Roadmap, policy reforms key to attracting FDI: DCCI

Dhaka Chamber of Commerce & Industry (DCCI) President Barrister Md Sameer Sattar has urged both the private and public sectors to work together for continuous improvement of the pro-investment climate in Bangladesh, to enhance both local and foreign investments.

He also underscored the need of a time-bound national roadmap for attracting foreign direct investments (FDI) in Bangladesh, with a view to elevating the FDI to GDP ratio to 5 per cent which is currently 0.80 per cent.

Sattar made the remarks while leading the DCCI Board of Directors as they called on Executive Chairman of Bangladesh Investment Development Authority (BIDA) Lokman Hossain Miah on Tuesday, read a press release.

During the discussion, the DCCI president said, “To attract FDI, a study should be undertaken to see if the OSS is operating in a functional and effective manner conducive to the investors. All the OSS portals should be brought under one national single window called National Single OSS.

“Moreover, timely institutional and legal reforms should be emphasised, especially setting up a separate commercial court to deal with contract enforcement cases, reform of Arbitration Act and to modernize the insolvency laws in line with other developed jurisdictions.”

If done so promptly, it will further ease the foreign investment climate in Bangladesh, he pointed out.

Since, post-LDC, Bangladesh will lose the preferential treatment in export markets, especially in the EU, he suggested, in this regard, to form a National Strategic Committee engaging all key stakeholders so that the necessary ratified conventions can be implemented in Bangladesh.

So that the committee can negotiate with the EU as to how these conventions can be implemented reasonably.

Executive Chairman, BIDA Lokman Hossain Miah said, “We are committed to maintaining a good economic relationship with all.”

Regarding OSS, he said by the next three months OSS will be fully functional. In terms of FDI attraction, the BIDA Executive Chairman said that the business community is the best ambassador of the country to attract foreign investments.

Due to the Russia-Ukraine war, the global economy is facing some challenges, but however, Bangladesh’s economy is still in good shape. Moreover, having a strong demographic dividend, enthusiastic business community, and business friendly environment Bangladesh will be able to progress ahead in the days to come.

He later emphasised on good governance and transparency to ensure better accountability in the government sector.

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 in the meeting.