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Cut red tape for more foreign investment: British envoy

Star Business Report
Unfeasible delays in starting projects and bureaucratic tangles discourage trade and investment in Bangladesh, said the British High Commissioner to Bangladesh yesterday.
Robert Winnington Gibson also said the barriers to business in Bangladesh should be reduced to attract more foreign investment.
Gibson spoke at a monthly meeting of Foreign Investors' Chamber of Commerce and Industry (Ficci) at Radisson Hotel in the capital.
He also highlighted the barriers to trade and investment, opportunities, foreign aid, and trade between the two countries.
“I already hear too many anecdotal examples of unfeasible delays in getting projects off the ground and of bureaucracy preventing real progress. All this serves to do is to discourage trade and investment."
"A good environment for trade and investment is crucial to Bangladesh's long-term development,” Gibson added.
He also said he wanted Dhaka and London to continue to work together in bringing foreign investment to Bangladesh, but the number of barriers to business here would have to be reduced.
“The less regulatory hurdles the more attractive the destination for foreign direct investment and international development.”
He said his country is ready to increase its aid significantly to accelerate progress of Bangladesh, but this will depend on robust results, transparency and value for money for the UK taxpayer.
Gibson said alongside strengthening Dhaka-London bilateral relationship in many areas he wanted to concentrate on commercial relationship between the two countries, called the 'Prosperity Agenda' in the United Kingdom. He said a 'vibrant private sector' is key to driving growth, including job creation, poverty reduction and prosperity, and the British government will help Bangladesh develop the private sector and improve financial governance.
The UK will double its aid budget in Bangladesh in the next four years, heavily focusing on results, Gibson said.
Describing Bangladesh as the eighth largest labour force in the world, he said in the next four years Britain will aim to improve the business environment, supporting private sector investment and infrastructure of Bangladesh.
He said a new business express programme will soon be launched in Bangladesh where companies will be invited to join on the basis of having strong business links with the UK.
Forty years since Bangladesh's independence, it has made huge strides in its economic and social development, he said.
Syed Ershad Ahmed, president Ficci, and Laurent Therond, vice president, also spoke.