Turkey eyes telecom, power sectors for investment

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FE Report
Turkish investors have expressed their willingness to invest in telecommunications, power, infrastructural development and automobile sectors in Bangladesh.
During a meeting between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and members of the visiting Turkish trade delegation to Bangladesh at FBCCI office in the capital Sunday, they said telecommunications, power, textile, automobiles and infrastructural sectors of Turkey have developed so much that in some cases the country has exceeded the performances of the developed countries.
FBCCI president Annisul Huq, Turkish Delegation leader Recai Berber and ambassador of the Republic Turkey Ferit Ergin spoke at the meeting.
Speaking at the meeting, FBCCI president Annisul Huq said the private sector of Bangladesh are flourishing rapidly.
Terming Bangladesh a foreign investment-congenial country, he said, in the year 1999-2000, the amount of gross investment in Bangladesh was 23 percent of Gross Domestic Product (GDP). Of the total investments, only 7. 40 percent was public investment while the private investments amounted to 15.60 percent. During the last fiscal year, gross investment stood at 24.20 percent of GDP and 19.20 percent of it was private investment while the amount of public investment was only 5 percent.
About the performance of private sector in Bangladesh, he said, non-government sector is the driving force in the country and it demonstrates the capability and buoyancy in the economy.
Regarding government steps to ensure competitive climate for investment in Bangladesh, the country's top business leader said, the government is following an open door policy to attract foreign investment, has developed infrastructures, built Export Processing Zones, declared cash incentives, constructed Special Economic Zones and constituted Better Business Forum and Regulatory Reforms Commission.
At the bilateral trade meeting, leader of the Turkish Trade Delegation and Member of Parliament Recai Berber said, textile is a renowned and leading sector in Turkey. Currently, however, automobiles sector have gone beyond it.
"Turkish investors have invested in infrastructural development in Egypt and in the city of Dubai. Now we want to invest in Bangladesh in infrastructural construction and other sectors," Berber said.
Turkish envoy to Dhaka Ferit Ergin said, bilateral relations between the two countries will be deepened in the coming days.
He said, Bangladesh is a country where thousands of private entrepreneurs contributed to the national economy a lot in last 20 years and helped their land to turn into an exporting country.
He said Bangladesh is one of the eleventh destinations of foreign investment in the world. After its transition to democracy through the next general election, the country will be more propitious to investment.