Home ›› 18 Nov 2021 ›› Front
The government should follow the steps taken by the countries that are successful in drawing Foreign Direct Investment (FDI), according to the Foreign Investors’ Chambers and Commerce and Industries (FICCI).
The suggestion came from the chamber leaders at a report-unveiling programme titled “Growth Drivers -- agribusiness, digital economy, and green finance” on Wednesday at a Dhaka hotel.
The report will be handed over to the planning minister and the private industry and investment adviser to the Prime Minister on November 21.
The businesses urged the authorities concerned to take steps to reform policies, ease the access to regulatory services and give importance to non-traditional sectors.
The trade body put emphasis on agribusiness, digital economy and green finance to cope up with the situation after graduation from the least developed country status when export duty will go high in different countries including India, Japan, Canada and European Union.
It suggested following Vietnam for agriculture, China for Green Finance and India for IT advancement.
“We are happy that the country has improved in bringing FDI. But Vietnam and other countries have gone far ahead compared to us,” said FICCI president Rupali Haque Chowdhury.
“Investment is for investment’s sake. Everybody makes dividend from it no matter whenever and where ever it comes from. It creates employment and brings tax for the government,” she explained.
“Vietnam gave Vat rebate but it is even not in discussion here.”
Quizzed about the upcoming election days, Rupali Chowdhury said Bangladesh has adopted a business climate. Investment climate and mindset towards FDI could not be changed due to the national election.
M Masrur Reaz, founder and chairman of Policy Exchange of Bangladesh, presented the report.
Focusing on small yet strategically important sectors and supporting their competitiveness through sharing global best practices and policy opportunities in Bangladesh will be the key to unlocking potential of such sectors, suggested the report.
FICCI recommendations
The report recommends establishing One-Stop Services in the Ministry of Agriculture for efficient and fast agribusiness regulatory services delivery. It suggested a separate unit or department for the ministry look after the issues.
In order to boost the agro-processing sector, the foreign business chamber called for steps to establish 3-5 agro-processing zones in areas such as Jashore, Cumilla, Bogura, Narsingdi considered to be commercial production centres for fruits, vegetables, spices, poultry, etc.
It also asked the government to allow 100 per cent foreign-owned logistic companies to invest in Bangladesh and form an authority under a single ministry to address trade logistics issues.
The report also put emphasis on Halal Food as the global halal food market will reach $2.4 trillion by 2025.
To access the world halal food market, FICCI recommended developing an internationally compatible Halal certification system, digital education policy including deep-tech Artificial Intellectual (AI) and other Fourth Industrial Revolution (4IR) aspects.
It also asked the government to adopt green technology, reduce and give exemption from taxes on the returns from investment in green bonds.
The report singled out China as a model that has made a dramatic success in green finance initiatives.
Vice president Mohamed Haniffa Mohamed Fairoz spoke at the programme which was, among others, attended by FICCI members Faisal Ahmed Chowdhury, chairman, Baraka Power Ltd, Shwapna Bhowmick, country manager, Marks & Spencer Plc, Muin Uddin Mazumder, managing director, Sanofi Bangladesh Ltd, N Rajashekaran, MD & Citi Country Officer Citibank NA, Deepal Abeywickrema, managing director, Nestlé Bangladesh Ltd.
