Commerce Minister Tofail Ahmed said Monday that the government has taken steps to attract foreign direct investment (FDI) in the country.
"We are taking different steps to provide one stop service to the foreign investors in the country," he told the media after a meeting with the delegation of the Foreign Investors Chamber of Commerce and Industry (FICCI) Bangladesh at his secretariat office on the day.
President of FICCI and Managing Director of Berger Paint Bangladesh Ltd Mrs Rupali Chowdhury led the seven- member delegation of the trade body. Vice- President of FICCI and Managing Director of Chevron Bangladesh J. Strong, among others, were present.
The commerce minister said the government has fixed export target at US $ 30 billion during the current calendar year (2014).
"Within the next five years our export target will be US $ 40 billon," he said.
Regarding the United States Trade Representative (USTR) action plan for regaining Generalised System of Preferences (GSP), the commerce minister said Bangladesh has fulfilled 13 conditions out of 16.
He, however, said the process is underway to recruit 200 factory inspectors. The government will take action against the factories that are yet follow safety compliance.
The meeting also discussed trade union in the Export Processing Zones (EPZs).
Talking to the FE the president of FICCI said they called upon the government to develop infrastructure and ensure smooth supply of gas and electricity that are vital for drawing more FDI.
She also suggested holding regular interministerial meeting involving ministries concerned for quick solution of business related issues.
"We call upon the government to hold regular interministerial meeting for smooth functioning of business and investment," she said.
She said that it takes one and a half years to two years to start a business here (Bangladesh).
"The time should be two to six months for opening business in the country," she said.
