Govt plans summit in Sept to draw FDI

The government is set to arrange a regional investment summit in September to attract more foreign direct investment (FDI) in the country, sources said.

They said 500-600 investors from home and abroad will take part in the summit.

According to them, more than 150 leading investors from the countries of the region, including India, Sri Lanka, China, Japan, Korea and Pakistan, will be invited to attend the summit.

Bard of Investment (BoI), under the Prime Minister's Office (PMO), is working hard to arrange the programme in collaboration with the country's other trade offices.

Prime Minister Sheikh Hasina in principle approved the plan of arranging the summit last week, the sources informed.

"We are working hard to arrange the summit on time. At present we are negotiating with the World Bank for financing the programme," a BoI director told the FE.

"The summit will address some of the most potential investment issues for the corporations thinking of investing in the country, and for the Bangladeshi companies looking for raising fund. At the same time it will present the investment scenario in Bangladesh and the routes in to international investors."

"During the summit, Bangladesh will try to capture attention and bag funds of the regional business giants, showcasing local agriculture, energy and transportation sectors as well as some other projects lingering for lack of funds."

The BoI director also said the government mulls to offer special economic zones (SEZs) to either individual investors or groups as part of its liberal investment policy.

"There are many investors in the region, like - Samsung and Hyundai of Korea and Toyota of Japan, looking for exclusive places for substantial amount of investment. We are making plans to entertain these companies, whose presence in Bangladesh might reshape the country's future. During the summit, we will find out the potential ones," he added.

Economists have appreciated the government's initiative, saying that this type of summit will surely leave a positive impact on the country's future investment and help rapid economic development.

"Foreign investment is rising. Steady policy can attract more FDI," said Ismail Hossain, a professor of economics at Jahangirnagar University.

"It is a good sign for the country that FDI is increasing despite political turmoil. The government's persuasion may raise foreign investment further," he added.  

According to the World Investment Report of the United Nations Conference on Trade and Development (UNCTAD), Bangladesh was the second favoured investment destination in South Asia last year.