Simplified regulations, tech innovations key to attract FDI

Simplification of policy regulations, connecting domestic and foreign investors and technological innovations are key to attract foreign direct investment in Bangladesh, national and international trade experts said in Dhaka on Monday.
At different sessions of the last day of the two-day Bangladesh Investment and Policy Summit, they also said that investors would be able to reap the best benefits from their investment in Bangladesh than any other countries in the world.
They said Bangladesh should address the challenges to keep the country’s advantage in attracting FDI guaranteed.
The country should also take initiative to attract FDI from the South Asian nations with enhancing regional integration and boosting trade within the region which is currently the least integrated one in the world.
Board of Investment organised the summit jointly hosted by the Prime Minister’s Office and Business Initiative Leading Development at Hotel Radisson Water Blu in Dhaka.
At a session on promoting intra-regional investments through regional integration, Centre for Policy Dialogue executive director Mustafizur Rahman said by investing in Bangladesh the investors would get access to domestic, regional and global markets.
‘Making investment right now in Bangladesh, the investors will enjoy immense benefits including duty- and quota-free market access to almost across the world for at least next 10 years until Bangladesh graduates from least developed countries to next stage,’ he said.
No country will provide you with such advantage, Mustafiz said.
It will be best for Indian investors, who target the Indian market, to make investment in Bangladesh taking the advantage of zero-duty market access, he added.

‘South Asia is on the verge of a new regime of regional integration,’ said Delwar Hossain, a professor of International Relations at Dhaka University.
Making his power-point presentation, Hossain said regional integration involves four processes – market integration, growth integration, investment integration and policy integration.
Foreign ministry secretary for Maritime Affairs Unit Md Khurshed Alam sought investment for exploring blue economy in the Bay of Bengal at the session, moderated by FBCCI president Abdul Matlub Ahmed.
AK Khan and Company managing director Salahuddin Kasem Khan stressed on building skilled manpower saying that it would also prevent remittance outflows for hiring managers from abroad.
At another session on private sector development policy ecosystem in Bangladesh, Dhaka Chamber of Commerce and Industry president Hossain Khaled said that innovations needed to be encouraged to attract lots of domestic investors as well as foreign investors.
The country needs a forward looking FDI policy as the existing policy cannot be able to address the problems to be arisen in future, he said.
Approach of bureaucrats needs also to be changed to encourage entrepreneurs in technological innovations
which will be key in future, Khaled added.
Policy Research Institute executive director Ahsan H Mansur said breaking into new markets, new products, improving workers’ skills and welfare, building a supportive economic environment and meeting the challenge of serviceable land were the five pillars for future prospect of the country.
World Bank Group’s global investment policy lead Roberto Echandi emphasised on attracting investment from both the domestic and foreign investors saying that the secret of success is to connect domestic and foreign investors.
Head of DFID in Bangladesh Sarah Cooke said simplification of regulatory affairs and creating an investment-friendly policy ecosystem was critical for Bangladesh as the existing policy regime was very complex.
In another session on FDI for Efficiency and Growth- Policies and Incentives, World Bank Group trade and competitiveness practice director Cecile Fruman suggested that all local enterprises should be focused first and then connect them with the FDI.
Robi chief executive officer Supun Weerasinghe said that connectivity was very important for an efficiency- and productivity-driven economy.
BoI executive chairman SA Samad, PMO principal secretary Abul Kalam Azad, and Federation of Bangladesh Chambers of Commerce and Industry president Abdul Matlub Ahmad and first vice-president Shafiul Islam, among others, spoke at various sessions.

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