Home ›› 13 Jun 2022 ›› Front
Investors and accountants at a discussion on Sunday said it is high time for investing in Bangladesh as the government is implementing mega projects like Padma Bridge and offering many opportunities for investors.
They said the opportunities offered in the budget for the next fiscal year will ultimately boost foreign direct investment in the country.
Simplifying tax administration, devising remittance guidelines, developing proper infrastructure and creating a skilled workforce are the key features that would help attract more foreign direct investment in the coming days, they said.
The Institute of Chartered Accountants of Bangladesh (ICAB) and the Japan Bangladesh Chamber of Commerce & Industry (JBCCI) jointly organised the discussion on ‘Foreign Direct Investment Prospects keeping view of National Budget 2022-2023’ at Hotel Sheraton Dhaka.
Ito Naoki, ambassador of Japan to Bangladesh, attended the discussion as chief guest. ICAB President Md Shahadat Hossain and JBCCI President Asif A Chowdhury delivered addresses of welcome.
Ito Naoki said that Bangladesh has set very a unique example in terms of economic recovery from the pandemic time. “Bangladesh showed remarkable resilience to the recovery process and its economic recovery has a wonderful foundation, he said.
Naoki said the process of renewing work permits for foreign companies in Bangladesh is not a realistic one. The companies need to renew their permits every one, two or three years, he said adding that the permits should be given once for the entire duration of those companies’ operation in Bangladesh.
Cited the Bangladesh Special Economic Zone, which is being prepared for Japanese companies, Naoki said it will be a unique example of attracting FDI to the country.
ICAB’s council member Maria Howlader said that Bangladesh is a very fertile place for investment and there are many reasons for the investors to invest considering human resources, export-oriented industries and a huge domestic market. The government is going to inaugurate the dream project Padma Bridge and many other big projects nearing completion, she said.
Besides, the government have taken many business-friendly initiatives including a reduction of corporate tax by 2.5 per cent and a 12 per cent uniform tax rate for all exporting companies which will reduce the cost of doing business for the investors and boost FDI in Bangladesh, she said.
Cited some challenges to FDI including lengthy procedures and hassle in company registration, securing a license, and the delay in customs procedure, She hoped that these would disappear soon as the government has taken many initiatives to improve ease of doing business.
ICAB president Md Shahadat Hossain said Japan has been continuously supporting Bangladesh for the successful graduation from LDC with approximately 320 businesses in Bangladesh.
Bangladesh aims to bring FDI of $2 billion in 2022 and $2.5 Billion in 2023 where Japanese entrepreneurs will contribute a lot to achieve this target, he hoped.
JBCCI President Asif A Chowdhury said appropriate reforms are needed in the country’s administration to reduce the bureaucratic tangle and interference in business and investment to attract more investment in the country.
Ex-chairman of the National Board of Revenue Dr Muhammad Abdul Mazid, ICAB Chief Executive Officer Shubhashish Bose, JETRO Dhaka Office Chief Country Representative Yuji Ando, and Marubeni Corporation Dhaka Office General Manager Hikari Kawai, among others, also spoke at the event.
