There should be no division between the public and private sectors, rather, both should work hand in hand
Echoing the private sector, Executive Chairman of Bangladesh Investment Development Authority (Bida) Kazi M Aminul Islam has called upon all relevant authorities to act positively to ensure pro-investment services to achieve the targeted goal of attracting foreign investment to Bangladesh.
“There should be no division between the public and private sectors, rather, both should work hand in hand,” Aminul said after a meeting with the board of directors of Dhaka Chamber of Commerce and Industry (DCCI), led by its president Osama Taseer, at Bida headquarters in Dhaka on Tuesday.
Aminul further said: “We have a huge number of educated youths who are still unemployed. I urge the private sector to come up with more investments, to create more employment opportunities in the country. We need to upgrade services and facilities at our airports so that when a foreign investor first comes to Bangladesh, they may get a positive impression about the investment environment of the country.”
DCCI President Osama Taseer said, “In order to improve in the rank of ease of doing business index, we have to attract local and foreign investments, and we need to improve our infrastructure, industrial energy situation, efficient institutional framework, and skills development.”
He added that private investment needs to be scaled up to 26.6% by 2021, and to 35% of GDP by 2030. Moreover, the national FDI (foreign direct investment) strategy needs to be aligned with the industrial policy, export policy, foreign exchange regulations, import policy, and other government strategies.
Complex regulations and bureaucratic hurdles increase the transaction costs of doing business in Bangladesh and hurt the growth of investment, the DCCI chief said.
He also remarked that Bangladesh needs to conduct a cross-country policy effectiveness study and accordingly, major trade, investment and business regulations need to be reformed.
Among others, DCCI Vice President Imran Ahmed, directors Hossain A Sikder, Ashraf Ahmed, SM Zillur Rahman, Mohammad Bashiruddin, Deen Mohammad and Enamul Haque Patwary were also present during the courtesy call.