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NRBs asked to bring in foreign investors

Star Business Report
Local business community yesterday asked non-resident Bangladeshis (NRBs) living in the United Kingdom to work as ambassadors to bring in foreign direct investment (FDD to Bangladesh.
They also asked NRBs to invest in their motherland coming out from trading mindset.
Bangladesh can get as much as $1 billion FD1 if NRBs start advocacy campaign and persuade foreign entrepreneurs to invest here. The local business leaders also said that Bangladesh can explore large ethnic market in the UK and other parts of the world in cooperation with NRBs.
The observations came at a meeting between leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Bangladesh-British Chamber of Commerce (BBCC) in Dhaka yesterday.
Citing FDI success in some countries, speakers said Indian and Taiwanese expatriates are not only investing on their own but also bringing in big foreign companies to their motherland.
Speaking at the meeting, Wali Tasar Uddin, director-general of BBCC, said with Bangladeshi community growing in the UK and other parts of Europe, local businessmen can explore and expand ethnic market there.
"There are some 9,000 hotels and restaurants in the UK owned or managed by Bangladeshis. These hotels import about 3.5 billion pound worth products a year. With emotional bondage in place, local businessmen can grab a big chunk of the market," said Tasar, a Bangladesh-born UK entrepreneur.
He disclosed that the bilateral chamber (BBCC) in association with Export Promotion Bureau and British and Bangladeshi high commissions will organise a single country trade fair in London from September 15-17,2005.
About role of NRBs in channelling FDI, he said Bangladeshi expatriates are involved in politics there. This practice only contributes to lose credibility eluding Bangladesh of FDI, the UK’s leading restaurant businessman deplored.
Chairing the meeting, FBCCI President Abdul Awal Mintoo said India has become a. major FDI
recipient in the region as nonresident Indians invest in their native land as well as persuade foreign companies to make investment.
"Bangladesh can reap the same success if NRBs advocate for their motherland In the foreign soil. They can play catalytic role in channelling FDI," he added.
A Rouf Chowdhury, a director of FBCCI, said Bangladesh is a victim of negative impressions in foreign countries. "NRBs can play a vital role to remove die bad impression."
Abdur Rouf, president of BBCC, Scotland chapter, said Bangladeshi residents and expatriates need to have more interactions to develop businessrelations.
Abul Kashem Haider, vice-president of FBCCI, said Instead of engaging in politics too much, Bangladeshi expatriates should put efforts for welfare of their motherland by making investment here.
Kamaluddin Ahmed, first vice-president of FBCCI, SM Anwar Hossain, president of BBCC-Bangladesh chapter, and other directors of FBCCI also spoke at the function.