The Board of Investment (BoI) has registered proposals worth US$ 3088.51 million in 2010 as foreign direct investment (FDI) in different sectors, an amount which is five times higher than that in 2009. According to BoI data, the board registered 185 business entities or companies in 2010 involving $3088.51 million. The number was 129 involving $624.43 million during the same period in 2009. More than 58,412 people would be provided with jobs if these investment proposals were implemented, officials said. Foreign investors proposed to invest in agro based industries, food and allied sectors, textiles, printing and publishing and packaging sectors, tannery, rubber products, chemical, glass and ceramics, engineering and service sectors. Of them, the textile sector occupies the top position, with the service sector coming second. Talking to the FE about the proposed investments, Touhidur Rahman Khan, director of the BoI said, "The investors are very much interested in the textile and service sectors, because these two areas are very profitable." "Of the foreign investors who have proposed to invest in Bangladesh, more than 80 per cent will finally invest in different sectors," said Mr Khan. When asked, he said, "I don't know whether any new gas field has lately been discovered in Bangladesh, but we have expanses of land and the foreign investors will grab this opportunity in Narayanganj and Manikganj. The cheap labour cost and an 'ideal environment' now prevailing in country are conducive to investment, which will attract foreign investors." Last year, foreign investors proposed to invest in 15 units of agro based industries, the total amount coming to $45.87 million, food and three allied units attracted $4.02 million in proposed investment, 54 units of the textile sector witnessed a total amount of $148.01 million, printing, publishing and packaging sectors attracted $1.55 million in proposed investment, 9 units dealing with tannery and rubber products attracted $15.12 million, 24 units in the chemical sector witnessed $87.47 million, the glass and ceramics sectors found a proposed investment of $21.53, 29 units in the engineering sector attracted a total amount of $68.60 million, and 47 units in the service sector witnessed a proposed investment of $2695.79 million. The investment proposals would increase manifold if the government sent more trade delegations to foreign countries to publicise investment opportunities in Bangladesh, said a BoI official seeking anonymity. He added the investors want confidence in doing business with long-term sustainability coupled with all necessary supports from the government. Recently, a number of foreign business delegates have visited Bangladesh to explore trade and investment opportunities in the country. The delegates were from India, France, Turkey, Malaysia, Taiwan, China and Korea, said the official. The companies registered with BoI proposing fresh investments are: 23 from South Korea with an investment worth $2087.78 million, 19 from China with investment of $79.04 million, 16 from Japan with $14.87 million, 17 from India investing $ 64.17 million, 12 from the USA with an investment proposal of $142.60 million and 14 from Hong Kong-based companies with an amount of $91.31 million. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Abdus Salam Murshedy said the power and gas problems are discouraging investments in the country. He said if the government could solve these problems, the investment amount would go up.
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