Improving the national image

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There are many determinants of foreign direct investments (FDIs) such as a positive macro-economic environment, sound state of infrastructures, easily trainable workers, good terms and conditions for repatriation of capital and profit by the investors, etc. Bangladesh is not lacking so much in these aspects in relation to its neighbours. In fact, its labour cost is lower than even China or other countries in the South Asian region. Its infrastructures need upgrading and improvement but are not so bad as to divert foreign investments on a large scale. Its macro economy, excepting some slumps, has been stable on the whole for a long period. The macro economic indicators have improved in recent years. Besides, the aptitude of its workforce to adapt to the requirements and training of foreign funded enterprises is noted to be relatively good. Certainly, the conditions for FDIs in Bangladesh can be further improved or need to be improved. But the same can be no reasons for greater foreign investments not coming into the country.
Bangladesh should have been a coveted investment destination for foreign investors by now from whatever opportunities it presently extends to them. As to why the investors have not responded yet to these opportunities, one main answer is, it could be that potential investors are mainly ignorant about what this country has on offer for them or they are demotivated by an image problem of the country that does no justice to it. First of all, there is much information gap about Bangladesh abroad. It is not known by many intending investors that Bangladesh has developed a world class export-oriented apparel industry, that it exports high quality shrimp and frozen foods, that it has much potential to make and export a wide range of environmentally friendly products which have rising demand in the world market and that the biggest components of production costs, wages to be paid to labour, are the cheapest by world comparisons in Bangladesh that should help them to be very competitive.
If such information were extensively disseminated by Bangladeshi missions, some 60 of them round the world, then the same could have a notable impact on channelling FDIs into the country. What the Department of External Publicity does in relation to this need or why this wing is not enabled to carry out adequate publicities to this end, is a big question.
The local press and local correspondents of the foreign media, operating from Bangladesh, should take the lead in reporting extensively the success stories of Bangladesh in the economic spheres instead of emphasising only the negative sides of the country. The chamber bodies should also work together to project the country regularly in favourable light through organising international seminars, publicities in international business media, holding of exhibitions of Bangladeshi products abroad in greater number and circulation of information about the good rates of return from investment in Bangladesh.
The publicities ought to counteract the canard that Bangladesh is a singularly a country riddled with law and order problems and credibly expose it to the foreign investors that law and order conditions in Bangladesh are at least equal to, if not better, other countries of South Asia. A special image polishing drive needs to be launched by the incumbent caretaker government to rub out all negative images that have been created about Bangladesh due to its lingering political turmoil. The publicity campaign ought to aim at removing any misgivings about Bangladesh in foreign business quarters. The message has to be effectively communicated to them that the recent political troubles have conclusively ended and Bangladesh is well set on the path to election and return of full normalcy sooner rather than later.
Md Obaidullah
Gulshan, Dhaka