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Iron out bureaucratic tangles to attract foreign investment

UK-Bangla business council urges govt

Star Business Report
The government should bring about regulatory reforms and reduce bureaucratic difficulties to attract more foreign investments to the country, said chairman of the newly formed UK-Bangladesh Business Council (UKBBC) yesterday.
“The government needs to take initiatives for regulatory reforms and reduce bureaucratic hassles to attract more foreign investments," said Syed Belal Ahmed, chairman of UKBBC, a platform of non-resident Bangladeshis (NRBs) in UK.
"When a foreign investor wishes to invest in the capital market, he needs to open several accounts and go through bureaucratic hassles that often discourage him to invest here," he added.
He was speaking at a press conference jointly organised by the UKBBC and UKTYade and Investment under the British high commission in Dhaka.
Ahmed led the UKBBC's
11-member delegation for a five-day visit to Bangladesh that started from May 9.
The delegation comprises leading business and investment personalities and journalists from the NRB community in the UK.
The council sought cooperation from several ministries to provide them with easy access to information, resources and security that are vital to encourage foreign investment.
Ahmed said the NRBs in the UK are keen to invest in the country's energy, capital market, hospitality and tourism sectors that would help boost the national economy further. The UKBBC's objective is to improve bilateral trade and investment relations, he added.
“We (UKBBC) are keen to foster trade and investment in the country with more NRBs investing in different sectors," he said.
"During our visit we identified opportunities to invest in some sectors such as energy, capital market, hos-
pitality and tourism that require a huge capital for a boost,” Ahmed said.
"Bangladesh needs to take immediate measures to reform the power sector and it requires a huge investment,” he added.
Kevin Ringham, head of Trade and Investment at the British high commission in Dhaka, said the UK is eager to enhance bilateral trade relation between the two countries.
"Now it's important for Bangladesh to explore new investment opportunities from the NRBs and British nationals by providing them with necessary supports,” he said.
UKBBC is a national networking body that serves as a lobby and offers advice and assistance to its member investors on opportunities and regulations in investment.
Syed Nahas Pasha, deputy chairman, and Prof Nurun Nabi, executive director of the council, were also present at the press conference.