The government is set to assign economic and commercial counsellors of Bangladesh missions abroad to attract potential foreign and Non-Resident Bangladeshi (NRB) investors as part of its foreign direct investment (FDI) promotion plan, officials said.
With an aim to increase the investment-GDP ratio in the investment-starved economy at expected level, state-run Bangladesh Investment Development Authority (BIDA) has already made a 15-point recommendation for facilitating FDI here.
Economic and commercial counsellors working at the country's overseas missions are usually engaged in carrying out the activities relating to trade, commerce and development assistance programme, almost leaving out investment that is being considered as the most important tool for the socioeconomic growth in any country.
When contacted, Kazi M Aminul Islam, executive chairman of BIDA said, "Most of the Bangladesh missions are now in developed countries. We want to attract more foreign investors as well as NRBs."
"We want to convey investment opportunities in details in Bangladesh through economic/commercial counsellors. We will have to present the country's current positive image across the world," he added.
In line with the suggestions put forward by BIDA, the commercial counsellors will have to regularly meet potential foreign investors, investors associations and trade bodies to disseminate information about investment or investment promotion, sources said.
Alongside holding regular talks with the businesses, the counsellors will also be asked to collect information about prospective investors and provide them with analysis on business opportunities available in the country that already became eligible for leaping to MIC (middle income country) from the LDCs (least developed countries).
They will convene meetings with regulatory agencies and trade and investment promotion agencies at regular intervals to collect inward and outward investment related information and disseminate them.
The authority has recommended that the counsellors should act as members of a marketing team of investment promotion agencies (IPA) of Bangladesh to widely circulate unique selling proposition of the investment potential of Bangladesh based on the country's reality, growth trajectory and pro-investment edge.
They will also attend regularly investment-related discussions, seminars, conferences symposiums, road show, trade fairs, workshops and similar other activities to exchange and share investment related information and promotional materials.
Making frequent digital communication with major business and investment houses to explore investment opportunities, providing after care support to investors for continuing and expanding investment ventures in Bangladesh, preparing database on sector specific investors, foreign markets of goods and services to identify comparative advantage of Bangladesh in expanding investment that will provide information to ministries/divisions/IPAs concerned and all investors have to be done by the counsellors concerned.
Economic ministers/economic counsellors/commercial counsellors/first secretary will have to submit reports quarterly to all ministries/divisions/agencies/offices concerned including BIDA, BEPZA, Bangladesh Hi-Tech Park Authority (BHTPA) and Public-Private Partnership Authority.
A director of BIDA said the country is advancing towards the goal of becoming an upper middle income country by 2021. "It will be possible to achieve the target of two-digit GDP growth supported by increased inward investment in the public and private sectors."
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