Nat'l roadmap, policy reforms, integrated OSS key to attracting FDI: DCCI
Both private and public sectors should work together for continuous improvement of the pro-investment climate, it adds
Dhaka Chamber of Commerce and Industry (DCCI) President Md Sameer Sattar on Tuesday 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%.
"FDI to GDP ratio is currently 0.80%. To attract FDI, a study should be undertaken to see if the One Stop Service (OSS) is operating in a functional and effective manner conducive to the investors," he said while leading the DCCI Board of Directors in a call with Bangladesh Investment Development Authority (Bida) Executive Chairman Lokman Hossain Miah.
DCCI President Barrister Sattar also urged the Bida chairman to bring all the OSS portals under one national single window called the National Single OSS, said a press release.
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He said 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.
Barrister Sattar emphasised timely institutional and legal reforms, especially setting up a separate commercial court to deal with contract enforcement cases, review the Arbitration Act, and to modernise the insolvency laws in line with other developed jurisdictions.
If done promptly, it will further ease the foreign investment climate in Bangladesh.
Since post-LDC, Bangladesh will lose the preferential treatment in export markets, especially in the EU, he suggested forming a National Strategic Committee engaging all key stakeholders so that the necessary ratified conventions can be implemented in Bangladesh.
It would allow the committee to negotiate with the EU on how these conventions can be implemented reasonably.
Bida Executive Chairman Lokman Hossain Miah said, "We are committed to maintaining a good economic relationship with all."
He also said the OSS will be fully functional within the next three months.
In terms of FDI attraction, the Bida executive chairman said 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 a good shape.
Moreover, having a strong demographic dividend, an enthusiastic business community, and a business-friendly environment, Bangladesh will be able to progress ahead in the days to come, he added.
He later emphasised good governance and transparency to ensure better accountability in the government sector.
DCCI Senior Vice President SM Golam Faruk Alamgir, Vice President Md Junaed Ibna Ali, and members of the DCCI Board of Directors were also present.
