American Chamber of Commerce in Bangladesh (AmCham) President Syed Ershad Ahmed on Sunday urged the government to simplify the process of setting up businesses by reducing bureaucracy, providing a stable and predictable regulatory environment, ensuring hassle-free automated revenue collection process to bring more investment for building a smart Bangladesh.
He also underscored the need for maintaining political stability, increasing easy access to finance and supplying skills at a competitive cost.
“In addition, the government should invest in infrastructure especially improving logistics facilities and human capital as these are key factors that influence investors’ decision to mobilise their hard-earned resources in a country like Bangladesh,” Ershad said while addressing a monthly luncheon meeting on “Investment for Smart Bangladesh” at a hotel in Dhaka.
“We all know investment is a critical tool for building a better, smarter country and Bangladesh is no exception. Investment from foreign entities and domestic sources can help to spur economic growth, create new job opportunities, and improve the standard of living for our citizens,” he said.
“By creating a favourable investment climate and focusing in the right areas, we can attract it from both the sources it needs to achieve its full potential and reach next stage building a Smart Bangladesh.”
Mentioning that currently, the investment to GDP (gross domestic product) ratio is not satisfactory, the AmCham president said, “We would appreciate if investors are cared much, especially the foreign investors as they are already here in contrast to the new entrants so that they may go for further reinvestment and of course play the role of brand ambassadors for Bangladesh to bring new FDI [foreign direct investment] and innovations.”
He also added that more cooperation between US and Bangladesh may attract more investment in these fields with the expectation of export diversification and attention should also be given to knowledge-based high-tech products amid growing challenges.
“By making the right investments in infrastructure, education, technology, energy, and social inclusion, we can build a sustainable better future for all Bangladeshis. Let us work together to create a brighter and smarter Bangladesh for the generations to come.
“Whatever favourable policies and friendly rules for FDI exist in the country, it is the proper implementation that matters most,” Ershad said.
Attending the event as the guest of honour, Bangladesh Investment Development Authority (BIDA) Executive Chairman Lokman Hossain Miah said BIDA and AmCham are close partners. “We work together to support the needs of US companies in Bangladesh. We also exchange ideas on investment promotion, facilitation and policies.”
He added, “As the apex investment promotion agency of Bangladesh, BIDA believes in building long-term relationships with the global business community. So, we look forward to a stronger working relationship with AmCham.”
Vice-President of AmCham Syed Mohammad Kamal also spoke at the event.
