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Salman Fazlur Rahman, Private Sector Industry and Investment Adviser to the Prime Minister has laid emphasis on the resurgence of local and backward linkage industry through substantial investment.
“Due to the adverse effects of the pandemic and Russia-Ukraine war, the world economy is experiencing a critical time. In such circumstances, FDI and global trade flow can be a greater enabler of the desired economic recovery of Bangladesh,” he said.
Salman Fazlur Rahman made the remark while meeting the Dhaka Chamber of Commerce and Industry (DCCI) Board of Directors at the Bangladesh Investment Development Authority (BIDA) office in Dhaka on Wednesday.
He emphasised the resurgence of the local and backward linkage industry through substantial investment. He also underscored the importance of increasing our tax-to-GDP ratio in order to enhance revenue generation.
Meanwhile, DCCI President Md Sameer Sattar urged the government for setting up a separate commercial court to ease the process of contract enforcement, resolve disputes swiftly, and reduce the backlog of pending commercial disputes.
Sattar underscored the importance of both local and foreign investment in Bangladesh in order to overcome the current economic challenges in this volatile global economic situation.
In this connection, he suggested substantial reforms to the Arbitration Act 2001, the Bankruptcy Act 1997 and the Companies Act 1994.
“The amendments should be made keeping the business sector in mind so that businesses can enforce contracts easily in Bangladesh and resolve any commercial disputes expeditiously,” Sattar said.
He then added that the bankruptcy law also needs an overhauling, adding, “It needs to be more commercially viable. Resultantly, this will attract FDIs in Bangladesh. In this regard, Bangladesh can adopt the best international standards from other developed jurisdictions.”
Sattar also stressed the need for an effective and fully integrated One Stop Service (OSS), preferably throughout the country for the greater convenience of the existing businesses and upcoming investors.
“All institutions connected to the OSS must operate in such a manner that investors do not have to go to various institutions separately once an application has been made to BIDA’s OSS. This will undoubtedly encourage foreign investors as well to invest in Bangladesh,” he added.
The DCCI President also highlighted that following the LDC graduation, Bangladesh needs to ensure a competitive and self-sufficient business environment in order to attain double-digit GDP growth.
During this transitional time, Bangladesh will have to ensure sustainable economic growth and maintain a resilient private sector, he said.
DCCI Senior Vice President SM Golam Faruk Alamgir (Arman), Vice President Md Junaed Ibna Ali, and members of the Board of Directors of DCCI were also present during the meeting.
