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Improve investment climate to get more NRB funds

Non-resident Bangladeshis speak at discussion

Star Business Report
The government must provide a more conducive environment for non-resident Bangladeshis (NRBs) to invest in the country, expatriate speakers said yesterday.
"Though the NRBs contribute greatly to the economy, they do not get the required support when they want to set up business here," said MS Shekil Chowdhury, chairperson of Centre for Non-Resident Bangladeshis.
His comment came at a discussion titled "Recognition of NRBs and Supportive Organisations in Bangladesh", organised by the Centre for Non-Resident Bangladeshis yesterday at the capital's Sonargaon Hotel.
Difficulty in buying properties, lack of cooperation from the Board of Investment and the precarious political situation were cited as bottlenecks to investment in Bangladesh
by the NRBs.
"You [the NRBs] are the key to unlocking the enormous potential of Bangladesh. I firmly and deeply believe that you have a critical role to
play in building Sonar Bangla and Asia's next economic power," Dan W Mozena, US ambassador to Bangladesh, said.
READ MORE ON B3He cited the lack of infrastructure, deficit in utility supply, lack of respect for workers' rights, corruption, poor rule of law and political instability as challenges to building Sonar Bangla.
The country has had much success over the past 40 years in reducing poverty and improving socioeconomic indicators, as envisaged in the Millennium Development Goals, said Atiur Rahman, governor of Bangladesh Bank.
"One of the pivotal factors behind the success story has been the direct and indirect contributions of the NRBs."
The inflow of remittance in fiscal 2012-13 stood at around $14.46 billion, up 12.59 percent from the previous year.
Rahman said the NRBs have always been "very creative entrepreneurs", who manage to locate productive initiatives to utilise their funds.
The BB governor went on to call for special economic zones for the Bangladeshi diaspora.
"The NRBs have the know-how as well as money—we should establish economic zones to facilitate their investment in the country."
Bangladesh offers excellent investment opportunities for NRBs and foreign investors, said Kazi Akram Uddin Ahmed, president of Federation of Bangladesh Chambers of Commerce and Industry.
Although the expatriates have the liberty to invest in almost all the industrial sectors in the country, he urged them to consider the productive ones.
"We will provide all sorts of support to invest in the labour-intensive manufacturing bases. ”
Nurul Amin, president of the Association of Bankers Bangladesh, stressed the importance of a comprehensive study on investment opportunities.
The NRBs also urged the government to arrange for the renewal of national ID cards in the Bangladeshi consulates and set a quota in Bangladeshi educational institutions for enrolment of off-springs of expatriate Bangladeshis.
M Sabur Khan, president of Dhaka Chamber of Commerce and Industry, and top officials of the private and state-owned banks took part in the discussion.
A total of 23 individual and supporting organisations were felicitated at the event for their contribution towards the betterment of expatriate Bangladeshis' lives and channelling remittances to the country.
Around 85 lakh Bangladeshis now live abroad, according to the chairperson of the Centre for Non-Resident Bangladeshis.