BD can be \\\'ideal country\\\' for investment if challenges met

Outgoing US Ambassador to Bangladesh Dan W Mozena said Bangladesh can be an ideal country for investment if it can check corruption and establish good governance and rule of law.
"The country endowed with so many potentials will not face any dearth of investment if the challenges are faced accordingly," said the US ambassador while addressing a talk show titled 'DCAB Talk' organised by the Diplomatic Correspondents Association in Bangladesh (DCAB).
Mozena identified poor infrastructure, problems in communications sector, insufficient power and energy, red tape, inadequate rule of law and corruption as some major challenges discouraging investment and hindering the country's development.
He, however, said all the challenges, including political instability, have their own solutions and the USA wants to see Bangladesh as a democratic, safe and peaceful country. "All these challenges have solutions. There're so many options for solving problems," he said. Relating to uprooting corruption and ensuring good governance, Mozena said these are issues of 'commitment' and 'wishes'.
He also expressed the opinion that political will is a must to curb corruption.
When his attention was drawn towards BNP's demand for fresh polls and the Prime Minister's ruling out of any chances for holding dialogue with them, the ambassador, who had earlier been strongly in favour of interim polls, described the current political situation as an "internal" problem.
"I think that is an internal issue that political parties of Bangladesh and the people of Bangladesh will need to resolve and they will resolve that at some point," said Dan Mozena replying to a query from a journalist. He, however, said when the Bangladeshi people will resolve their internal problems, "then all the friends of Bangladesh will stand by to help the country".
Held at the conference room of the National Press Club, the talk show was also addressed, among others, by DCAB president Mainul Alam and general secretary Angur Nahar Monty. Senior journalists and members of DCAB attended the programme.
Despite some barriers, such as, power and gas crisis, and underdeveloped infrastructure and political instability, Mozena said, Bangladesh made a good stride in various social sectors especially in achieving Millennium Development Goals (MDGs).
Terming Bangladesh a country of immense potentiality, Mozena identified Bangladesh as the next Asian tiger adding that the country has immense potentials in the areas of manufacturing apparel, finished leather, jute goods, pharmaceuticals and shipbuilding. "I have discussed with people from various sectors. Bangladesh has a great prospect for future. I hope Bangladesh would be the next Asian tiger and would become a middle-income country," Mozena said.
To cater to the need of its energy deficiency the ambassador stressed the need for sharing hydro-electricity from Bhutan and Nepal and for aggressive exploration for onshore and offshore energy resources, especially gas. "Nobody knows what Bangladesh has. Maybe it is sitting over an ocean of gas. Who knows what is in the Bay of Bengal? These resources can be tapped."
Responding to another question, the US ambassador said so many international oil companies are interested in exploring potential for gas in Bangladesh. He said there is broad international interest relating to the matter and some American companies are also interested.
Relating to investment, Mozena said private investors will feel encouraged to invest in Bangladesh if there is better rule of law and good governance. "People can invest when they feel investment is safe through effective rule of law, and red-tape and corruption are minimised." He said people would come up with billions of dollars in Asia and it should be massively coming into Bangladesh too. "This is a great place to invest."
Asked about the GSP (generalised system of preferences) issue, he said the issue is not really an issue of GSP but an issue of transformation of Bangladesh's apparel sector to bring it to international standard. And the country, Mozena said, has made significant progress by this time in case of fire safety and workplace environment. "Now Bangladesh has to decide whether it wants to become number one or not by setting the global standard," he added.
He also said this (transformation) is a revolution that is happening in Bangladesh and termed the situation before and after the Rana Plaza disaster 'day and night difference'. In his opening remarks, Mozena shared his experience of visiting the 64 districts and depicted a beautiful Bangladesh. "I'm so lucky to visit 64 districts in Bangladesh," he said.

mzrbd@yahoo.com