DCCI urges removal of bureaucratic tangles to attract more FDI

Dhaka, April 26: Bureaucratic complexities faced by the foreign investors while making investment in any sector should be removed urgently for attracting foreign direct investment, DCCI president Asif Ibrahim said on Monday.

He said absence of continuity in public policies, burden of excessive ill-managed regulations and corruptions are the bottlenecks for which investors face loss and these barriers would have to be removed to ensure overall macro economic stability in the country.

Asif Ibrahim came up with this observation at a consultation meeting on 'Private Sector Assessment Study' at the conference room of the Dhaka Chamber of Commerce and Industry.

Keystone Business Support Company Ltd chairman and chief executive officer and North South University professor M Fouzul Kabir Khan presented the keynote paper in it jointly organised by the DCCI and Keystone Business Support Company Ltd.

The DCCI president said all businessmen of the country were not bankrupts or loan defaulters. Companies which borrow from banks work diligently and pay back the banks are not recognised at all.

He also said that they wanted to invest further but were constrained by high rates of interest of project loan by banks.

He called upon ADB to select 60-70 companies in Bangladesh and give those loans at 6 per cent to 7 per cent rate of interest.

He emphasised on energy security, business-friendly environment, institutional capacity improvement, improvement of governance, skilled labour force, increased domestic finance flow, continuity of policy and improved law and order situation to increase the GDP of the country.

Asif Ibrahim stressed on development of infrastructure to grab China plus One Strategy. It is unwise to increase the rate of interest right now as more businesses are coming our way, he mentioned.

Professor Khan said the present public private partnership initiative was not working at the desired level. He called upon to identify the bottlenecks for which PPP could not be more effective.

DCCI senior vice-president TIM Nurul Kabir requested the ADB to come forward for the development of IT and skill development of this sector in Bangladesh.

Source: New Age