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Investment proposals of about US$ 13.29 billion |
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August 28, 2000
Dhaka (UNB)- Investment proposals, both local and foreign, in four years of the present government increased 130 per cent to about US$ 13.29 billion over the previous five years' figure. The proposed investments were registered between July 1996 and June 2000, while the figure was a low 5.78 billion in '91-96 period. Board of Investment (BOI) executive chairman M Mokammel Haque furnished the figures in the monthly luncheon meeting of Foreign Investors Chamber of Commerce and Industry (FICCI) that appreciated the government's investment policies, but deplored their slow-paced implementation. Terming the country's investment atmosphere most liberal in the entire region, he said the BOI registered 1563 projects, including 1428 local, in the last fiscal year involving US$ 3.4 billion, consisting 1.3 billion against 1428 units. Some 135 foreign projects with US$ 2.1 billion investment proposals were registered in 1999-2000 fiscal year. Investment proposals totaled US$ 3.1 billion in the previous fiscal year against 1696 projects, including 1535 local units proposing US$ 1.2 billion investments, Haque told the foreign investors. The investors, however, voiced concerns about inadequate infrastructures, traffic congestion and complicated visa procedures that are hindering investment growth. The BOI executive chief admitted certain inadequacies and attached the government's due focus on improving the services. More areas are being opened up for foreign private investment, he said, calling for more FDI, especially in capital-and technology-intensive areas. "We need your technology, we need your capital," Haque told his business audience. Responding to problems in getting multiple visas and work permits for foreign nationals, he said steps had already been taken to simply the procedures of issuing multiple visas and work permits to top managerial staffs of foreign companies operating here. Citing an example he said one top boss of a foreign company was offered three-year multiple entry visa although he appealed for one year. Some 862 work permits were issued last fiscal year while 128 permits have already been issued in the two months of the current fiscal year, he informed. The BOI executive chief said USA topped the list so far proposing US$ 4.2 billion of FDI, followed by UK with 1.4 billion, Malaysia 1.3 billion, Japan 860 million, Hong Kong 831 million, Saudi Arabia 809 million, Singapore 645 million and South Korea 299 million. FICCI president Wali Bhuiyan said investment policies of the government of Bangladesh are excellent. Bangladesh has already created one of the most attractive and liberal investment regimes in the region that encouraged foreign investors community in Bangladesh. "…but execution of the policies by various government agencies is slow and obstructionist," he said. Liberal policies can only attract foreign investment, but the desired objectives of the policy cannot be achieved if the existing foreign investors remain unhappy, Bhuiyan felt. "… the happiness of the existing investors would be the real incentive for the prospective ones." The FICCI president pointed to the problems faced by foreign investors and their expatriate employees in getting work permits and multiple entry visas and suggested that an immigration desk be set up at the BOI to facilitate timely issuance of visas to expatriates. Bhuiyan also hoped the BOI would work as the local guardian, the facilitator and the spokesman for all foreign investors operating in Bangladesh. |