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Robust policies needed to attract more investment

Citi Bangladesh country chief says in an interview

Md fazlur Rahman
Bangladesh should accelerate its work on making regulations easier and policies robust as part of its efforts to create an enabling environment to attract investment and support economic growth, said a top banker.
There is a lot of good work being done pertaining to the ease of doing business and making regulations easier by the government and the regulators such as the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Bank, said N Rajashekaran, country officer of Citibank NA.
"The country should continue and accelerate the work," he told The Daily Star in an interview recently.
Investors want continuity of strong regulations and stable policies to support their investment and growth.
He said the government has planned very well around infrastructure development. Electricity generation capacity has gone up five times in the last one decade and more electricity is also being added to the grid.
"Many industrialists who are our clients said 4-5 years ago they had faced many power cuts, but today there is no power outage. This is a clear example of progress."
He also commended the move by the Dhaka Stock Exchange to sell 25 percent stakes to a consortium of the Shanghai Stock Exchange and the Shenzhen Stock Exchange with the view to modernising the country's premier bourse and taking it to the next level.
"This is a great example. I know the BIDA and the Bangladesh Bank are very focused on making the rules and regulations around businesses easier. If you make rules easier for businesses and investors, they
will increase business in Bangladesh."
Citi has been present in Bangladesh since 1987. Today, it has three branches, two banking offices and more than 150 employees.
The US banking giant caters to large multinational corporations, local corporates with global linkages, financial institutions and the public sector.
In fact, Citi has been and continues to be involved in several first-of-its-kind transactions in the country.
These include: international corporate bond placement and structuring, microcredit receivables securitisation, initial public offering, subordinated Tier II bond issue by a bank.
Citi has also been at the forefront of digital innovation including host-to-host connectivity with clients for fast, secure and efficient operations and facilitating electronic customs duty payments.
It is also the leader in cash management innovation in Bangladesh, as well as being the first bank to launch direct debit programme in 2012.
For 10 years in a row Citi has been voted the best corpo-rate/institutional digital bank in Bangladesh by the Global Finance magazine.
"We are best placed to support the growth of Bangladesh," said Rajashekaran, who was appointed the country officer of Citi last year.
A 34-year banking veteran, Rajashekaran previously worked as the country business manager for the bank's global consumer banking business in China, Thailand, and India and as well as the chief risk officer for Citibank Korea.
"We provide the best connectivity in the world as we are present in 98 countries. So, we can support companies wherever they are."
The Citi Bangladesh chief is particularly excited about China's Belt and Road Initiative
(BRI) as the bank has presence in 58 countries out of 60-plus countries that are covered by the initiative.
The focus areas of BRI are infrastructure, energy, roads, bridges and railways, all of which are aimed at reducing the transit time for trade.
"From that perspective, Bangladesh is one of the highest focus areas. It will be very beneficial for Bangladesh."
Bangladesh needs significant investment and participating in the BRI will give capital support, project support, technology transfer and investment needed for the country to accelerate growth, Rajashekaran said.
About Bangladesh's banking
sector, Rajashekaran would look at the brighter side: the banking sectors in developing countries do face challenges as their economies grow and modernise rapidly.
In fact, the banking sector in Bangladesh is one of a number of areas that have grown since the country's independence despite starting from scratch, he said.
"Today, we have a banking sector that is supporting the economy and faced the 2008 global financial crisis without much problem."
The banking sector has also supported the success story of the garment sector.
The Bangladesh Bank has been strong and consistent in
terms of stability of policy and encouraging growth and making sure the banking sector is stable and strong systematically.
Also, as the market evolves, Rajashekaran said he would expect more raising of longterm resources from both internal and external sources that will complement the banking system.
The veteran banker lauded the economy, calling the growth rate of more than 6 percent for a decade and upwards of 7 percent in recent years very strong.
"The bank expects the current pace of steady growth of the economy to continue in the coming years."
With a population of more than 160 million and a median age of 26, the country also has one of the largest demographic dividends, according to Rajashekaran.
"There are great achievements on both the economic and social sides as the country powerfully moves forward to build a developed economy."
He credited a large part of Bangladesh's success story to the country's entrepreneurial spirit.
Rajashekaran said commercial digitisation is also important for the country and the government should continue the good work on the Digital Bangladesh initiative so that the benefits compound.
Bangladesh has the potential to attract incremental large investments from all over the world.
"It is just a matter of time. All the good work that is being done can accelerate the flow of investment."
About Citi's business in Bangladesh, Rajashekaran said the bank has excellent opportunity in the segments it is focused now.
"We want to grow. We will continue to expand to support the economy. Bangladesh is a land of golden economic opportunities."
fazlur.rahman@thedailystar.net