BoI trying to woo NRB investment
Saturday, 18 August 2007
Jasim Uddin Haroon
The Board of Investment (BoI) expects investment worth US$1.8 billion from non-resident Bangladeshis (NRBs) living in Canada, the United Kingdom (UK) and Germany.
BoI sources said the NRBs want to invest mainly in power, real estate, textiles, leather, agro-processing, information technology and other potential areas.
BoI Executive Chairman Mushtaq Uddin Ahmad told the FE that the NRBs had showed their eagerness for investment in the country during visits to those countries by a BoI team in June last.
They also signed 39 Memoranda of Understanding (MoUs) with the BoI during the visits.
A four-member team, led by BoI's immediate past acting Executive Chairman Nazrul Islam, visited the three countries and held four seminars there.
The other members of the team were Abu Reza Khan, Mamdud Hossain Alamgir and Badrul Ahsan.
The seminars were held in Toronto in Canada, Manchester and London in the UK and Cologne in Germany.
BoI officials said around 100 interested NRBs participated in each seminar.
"The attendance of around 100 NRBs in each seminar is very encouraging for us as it demonstrates their real interest for investments in Bangladesh," one BoI official told the FE.
He also pointed out that some NRBs had expressed deep concern over the issues of poor infrastructure and lack of good governance.
The BoI has taken the move as the NRBs have been remitting their hard earned money to the country, and most of it is used for un-productive purposes.
BoI officials said they are taking steps for materialisation of the MoUs.
Mahmudul Islam, BoI director, told the FE that it had issued letters to the respective missions to get in touch with the interested NRBs for execution of the MoUs.
Besides, it also requested the commerce and foreign ministries to offer policy supports aiming to bring investments from the NRBs.
"Of them, two NRBs also visited the country over the past two weeks and had talks with us regarding investment in the country," Mahmudul Islam said.
However, the BoI is likely to treat the NRBs as foreign investors and commercially important persons (CIPs) to attract investments from them.
The BoI took similar move during in 2000 and held a seminar in London. Some industries were set up, mainly in Sylhet, following the move.
The Board of Investment (BoI) expects investment worth US$1.8 billion from non-resident Bangladeshis (NRBs) living in Canada, the United Kingdom (UK) and Germany.
BoI sources said the NRBs want to invest mainly in power, real estate, textiles, leather, agro-processing, information technology and other potential areas.
BoI Executive Chairman Mushtaq Uddin Ahmad told the FE that the NRBs had showed their eagerness for investment in the country during visits to those countries by a BoI team in June last.
They also signed 39 Memoranda of Understanding (MoUs) with the BoI during the visits.
A four-member team, led by BoI's immediate past acting Executive Chairman Nazrul Islam, visited the three countries and held four seminars there.
The other members of the team were Abu Reza Khan, Mamdud Hossain Alamgir and Badrul Ahsan.
The seminars were held in Toronto in Canada, Manchester and London in the UK and Cologne in Germany.
BoI officials said around 100 interested NRBs participated in each seminar.
"The attendance of around 100 NRBs in each seminar is very encouraging for us as it demonstrates their real interest for investments in Bangladesh," one BoI official told the FE.
He also pointed out that some NRBs had expressed deep concern over the issues of poor infrastructure and lack of good governance.
The BoI has taken the move as the NRBs have been remitting their hard earned money to the country, and most of it is used for un-productive purposes.
BoI officials said they are taking steps for materialisation of the MoUs.
Mahmudul Islam, BoI director, told the FE that it had issued letters to the respective missions to get in touch with the interested NRBs for execution of the MoUs.
Besides, it also requested the commerce and foreign ministries to offer policy supports aiming to bring investments from the NRBs.
"Of them, two NRBs also visited the country over the past two weeks and had talks with us regarding investment in the country," Mahmudul Islam said.
However, the BoI is likely to treat the NRBs as foreign investors and commercially important persons (CIPs) to attract investments from them.
The BoI took similar move during in 2000 and held a seminar in London. Some industries were set up, mainly in Sylhet, following the move.