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Citi sees huge business in Bangladesh despte recession impact

BSS, Dhaka
Although the possibility of global recession fallouts is not over and many believe Bangladesh will adversely be impacted by the wave of the financial tsunami in the coming days, a member of US corporate giant, Citibank NA, sees huge business and investment opportunities here.
Talking to the news agency, a high level executive of the bank detailed their roadmap towards exploring the opportunities, focusing on infrastructure funding, channeling foreign direct investments and bringing in blue-chips companies in the stock market.
"Already, Citi's involvement in the country's infra-
structure, agriculture, trade and business is significant," said Abrar A Anwar, head of Global Corporate and Commercial Banking in Citi's Bangladesh office.
Citi is ready to strengthen more of its presence in this country, he said, expressing his optimism about future success.
"Funding is not a problem for us. We need entrepreneurs, good projects and commitment to business," added Abrar, an investment and commercial banker with experience for more than a decade.
He said Citi regularly organ -ises road show abroad to promote Bangladesh as a lucrative place for investment "We have some significant success," he said, but advised that some
issues like the independent country rating needs to be finalised soon.
The Bangladesh Bank has recently taken initiative to have independent country rating for Bangladesh, a benchmark, which specifies the business risks in a particular country.
Referring to this initiative, Abrar said, "Until an independent rating for Bangladesh is in place, the present practice of random rating by different parties would continue to hinder business and investments.
But, in this regard, he hastened to add that Citi had been using its brand image overseas to bring in investment to Bangladesh with some major success. He also held high hopes about the
future flow MftK^ffWMRbl ment in a number of thArst sectors, including infrastructure and power.
Citi is also negotiating with local entrepreneurs, encouraging them to hive# their huge additional fhnds in these promising sectors, Abrar said.
"These are the ways >W> are involving Citi in tapping investment by both local and foreign investors/ hp pointed out.
Referring to the Citi's flagship achievement ns bring in the country's pflrthe mobile operator*/, Grameenphone, in the capital market, Abrar said.
Citi is in talks with few more local blue chip companies so that they would alio offer shares.