Projecting the right image

The way a country is perceived by international public opinion makes a critical difference to the success of its business and trade efforts, and also its diplomatic and cultural relations with other countries.  Bangladesh is a country full of potential, but its image has not so far been projected effectively.
Important headways were made in putting Bangladesh on the global map at the outset of the current millennia. Recognition of 21st February as International Mother Language Day, election to the UN Security Council, sub-regional cooperation through the formation of D-8, BIMSTEC and the Association of Asian Parliaments for Peace (AAPP) bestowed on Bangladesh a new position of prestige and importance in the global arena.
To create a highly promising outlook for investment which we require for future growth, coordinate and coherent efforts are on the asking, so that we may communicate our real potential to the global community.
COUNTRY BRANDING: As a way to measure the image and reputation of a country, Simon Anholt, former Vice-Chair of the UK Government's Public Diplomacy Board, developed Nation Brands Index (NBI) in 2005. NBI ranking is based on examining six dimensions of national competence: Exports, Governance, Culture, People, Tourism and Immigration/ Investment. Together, these six dimensions make up the Nation Brand Hexagon.  
For projecting the right image the need is to identify how the country is perceived internally and by people abroad, who are actually intended to be influenced. Benefits of a consistent and professional country branding become obvious on all spheres, including the ability to win more business and investment.
Identification of key aspects that are most motivating and which distinguish a country uniquely from all other countries of the world, is an emotionally charged issue. A country branding project therefore requires coordination and involvement of all parties -- representatives of the government, businesses, the arts, education, opinion leaders and, obviously, the media.  The government has to steer support for country branding venture but ought not to opt to deliver it all on its own.
Some initiatives were taken in recent years to brand Bangladesh. Those initiatives, mostly private and sporadic, failed to produce substantive result. Among the government bodies also there is lack of coordination regarding upholding the image of the country. For example, the tag line being used by the Export Promotion Bureau (EPB), to project the image of Bangladesh is: 'An Important Business Destination'. Whereas, the tag line that is being used by the Board of Investment (BOI) is phrased as: 'Your Dream Investment Destination'. Creating a brand for the country needs a comprehensive and integrated effort.
HOW MALAYSIA BENEFITTED FROM COUNTRY BRANDING: Malaysia made efforts to attract tourists since the early 1960s. In the '80s and '90s, efforts were made to promote tourism in Malaysia, but the country failed to differentiate itself on the global arena of tourism. So the state made efforts to position the country as a fascinating destination full of diversity. But this image could also easily fit to other countries in the region.
Malaysia's image to the world was that of a country that had a brand without any character or strength in comparison with other countries like Thailand, Singapore and Indonesia. Analysts concluded that the country did not have a unique image in the minds of tourists and that there was nothing that set it apart from other Asian countries.
At that time the general opinion was that Malaysia does not have any unique feature. But the Malaysian counterparts were not on the same line with this view. They found that no other country combines, like Malaysia, the three major races of Asia -- Malay, Chinese and Indian -- and also other ethnic groups into a single destination. No other country offers so many cultural sites, culinary variety, festivals, customs and traditions of these great Asian civilisations. On this philosophical basis was created Malaysian brand: Malaysia: Truly Asia, which promises to deliver a unique experience, grouping elements from all across Asia.
INSTRUMENTS OF ECONOMY PERSPECTIVE DIPLOMACY: As global competition for attracting FDI becomes more and more intense, economic diplomacy has to be strengthened too. Bilateral relation with potential investor countries have to be made vibrant and persuasive. It is important that, along with countries that have already invested in Bangladesh, other potential investors should also be identified and attracted to invest in the country.
It is obvious from the example of Malaysia that, nation branding is a dynamic and effective tool of upholding impactful image of a country. This can significantly enhance the placement of the country. For economic diplomacy with the mission to attract FDI, the Board of Investment (BOI) should work in coordination with the Ministry of Foreign Affairs, Ministry of Commerce and other related government bodies. In collaboration with the Ministry of Foreign Affairs, overseas wings could be opened by BOI in countries of major investors and also of potential investors.
INSTRUMENTAL ROLE FOR BOI: The BOI was established to promote and facilitate private investment, particularly FDI, as a one-stop-shop service facilitator for investors. The aim was to ensure that the decisions with regard to investment that concern several different ministries would be completed by the BOI at one place. However, many projects registered with the BOI have not stepped to implementation level.
Being a government entity, the BOI should not be just another bureaucratic body. To ensure FDI inflow in Bangladesh, the BOI should take up active and vibrant role.  Role of the BOI as a facilitator of FDI need to be improved structurally as well as in expertise and scope. In fact, the BOI should take up an instrumental role for economic diplomacy.
The BOI can improve its expertise through periodic training and experience sharing with board of investment of other countries in the region that have achieved more success in facilitating FDI in their respective countries. The BOI should have the capacity of hiring experts in investment and industry as consultants and pay them according to their experience and expertise.
There should be a central database for sectoral profiles to facilitate investors. There should also be a research and development (R&D) section for systematic research on sectoral feasibilities and economic diversification. In fact, the BOI should play a holistic role for promotion, communication and facilitation of domestic and foreign investment. There should be provisions for evaluation and enhancement of investment projects that have already been initiated or are already running.
Partnership alliance with investor countries should be created through the mediation of the BOI, to strengthen bilateral economic and commercial cooperation. To promote the prospects of investment in Bangladesh and thus to attract FDI, the BOI could arrange investment showcases at selected destinations of different economic regions.              
STREAMLINING INVESTMENT POTENTIAL OF NRBS: The government of Bangladesh makes no difference between domestic and foreign investments. Investment made by Bangladeshis living abroad is also considered as FDI. A large number of Bangladeshis live abroad. However, due to lack of confidence in socio-political situation of the country, most of the Non-Resident Bangladeshis (NRBs) feel as if traditional investments like buying land or plot would be more secure and profitable.
NRBs do have some potential to invest in Bangladesh, if pursued with appropriate incentives. The NRBs could be encouraged to invest in Bangladesh, particularly in medium scale industries. The BOI and other concerned ministries may facilitate additional incentives and support. Special financial instruments may be created to pool the funds from NRBs. The BOI could facilitate and oversee such kinds of special financial instruments.
LEARNING FROM EXAMPLES OF NRCS AND NRIS: For the purpose of gaining a more optimistic insight into the issue of how potential of the NRBs could be pooled in for socio-economic development of Bangladesh, a brief overview of the roles of Non-Resident  Chinese and Non-Resident Indians as a source of private FDI for China and India respectively is not irrelevant here.  
In the case of China, the situation is much different from the case of Bangladesh. Chinese Non-Residents in various countries played an important role in channelising FDI into China. In the case of India also, many Non-Resident Indians have played a role in channelising FDI into India.
In the wake of the move of the Indian government towards globalisation of the economy since 1980s, non-resident Indians have played a significant role as a source of private foreign investments in India. Numerous opportunities are provided by the government to the NRIs to invest in India.
A high-level Indian diaspora committee was established in 2000 to tap the NRIs' resources and to explore the possibilities of their investments in India. The high-level committee on the Indian diaspora has spent considerable time and thought in recommending multifarious ways in which India can increase its connectivity with the Indian diaspora all over the world. The committee made recommendations to the government of India for setting up Special Economic Zones, specially for projects to be set up by NRIs.
We may learn from the success stories of India, Malaysia, China and other Asian countries of how economic diplomacy could facilitate FDI inflow into Bangladesh. The BOI may play an instrumental role for facilitating economic diplomacy for growth and development of the country.    
The writer, a trade, business,
IPR and ICT expert, is
secretary-general & CEO of AMTOB.
[email protected]