18-pt plan to improve performances of BoI
Tuesday, 5 October 2010
Doulot Akter Mala
The government has taken an 18-point work plan to improve performances and efficiency of the Board of Investment (BoI) for attracting foreign and Non-Resident Bangladeshis' investment in the country.
It has planned to create scope for small scale investment for NRBs, send local products to them for creating markets and ensuring quality of products.
The government has also planned to allow Expatriates Welfare Bank for commercial activities for the purpose.
The Prime Minister's Office (PMO) recently sent the work plan to all relevant departments of the government and private sector for taking necessary measures.
The work plan includes taking urgent measures to provide gas, power and land to the investors, set up industrial area, specify industrial area by zoning, ensure one-stop service in BoI, arrange online registration and fees collection, adequate incentives for local investors and focus on income tax collection.
Creating congenial environment for investment, ensuring accountability of businessmen, expediting construction of BoI building are also in the priority list of the plan.
The work plan has been compiled in line with the instruction of the PM in the 25th board meeting held recently at the BoI. The PMO has forwarded the work plan to different ministries and chambers recently.
Officials said the BoI has already involved Bangladeshi missions abroad in promoting investment. It has been arranging meetings with the foreign and local investors with the help of those missions.
The Board has also taken a huge plan to digitalise all the services of BoI.
A senior official of the BoI said they will be able to start online registration of investment proposal from next month.
"We have already completed 80 per cent work for launching online registration. The Board has also introduced a website to make all business laws, policies and incentives for investment available to the investors," he said.
The investors can also see the status of their investment proposals in the BoI website, he said.
Officials expressed the hope that investment would pick up again in the current year (2010) because of the effective measures of the government.
World Investment Report-2010 said the amount of Foreign Direct investment (FDI) dropped about 36 per cent in 2009 compared to the previous year.
The report said the country received $700.16 million only in FDI in 2009 compared to $1086.33 million in 2008.
According to the UN report Bangladesh stands fourth on the list of eight South Asian countries receiving FDI..
The government has taken an 18-point work plan to improve performances and efficiency of the Board of Investment (BoI) for attracting foreign and Non-Resident Bangladeshis' investment in the country.
It has planned to create scope for small scale investment for NRBs, send local products to them for creating markets and ensuring quality of products.
The government has also planned to allow Expatriates Welfare Bank for commercial activities for the purpose.
The Prime Minister's Office (PMO) recently sent the work plan to all relevant departments of the government and private sector for taking necessary measures.
The work plan includes taking urgent measures to provide gas, power and land to the investors, set up industrial area, specify industrial area by zoning, ensure one-stop service in BoI, arrange online registration and fees collection, adequate incentives for local investors and focus on income tax collection.
Creating congenial environment for investment, ensuring accountability of businessmen, expediting construction of BoI building are also in the priority list of the plan.
The work plan has been compiled in line with the instruction of the PM in the 25th board meeting held recently at the BoI. The PMO has forwarded the work plan to different ministries and chambers recently.
Officials said the BoI has already involved Bangladeshi missions abroad in promoting investment. It has been arranging meetings with the foreign and local investors with the help of those missions.
The Board has also taken a huge plan to digitalise all the services of BoI.
A senior official of the BoI said they will be able to start online registration of investment proposal from next month.
"We have already completed 80 per cent work for launching online registration. The Board has also introduced a website to make all business laws, policies and incentives for investment available to the investors," he said.
The investors can also see the status of their investment proposals in the BoI website, he said.
Officials expressed the hope that investment would pick up again in the current year (2010) because of the effective measures of the government.
World Investment Report-2010 said the amount of Foreign Direct investment (FDI) dropped about 36 per cent in 2009 compared to the previous year.
The report said the country received $700.16 million only in FDI in 2009 compared to $1086.33 million in 2008.
According to the UN report Bangladesh stands fourth on the list of eight South Asian countries receiving FDI..