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Bangladesh 11 notches up in FDI ranking

Secures 122nd position with 72pc growth in 2004, says Unctad report

Staff Correspondent
With tire growth of foreign direct investment (FDI) in the last couple of years, Bangladesh has advanced to the 122nd position from the previous 133rd in the World Investment Report (WIR) 2005 index of the United Nations Conference on Trade and Development (Unctad).
The report said improved invest-ment environment and the privatisation of assets are the rea-
sons behind the high FDI flow in Bangladesh in 2004.
According to the report unveiled jointly by the Board of Investment (Bol) and United Nations Information Centre (Unic) yesterday in Bangladesh as elsewhere in the world, Bangladesh attracted $460 million FDI with 72 percent growth in 2004 from the previous year's$268 million investment.
The growth is tire second highest in South Asia while Pakistan secured
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the first position with 74 percent FDI growth in the same period
According to the report, the other Asian countries that received strong FDI in 200-1 are China, Korea. Macao, Mongolia. Qatar, Singapore. Syria and Vietnam.
Speaking at the launching of the Sort. Executive Chairman of Bol and viser of Energy and Mineral Resources Division Mahmudur Rahman said the FDI received in 200-1 is the highest amount of FDI received in a single year in the history of Bangladesh.
According to the WIR. he said, the global economic growth is 5.1 percent while Bangladeslfs average growth is 5.4percent.
Terming ''marketing” as the main factor in attracting FDI. he said, "Our aggressive marketing plan during the last three years was basically the reason for getting rebound FDI to Bangladesh. If we maintain our marketing strategy, we will be able to fulfil
our desired FDI target of SI billion withinacoupleofyears.”
The macro-economic stability, changing global investment situation and buying capacity of people are also the reasons for Bangladesh to become a major destination for FDI inflow, he added.
Bangladesh's overall performance in capturing FIJI is definitely positive compared to other neighbouring countries, he said adding, "We have advanced 11 steps, India only two, while Nepal and Pakistan reversed five steps and Sri Lanka took eight steps ahead."
The Boi executive said the FDI surged 60 percent in the first six months of the current year in comparison to the same period of last year.
He said during the last couple of years, the FDI flow-both foreign and domestic-has been upwelling notably. "But some media reporting downplayed our achievement,' he said.
The Bol chairman ignored the Global Competitiveness Report (GCR) 2005-2006, saying "I am doubtfill about the methodology, data collec-tionprocedureofthe(GCR| research."
He suggested the authorities to conduct a new research by following the Unctad data.
Speaking as the chief guest, UN Resident Coordinator in Dhaka Jorgen Lissner said Bangladesh's performance is very well in FDI collection last year, but to continue this performance in the future a comprehensive economicstrategyisneeded.
Hesaid, "Bangladesh has faced the post-MFA (Multi Fibre Arrangemcntl scenario tactfully in its garments and textile sector, so now it has dug up new grounds for investment."
Prof M Lsmail Hossain of the economics department of Jahangimagar University showed in a presentation that the global FDI rose two percent to $6-18 billion in 2004 after three years of decline.
"Inflows to developing countries surged by 40 percent to $233 billion while the developed countries experienced 14percentdropto$36Obillion," hesaid.