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Poor country image scares away foreign investors

Wilhelm Clasen of German Asia-Pacific Business Association speaks on economic realities in Bangladesh

Suman Saha
Bangladesh is losing out on lucrative foreign investments mainly due to a negative image in the international arena, said a top official of the German Asia-Pacific Business Association (OAV).
"The Rana Plaza disaster has created a negative image of Bangladesh globally as many international media have run numerous distorted news pieces on the incident," said Wilhelm G Clasen, a member of the OAV board.
Many German investors still think Bangladesh is the worst country in terms of workplace safety and labour rights after the Rana Plaza building collapse, he said. "But it is not actually true."
Although the country has already improved its workplace safety and political environment, it does not get international publicity, Clasen said in an interview with The Daily Star at Ruposhi Bangla Hotel in Dhaka recently.
Bangladesh has failed to portray its good image globally due to the govern ment's negl igence.
Clasen came to Bangladesh on May 18 on a five-day visit, leading a 10-member German business delegation.
"This visit has revealed that the socioeconomic condition and political situation in Bangladesh are conducive to trade, investment and development," said Clasen, also chairman of the OAV Bangladesh Committee.
The delegation came to Bangladesh with a mission to find
the reality in the country's economy and trade following the Rana Plaza incident. They wanted to visit Bangladesh last year, but they could not do so for the political crisis, he added.
The government should promote its good initiatives globally, said Clasen, adding that the Padma Bridge project is certainly a good initiative. "This should be promoted."
Bangladesh will be able to attract huge foreign investment in the southern parts of the country if the benefits of the mega project can be portrayed globally, he said.
The country received $1.3 billion in foreign direct invest-
ment (FDI) in fiscal 2012-13, up 13.09 percent from the previous year, according to Bangladesh Bank. Net FDI inflows were recorded at $840 million from July through December this fiscal year.
Germany intends to invest in the expansion and upgradation of Bangladesh's railway network, in-land water transportation, water treatment and waste management.
The European nation is also interested in investing in the machinery spare parts sector for the regional market.
Three to five Bangladeshi companies have already shown interest
in forming joint ventures with German companies on this visit, Clasen said.
The water transport sector is much neglected in the country; so the German companies want to work with the Bangladesh government and private sector to improve it, he added.
The OAV Bangladesh committee chairman also urged the government to immediately diversify its export basket as only one item—garment—now holds 80 percent of total export earnings.
"The country can easily fall in a shaky position if demand falls in the international market due to an economic downtown," said Clasen. "So I think it is high time that Bangladesh diversified its exports."
Since its foundation in 1900, the OAV has been working as a strong network of German companies with activities in the Asia-Pacific region, said Timo Prekop, executive member of the board.
The OAV is a privately held nonprofit organisation financed by its corporate members.
It includes the most renowned companies from major industries and the banking sector, trading companies and a great number of small and medium-sized enterprises from all industries located across Germany, Prekop said.
Clasen assured that they would inform stakeholders in Germany, including political parties, businessmen and the media, that the overall situation in Bangladesh is highly favourable to trade and investment.