DCCI calls for private, public collab to improve investment climate
It also highlights efficient one stop services to encourage the foreign direct investment
Both the private and public sectors should work together for continuous improvement of a pro-investment climate in Bangladesh to enhance both local and foreign investment, said Barrister Md Sameer Sattar, president of the Dhaka Chamber of Commerce and Industry (DCCI).
BCCI Board of Directors led by Md Sameer Sattar called on Executive Chairman of Bangladesh Investment Development Authority (Bida) Lokman Hossain Miah on Tuesday when the DCCI president also underscored the need for a time-bound national roadmap for attracting foreign direct investment (FDI) in Bangladesh, to elevate the FDI to GDP ratio to 5% from current 0.80%.
Sattar also said a study should be undertaken to see if the one stop service portal is operating in a functional and effective manner conducive to the investors to attract FDI.
Keep updated, follow The Business Standard's Google news channel
He also urged to bring all the one stop service portals under one national single window titled "National Single OSS".
The business leader emphasised timely institutional and legal reforms, especially setting up a separate commercial court to deal with contract enforcement cases, reforming of Arbitration Act and modernising the insolvency laws in line with other developed jurisdictions. If done so promptly, it will further ease the foreign investment climate in Bangladesh.
Since Bangladesh will lose the preferential treatment in export markets during the post-LDC period, especially in the European Union (EU), he suggested forming a National Strategic Committee engaging all key stakeholders for the implementation of necessary ratified conventions in Bangladesh so that the committee can negotiate with the EU as to how these conventions can be implemented reasonably.
Bida Executive Chairman Lokman Hossain Miah said they are committed to maintaining a good economic relationship with all. OSS will be fully functional in the next three months.
In terms of FDI attraction, he said that the business community is the best ambassador of the country to attract foreign investments. Due to the Russia-Ukraine war, the global economy is facing some challenges, but Bangladesh's economy is still in good shape. Moreover, having a strong demographic dividend, an enthusiastic business community, and a business-friendly environment Bangladesh will be able to progress in the days to come.
He later emphasised good governance and transparency to ensure better accountability in the government sector.
DCCI Senior Vice President SM Golam Faruk Alamgir (Arman), Vice President Md Junaed Ibna Ali and members of the Board of Directors of DCCI were also present in the meeting.
