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FDI-friendly policies only in paper

MCCI chief says at Bangladesh Development Forum

Star Business report
Bangladesh has policies favourable for foreign investors only in paper, Nihad Kabir, president of the Metropolitan Chamber of Commerce and Industry, said yesterday.
"Little of these policies are reflected in real life,” she said at a session on creating an enabling environment for foreign direct investment and private sector engagement at the Bangladesh Development Forum.
The finance ministry has organised the two-day event in the capital's Sonargaon Hotel, which is being attended mainly by development partners.
She cited the foreign exchange rule of the country to further her point.
"The foreign exchange rule is liberal, but when we go for taking up the opportunity, we face various problems."
There is a policy uncertainty, particularly with regards to tax, which discourages investors.
"Investors remain concerned every year about what is going to be the tax policy. The tax issue should not change year to year,” she said, adding that foreign investors often ask questions about taxation and the policies on foreign exchange. Kabir also criticised the government's plan to build 100 economic zones.
"Instead of taking on 100 zones, the government should develop one or two properly. This will be helpful in attracting foreign investors," she added.
Her comments came after discussants from the government's side focused on Bangladesh's steady economic growth, the entry of 20 lakh youths to the labour force every year and steps taken to attract foreign investment. Foreign investment has been improving since 2010, said Kazi M Aminul Islam, executive chairman of Bangladesh Investment Development Authority.
"Still, we have low FDI," he said, adding that the problems have been identified.
The government is working to ease the process of doing business and is working to establish a one-stop service for investors, he added.
Poor logistics discourage potential investors, said Keiichiro Nakazawa, director general of the South Asia department of Japan International Cooperation Agency.
"Foreign investment is still below poten-
tial, said M Masrur Reaz, senior economist at the International Finance Corporation's Dhaka office.
Bangladesh will have to break into new products to participate in global value chain, he added.
If the civil administration is not efficient and investment-friendly, the expected level of investment will not come, said Mohammad Tareque, director of Brae Institute of Governance and Development.
The event was chaired by Gowher Rizvi, foreign affairs adviser to the prime minister; Fazle Kabir, governor of Bangladesh Bank, and Md Shahidul Haque, foreign secretary, also spoke.