S Alam, Summit Group neither clearly domestic nor foreign firms: Badiul Alam
"When it is convenient, they become domestic; and when it suits their interests, they become foreign," he said.
Shushashoner Jonno Nagorik (SHUJAN) Secretary Badiul Alam Majumdar has said the distinction between domestic and foreign companies has become increasingly unclear, citing S Alam Group and Summit Group as examples.
Speaking at a roundtable at a hotel in the capital today (19 May), he questioned whether S Alam and Summit Group should be considered domestic or foreign entities.
"Are S Alam Group and Summit Group Bangladeshi or foreign? It is not clear. When it is convenient, they become domestic; and when it suits their interests, they become foreign," Badiul said.
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"Confusion over domestic and foreign investment is largely driven by corruption, money laundering, weak law enforcement, and lax implementation of laws," he added.
Badiul further said "horror stories" are often heard regarding foreign investment.
Citing Adani Group's power agreement with Bangladesh, he said, "I have heard that all the documents of the Adani agreement were prepared abroad and local government officials were only asked to sign them."
He alleged that in the past, bank takeovers had also taken place with the assistance of special forces.
He said to make foreign investment effective, conditions should be imposed to strengthen local industrial capacity.
Referring to Taiwan, Badiul said foreign companies were initially allowed to import all components, but later they were gradually required to source locally, which helped build the country's technological capacity.
He further said without good governance, rule of law, an independent judiciary, and professionalism, a desirable investment environment cannot be created in Bangladesh.
He added that corruption and plunder have become deeply embedded in society, and if they are not controlled, they could become the country's biggest enemy.
