New local co moves to attract FDI
Friday, 4 April 2008
FE Report
Asian Tiger Capital Partners, a newly-launched local company, has taken a move to attract foreign direct investment (FDI) in Bangladesh and also to help improve the image of the country.
"We see Bangladesh has an immense opportunity to emulate the success of China, India, Vietnam and Malaysia and are trying to help Bangladesh become an ideal destination for foreign investors," Ifty Islam, managing partner of Asian Tiger Capital Partners told the FE Thursday.
As part of the company's efforts on forming strategic partnerships with foreign companies and investors, Asian Tiger Capital Partners Wednesday arranged a roundtable in the city, where chief executive officers of 25 local companies attended.
Zarif Munir, principal of US-based Boston Consulting Group presented the keynote paper in the roundtable.
Zarif said Cemex of Mexico became a global leader in cement within a span of only 20 years between 1997 and 2007.
Zarif said Bangladesh should prepare itself to welcome foreign investment as many of the global consulting companies have focused the potentiality of the country so far rapid economic development is concerned.
Goldman Sachs included Bangladesh in the list of 'Next 11' in 2005 and JP Morgan included the country in the list of 'frontier five' in 2007.
"We cannot sit idle when our regional countries (India, China, Malaysia and Vietnam) are growing rapidly," Zarif said.
Differing with the image crisis of Bangladesh in foreign countries, Ifty Islam said time has changed because the new generation entrepreneurs are now more capable than of handling business their predecessors.
"I will urge the government to arrange road-shows in different cities of the world where ours six to seven young top executive from the local companies will represent Bangladesh before the world to show our mettle," Ifty said.
He said natural disasters, grinding poverty, overpopulation and corruption should not be the barometers of Bangladesh image.
He said the optimism that Bangladesh can move into the ranks of middle income countries (defined as a per capita income of $ 875) by 2021, the 50th anniversary of its independence, is justified.
"But this will require Bangladesh moving from a 5 per cent to 6 per cent growth trajectory to around 7 per cent."
Much will depend on the ability of Bangladesh to achieve the acceleration in FDI flows seen in the rest of Asia and parts of Latin America.
"Vietnam saw its FDI increase from $ 2 billion in 2000 to an estimated $ 20 billion in 2007," he mentioned.
Asian Tiger Capital is also going to formally launch a 120-page investment guide on Bangladesh next week, Ifty said.
He said investors will get the latest update on every sector of Bangladesh in the guide.
The sectors include capital market, banking, energy, infrastructure, agriculture, textiles, outsourcing, manpower, pharmaceuticals, healthcare, biotechnology, light engineering, ship-building, tourism and education.
He said Bangladesh needs to undertake effective promotional activities to convince the potential foreign investors that their involvement in business activities in the country is valued.
Friendly regulations and better and competitive investment incentives should also be offered to the foreign investors.
"The country needs to move forward through implementing investment-friendly policies, simplifying regulatory practices and removing inefficient bureaucratic procedures," Ifty said.
Asian Tiger Capital Partners, a newly-launched local company, has taken a move to attract foreign direct investment (FDI) in Bangladesh and also to help improve the image of the country.
"We see Bangladesh has an immense opportunity to emulate the success of China, India, Vietnam and Malaysia and are trying to help Bangladesh become an ideal destination for foreign investors," Ifty Islam, managing partner of Asian Tiger Capital Partners told the FE Thursday.
As part of the company's efforts on forming strategic partnerships with foreign companies and investors, Asian Tiger Capital Partners Wednesday arranged a roundtable in the city, where chief executive officers of 25 local companies attended.
Zarif Munir, principal of US-based Boston Consulting Group presented the keynote paper in the roundtable.
Zarif said Cemex of Mexico became a global leader in cement within a span of only 20 years between 1997 and 2007.
Zarif said Bangladesh should prepare itself to welcome foreign investment as many of the global consulting companies have focused the potentiality of the country so far rapid economic development is concerned.
Goldman Sachs included Bangladesh in the list of 'Next 11' in 2005 and JP Morgan included the country in the list of 'frontier five' in 2007.
"We cannot sit idle when our regional countries (India, China, Malaysia and Vietnam) are growing rapidly," Zarif said.
Differing with the image crisis of Bangladesh in foreign countries, Ifty Islam said time has changed because the new generation entrepreneurs are now more capable than of handling business their predecessors.
"I will urge the government to arrange road-shows in different cities of the world where ours six to seven young top executive from the local companies will represent Bangladesh before the world to show our mettle," Ifty said.
He said natural disasters, grinding poverty, overpopulation and corruption should not be the barometers of Bangladesh image.
He said the optimism that Bangladesh can move into the ranks of middle income countries (defined as a per capita income of $ 875) by 2021, the 50th anniversary of its independence, is justified.
"But this will require Bangladesh moving from a 5 per cent to 6 per cent growth trajectory to around 7 per cent."
Much will depend on the ability of Bangladesh to achieve the acceleration in FDI flows seen in the rest of Asia and parts of Latin America.
"Vietnam saw its FDI increase from $ 2 billion in 2000 to an estimated $ 20 billion in 2007," he mentioned.
Asian Tiger Capital is also going to formally launch a 120-page investment guide on Bangladesh next week, Ifty said.
He said investors will get the latest update on every sector of Bangladesh in the guide.
The sectors include capital market, banking, energy, infrastructure, agriculture, textiles, outsourcing, manpower, pharmaceuticals, healthcare, biotechnology, light engineering, ship-building, tourism and education.
He said Bangladesh needs to undertake effective promotional activities to convince the potential foreign investors that their involvement in business activities in the country is valued.
Friendly regulations and better and competitive investment incentives should also be offered to the foreign investors.
"The country needs to move forward through implementing investment-friendly policies, simplifying regulatory practices and removing inefficient bureaucratic procedures," Ifty said.