DCCI seeks eradication of bureaucratic complexities

Dhaka, Apr 25 (UNB)- Bureaucratic complexities faced by the foreign investors while making investment in any sector should be removed urgently for attracting foreign direct investment, DCCI president Asif Ibrahim said on Monday. He said absence of continuity in public policies, burden of excessive ill-managed regulations and corruptions are the bottlenecks for which investors face loss and these barriers would have to be removed to ensure overall macro economic stability in the country. Asif Ibrahim came up with this observation at a consultation meeting on 'Private Sector Assessment Study' at the conference room of the DCCI (Dhaka Chamber of Commerce & Industry). Chairman and Chief Executive Officer (CEO) of Keystone Business Support Company Ltd and North South University Prof Dr M Fouzul Kabir Khan presented keynote paper in it jointly organized by the DCCI and Keystone Business Support Company Ltd. DCCI president Asif Ibrahim said all businessmen of the country are not bankrupts or loan defaulters. Companies which borrow from banks work diligently and pay back the banks are not recognized at all. He also said that they want to invest further but are constrained by high rates of interest of project loan by banks. He called upon ADB to select 60-70 companies in Bangladesh and give those loans at 6 percent to 7 percent rate of interest. He emphasized on energy security, business-friendly environment, institutional capacity improvement, improvement of governance, skilled labour force, increased domestic finance flow, continuity of policy and improved law and order situation to increase the GDP of the country. DCCI President stressed on development of infrastructure to grab China plus One Strategy. It is unwise to increase the rate of interest right now as more businesses are coming our way, he mentioned. Professor of North South University Dr Fouzul Kabir Khan said that the present Public Private Partnership initiative is not working at the desired level. He called upon to identify the bottlenecks for which PPP could not be more effective. DCCI Senior Vice President TIM Nurul Kabir requested ADB to come forward for the development of IT and skill development of this sector in Bangladesh.