Red tape hinders NRB investment: BBCC
Saturday, 1 November 2008
Bureaucratic red tape primarily discourages non-resident Bangladeshis (NRBs) to invest in Bangladesh, president of the British-Bangladesh Chamber of Commerce (BBCC) said, reports bdnews24.com.
"Poor infrastructural support is also one of the prime obstacles to doing business in Bangladesh," Shahagir Bakht Faruk told the news agency Friday during the International Business Conference organised by Dhaka Chamber of Commerce and Industry (DCCI).
The BBCC formed in 1991 aims to promote and strengthen bilateral trade and commerce between Bangladesh and the United Kingdom (UK).
"In addition to encouraging NRBs to invest in Bangladesh we are also working to encourage Bangladeshi entrepreneurs to invest in the UK," said Faruk.
On investment opportunities in Bangladesh, he said the NRBs were eyeing putting their money in the ICT sector. "Especially, call centres have very good prospect in Bangladesh," said the BBCC chief.
Moreover, he added, there are huge opportunities to invest in tourism and food processing sectors.
Faruk said he felt that the Caretaker Government's (CG) policy was favourable to the NRBs. He, however, evaded a direct answer to a query on whether the 'favourable environment' would be there once an elected government took over.
"We are business people. All we want is a congenial atmosphere for investment, nothing else."
A 40-member BBCC delegation will visit Bangladesh in the current month to exchange views with chambers of commerce in Dhaka, Chittagong and Sylhet for better investment prospects in the special economic zone in Sylhet, said Faruk.
The delegation is also set to meet with commerce and finance advisers.
"[In the meeting with advisers] we will also discuss how to safeguard investments already made by NRBs from extortion, terrorism and other sorts of hazards", said Faruk.
The delegation will hold a seminar on November 11 in Dhaka to find out what role the British-Bangladeshis can play to make the special economic zone in Sylhet effective, he added.
The outcomes of these series of discussions would then be sent to the government in the form of proposals, added Faruk.
Saad Gazi, senior vice chairman of BBCC, was also present during the interview.
"Poor infrastructural support is also one of the prime obstacles to doing business in Bangladesh," Shahagir Bakht Faruk told the news agency Friday during the International Business Conference organised by Dhaka Chamber of Commerce and Industry (DCCI).
The BBCC formed in 1991 aims to promote and strengthen bilateral trade and commerce between Bangladesh and the United Kingdom (UK).
"In addition to encouraging NRBs to invest in Bangladesh we are also working to encourage Bangladeshi entrepreneurs to invest in the UK," said Faruk.
On investment opportunities in Bangladesh, he said the NRBs were eyeing putting their money in the ICT sector. "Especially, call centres have very good prospect in Bangladesh," said the BBCC chief.
Moreover, he added, there are huge opportunities to invest in tourism and food processing sectors.
Faruk said he felt that the Caretaker Government's (CG) policy was favourable to the NRBs. He, however, evaded a direct answer to a query on whether the 'favourable environment' would be there once an elected government took over.
"We are business people. All we want is a congenial atmosphere for investment, nothing else."
A 40-member BBCC delegation will visit Bangladesh in the current month to exchange views with chambers of commerce in Dhaka, Chittagong and Sylhet for better investment prospects in the special economic zone in Sylhet, said Faruk.
The delegation is also set to meet with commerce and finance advisers.
"[In the meeting with advisers] we will also discuss how to safeguard investments already made by NRBs from extortion, terrorism and other sorts of hazards", said Faruk.
The delegation will hold a seminar on November 11 in Dhaka to find out what role the British-Bangladeshis can play to make the special economic zone in Sylhet effective, he added.
The outcomes of these series of discussions would then be sent to the government in the form of proposals, added Faruk.
Saad Gazi, senior vice chairman of BBCC, was also present during the interview.