Elected govt a must to attract foreign investment : Japan envoy
Monday, 23 July 2007
Japanese Ambassador Massayuki Inoue Sunday said an early election and a new elected government in Bangladesh are an imperative to attract foreign investment, alongside keeping the ongoing reforms and anti-graft drive on steam, reports UNB.
"The world is very small…Every citizen in Japan knows what is happening in Bangladesh," he said, adding, "I am glad the present government is committed to reforms and anti-corruption activities. This is very good sign."
Ambassador Inoue, who was delivering a keynote speech at a discussion on 'Trade and Investment with Japan' at a city hotel, made the remark responding to a query from the audience during the question-answer session.
The envoy said when he came here to take up his assignment there was so much political unrest. And Japanese investors question about security and safety as well as rate of corruption.
Appreciating the caretaker government's reform and anti-corruption steps, Inoue said observing the current reforms, the Japanese government has decided to commit new loans for Hairpur powerhouse, railway and water resources development.
"I hope this trend will continue…But early election is important, which requires good preparation, and establishment of new elected government is also important on the other hand," he told the discussion.
The Ambassador said his mission here is to strengthen economic ties between Dhaka and Tokyo by providing information to Japanese investors, but he cannot press the investors to make investment in Bangladesh.
Organised by the International Business Forum of Bangladesh (IBFB), the discussion meet was addressed by JETRO representative Tomohiro Kinomoto, BOI executive member Abu Reza Khan, TR Amin, Managing Director, SAIF Powertec, and IBFB president Mahmudul Islam Chowdhury.
The Ambassador said to attract greater investment from Japan, it is important to be compliant with international business practice and the financial institutions are a major area for improvement.
Quoting a survey conducted for last four years by Japan Commerce and Industry Association in Dhaka, he said it reveals that the settlement of LC payments is delayed for more than 8 days in 452 cases with 34 banks, amounting to US$ 10,851,215, as per Japanese fiscal year 2003.
In 2006, the delay was in 984 cases with 32 banks with an amount of $18,823,709 plus Japanese Yen 187,387,596.
"The world is very small…Every citizen in Japan knows what is happening in Bangladesh," he said, adding, "I am glad the present government is committed to reforms and anti-corruption activities. This is very good sign."
Ambassador Inoue, who was delivering a keynote speech at a discussion on 'Trade and Investment with Japan' at a city hotel, made the remark responding to a query from the audience during the question-answer session.
The envoy said when he came here to take up his assignment there was so much political unrest. And Japanese investors question about security and safety as well as rate of corruption.
Appreciating the caretaker government's reform and anti-corruption steps, Inoue said observing the current reforms, the Japanese government has decided to commit new loans for Hairpur powerhouse, railway and water resources development.
"I hope this trend will continue…But early election is important, which requires good preparation, and establishment of new elected government is also important on the other hand," he told the discussion.
The Ambassador said his mission here is to strengthen economic ties between Dhaka and Tokyo by providing information to Japanese investors, but he cannot press the investors to make investment in Bangladesh.
Organised by the International Business Forum of Bangladesh (IBFB), the discussion meet was addressed by JETRO representative Tomohiro Kinomoto, BOI executive member Abu Reza Khan, TR Amin, Managing Director, SAIF Powertec, and IBFB president Mahmudul Islam Chowdhury.
The Ambassador said to attract greater investment from Japan, it is important to be compliant with international business practice and the financial institutions are a major area for improvement.
Quoting a survey conducted for last four years by Japan Commerce and Industry Association in Dhaka, he said it reveals that the settlement of LC payments is delayed for more than 8 days in 452 cases with 34 banks, amounting to US$ 10,851,215, as per Japanese fiscal year 2003.
In 2006, the delay was in 984 cases with 32 banks with an amount of $18,823,709 plus Japanese Yen 187,387,596.