Thrust on building confidence among NRBs to attract their investment

Speakers at a programme stressed the need for building confidence among the non-resident Bangladeshis (NRBs) Saturday for attracting investment from them by improving law and order situation, airport services and ensuring security of their properties and investments.

They also called upon the government to create investment facilities to attract new generation NRBs. They also suggested paying attention to the problems of the expatriates living in the Middle Eastern countries and solving those immediately to keep the remittance flow smooth from those countries.

Their observations came at the closing ceremony of the 'World Conference Series 2014: NRB Talent, Investment and Remittance for Development' at a city hotel. Centre for Non-Resident Bangladeshis organised the programme.

State Minister for Foreign Affairs Shariar Alam was present as the chief guest while Bangladesh Bank (BB) Governor Atiur Rahman was the special guest at the programme chaired by Centre for NRB Chairperson MS Shekil Chowdhury.

In his speech, Atiur Rahman said confidence is very important in the field  of investment, politics or various aspects of the economy.

The NRBs must get a sense of confidence that if they invest here, they will be benefited and all their works will be performed within some rules so that they would not be harassed.

The BB governor said one of the ways to attract the NRB investment is to improve the law and order situation. The other is to create tourist facilities so that they find the tourism sector of Bangladesh to be a lucrative one.

"Tourism is an excellent sector for investment and that kind of spots are there in Bangladesh," he said, adding: NRBs should come forward in skill development programmes of the country like Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Atiur Rahman said both the public and private sectors should jointly work to increase the remittance flow.

Besides, the government has to take diplomatic moves for the Middle East, he suggested.

The noted economist said there is no debate about the contribution of the NRBs except for the degree of their contribution.

Citing example of the contributions, the BB governor said 66 per cent of the total foreign exchange reserve of the country is constituted by remittance. NRB investors are coming in a large number in airlines and banking sectors and also in mainstream investments especially in rural areas, he added.

In his remarks, Additional Research Director of Centre for Policy Dialogue (CPD) Khondaker Golam Moazzem said everyone talks about integrating the NRBs with the development process without any clear concept about how to do that.

He said, "The NRBs want to build confidence at the first place whereas we always talk about investment from them. But investment is the secondary issue," said Mr Moazzem.

He said Bangladesh has to develop investment and tourism facilities to attract the second and third generation NRBs by going above the motherland sentiment.

"If we want to attract the new generation NRBs who consider Bangladesh an investment or tourist destination, we have to create those investment facilities which other countries offer them," he said.         

Former finance secretary Siddiqur Rahman Chowdhury said lack of confidence among the NRBs is a large gap. There should be a dedicated government agency which will work with a representative organisation of the NRBs to solve their problems.

He said the NRBs are making investments, especially in rural areas, but that is not visible.

Former commerce secretary Sohel Ahmed Chowdhury said NRBs are always in tension about their properties in the motherland which gets illegally occupied by others.

In his speech as the chief guest, Shariar Alam said there are examples that very capable and well-established NRBs get trapped by frauds while investing money and do not even verify information provided by the latter from relevant authorities.

Besides, most of the time NRBs' properties are left with their relatives to be looked after who ultimately become their possible enemies.

Relating to problems in the Middle Eastern countries, the state minister said people expect more from NRBs. In the UAE the rate of criminal activities is the highest. He, however, expressed hope that the visa situation would improve very soon.

Speakers suggested preparing different databases of the NRBs as well as their investment and properties.

A total of 14 conferences were held in the US, the UK, Middle East, Europe and Bangladesh under the World Conference Series 2014 that kicked off in Dhaka in March this year. As many as 18 issues were pointed out by the NRBs in those conferences. These include: appointing skilled manpower in Bangladesh missions abroad, institutional support for investment in the country, coordinated activities by securities exchange commission, Bangladesh Bank and the ministry of finance to improve the share market, ensuring legal support to protect the investment and properties of the NRBs, reducing administrative red-tapism and stop harassment of the NRBs in rural areas, support from the law enforcing agencies, controlling the illegal grabbing of the properties of the NRBs by the local influential people, formation of an NRB Investment Authority, cash incentive on the basis of the annual remittances etc.