader, you should have refrained from making comments on sub-judice matters," the letter went on.
In a press statement yesterday, the Bol said most of the companies reported to have closed their businesses had been involved in trading and not registered with the board.
"None of them ceased their operations because of adverse investment climate... rather, they either transferred their equity or closed their operations because of corporate restructuring in their global operations," claimed Bol, the country's apex body for investment promotion and facilitation.
The statement also criticised the report and subsequent editorials in different dailies, and alleged publication of such 'half-truth and distorted news' is part of a campaign to malign the country's image.
In way of clarification of some information of the news report, the Bol statement said BHP Mineral had sold its equity in 1997 to Asia Energy Corporation, a UK- and Australia-based company. "Asia Energy has already commenced a feasibility study of Phulbari Coalmine Project, a part of its $150-million investment."
"Bank Novaskotia and Societe Generale could not compete in our free market economy and Occidental has transferred its equity to Unocal, another US company, after the Magurchara gas tragedy." On the other hand, IBM had only a branch office in Bangladesh for marketing their products. "The company felt that it is more profitable to market through distributors and decided to close down the branch office," the Bol elucidation went on.
The statement said Shell Oil has recently transferred their share in Sangu
Valley to another foreign company, Cairn Energy. "The rest of the companies mentioned in the news item have in fact never invested any capital in Bangladesh. Therefore, any reference of withdrawal of capital of those companies is completely purposive, imaginary and irrelevant," it maintained.
AMCHAM STRIKES BACK
Talking to The Daily Star on this issue yesterday, AmCham President Aftabul Islam said, with 40 percent population affected by severe flooding, the chamber does not feel like speaking of the actual investment scenario in the country. "But, the unwarranted, unpalatable letter from the Bol has dragged us into this debate," Islam said, adding, "Particularly, since the Bol has made it public through the press briefing and statementtoday."
The AmCham chair said Bangladesh's investment policies are definitely friendly to foreign investment, "But, implementation of these policies has been a continuing problem. As a result, actual foreign investment has been lagging well behind the potentials."
The flow of foreign direct investment has been very slow and not encouraged due to ahostoffactors, Aftab said, noting that this makes the situation on the ground quite different.
He said ETV-closure issue is no longer sub-judice as the verdict has already been delivered by the Supreme Court. "Besides, aren't we living in a democratic country? And is ETV issue a sacred cow? Can't we even speak before the press?" he asked.
Referring to the US Country Commercial Guide posted on the website of the US embassy in Bangladesh, Aftab pointed out that the United States also is critical of the ETV issue and the actual investment scenario of the country.