MCCI for bringing reforms in BoI
Sunday, 6 January 2008
FE Report
The Metropolitan Chamber of Commerce and Industry (MCCI) Saturday called upon the government to bring reforms in the Board of Investment (BoI) aiming to improve its services.
MCCI leaders made the call at a view exchange meeting with the executive chairman of the BoI, Kamal Uddin Ahmed, at the chamber building in the city.
Latifur Rahman, president of the MCCI, presided over the meeting. Former MCCI chiefs Samson H Chowdhury and Laila Rahman Kabir, secretary general CK Hyder and BoI executive members Abu Reza Khan and Khandaker Mahboob Ali took part in the discussion.
During the meeting, the MCCI leaders also urged the BoI to render prompt services to the investment related matters, including issuance of permission.
They, however, narrated their bitter experience in getting permission from the BoI due to cumbersome procedures.
The MCCI leaders said there should be a specific timeframe for each step in the process of issuance of permission.
They said an investor is required to knock at the doors of 12-13 offices of different ministries to get necessary approvals and clearances.
The BoI executive chairman said: "We will discuss your proposals with the higher authorities to streamline the functioning of the board."
Responding to a query from an MCCI leader, he said: "In near future, you will see some positive changes in the functioning of the BoI. We have already taken a number of steps in this connection."
Mentioning the establishment of the Better Business Forum, the BoI executive chairman said the forum will form five separate working groups with representation of business leaders to ease trade, commerce and investment related processes.
"As far as BoI is concerned it will not be incorrect to mention that it has remained as a mere investment registering authority and failed in providing 'one stop' service which was the main purpose for which it has been set up," Latifur Rahman said.
Rahman said unless immediate steps are taken for promoting investments in IT, it will be difficult to achieve 8.0 per cent growth rate of the gross domestic product (GDP), without which it will be even more difficult to move into the level of middle income country by 2021.
He further said unless the share of the industry in the GDP increases to around 40 per cent by the year 2021 and the agriculture sector's contribution is brought down to less than 10 per cent Bangladesh will continue to remain economically vulnerable.
In his concluding remarks, he said: "We will prepare a paper on some specific issues which needs to be addressed soon…"
He further said: "We don't hope that every thing will be changed overnight but we do hope that the processes of investment related functioning will be expedited."
Samson H Choudhury said the BoI should not only play the role of permission giving authority rather it should be concerned about the welfare of the investors also.
CK Hyder said there is a need for bringing about fundamental reforms in the BoI and appointment of its executive chairman should be free from political interference.
The Metropolitan Chamber of Commerce and Industry (MCCI) Saturday called upon the government to bring reforms in the Board of Investment (BoI) aiming to improve its services.
MCCI leaders made the call at a view exchange meeting with the executive chairman of the BoI, Kamal Uddin Ahmed, at the chamber building in the city.
Latifur Rahman, president of the MCCI, presided over the meeting. Former MCCI chiefs Samson H Chowdhury and Laila Rahman Kabir, secretary general CK Hyder and BoI executive members Abu Reza Khan and Khandaker Mahboob Ali took part in the discussion.
During the meeting, the MCCI leaders also urged the BoI to render prompt services to the investment related matters, including issuance of permission.
They, however, narrated their bitter experience in getting permission from the BoI due to cumbersome procedures.
The MCCI leaders said there should be a specific timeframe for each step in the process of issuance of permission.
They said an investor is required to knock at the doors of 12-13 offices of different ministries to get necessary approvals and clearances.
The BoI executive chairman said: "We will discuss your proposals with the higher authorities to streamline the functioning of the board."
Responding to a query from an MCCI leader, he said: "In near future, you will see some positive changes in the functioning of the BoI. We have already taken a number of steps in this connection."
Mentioning the establishment of the Better Business Forum, the BoI executive chairman said the forum will form five separate working groups with representation of business leaders to ease trade, commerce and investment related processes.
"As far as BoI is concerned it will not be incorrect to mention that it has remained as a mere investment registering authority and failed in providing 'one stop' service which was the main purpose for which it has been set up," Latifur Rahman said.
Rahman said unless immediate steps are taken for promoting investments in IT, it will be difficult to achieve 8.0 per cent growth rate of the gross domestic product (GDP), without which it will be even more difficult to move into the level of middle income country by 2021.
He further said unless the share of the industry in the GDP increases to around 40 per cent by the year 2021 and the agriculture sector's contribution is brought down to less than 10 per cent Bangladesh will continue to remain economically vulnerable.
In his concluding remarks, he said: "We will prepare a paper on some specific issues which needs to be addressed soon…"
He further said: "We don't hope that every thing will be changed overnight but we do hope that the processes of investment related functioning will be expedited."
Samson H Choudhury said the BoI should not only play the role of permission giving authority rather it should be concerned about the welfare of the investors also.
CK Hyder said there is a need for bringing about fundamental reforms in the BoI and appointment of its executive chairman should be free from political interference.