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Investment Scenario in Bangladesh is Bright : BOI |
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News |
June 24, 2000
Dhaka, (UNB) – The number of registered industrial projects stood at 6,115 during present government’s rule with estimated investment of US$ 11.52 billion.
Of the total registered investments, foreign investment amounts to US$ 7.32 billion against 554 projects, says the Board of Investment.
Average registered investments during the rule of present government are 145 per cent higher than previous government’s five-year (1991-96) tenure.
The local investment has increased by 95 per cent while foreign investment by 180 per cent, a BOI statement claimed and hoped the amount of investment would be more at the end of this (2000) year.
It refuted observations in a report that “there is no investment environment in Bangladesh”, quoting Japanese investors.
In last 15-20 years, foreign investment has increased in the country considerably than ever before, BOI said.
The number of projects registered with the Board in 10 years 1980-90 was 31,872 with estimated investments of US$ 4.38 billion.
It rose to US$ 17.31 billion in nine years thereafter, it claimed. Foreign-invested projects rose from 141 to 978 during the period.
In 1991-96 period, total number of registered projects stood at 4,180 with estimated investments worth US$ 5.78 billion, including foreign investments of US$ 3.12 billion.
“Investment scenario in the country has been brightening gradually and it would accelerate with the improvement of infrastructures like traffic links, port facilities and power and telecommunications systems.
Local and foreign investment trends, investment in diversified fields, its quantity, international recognition and expansion of business depicted actual scenario.
Following the situation various multinational gas and oil companies including Shell, Unocal, Cairn Energy, Occidental, Tullow and UMC invested in Bangladesh while AES, ABB, Caterpillar and Rolls Royce Power Ventures companies in power generation sectors.
Besides, Lafarge Cement, Cemex, Scancement, Seven Circle, ETA invested in cement industry, US company SSA in port development and its management promotion sector.
Malaysian Saroj Ltd, British companies Lever Brothers, Reckitt & Colman, Finlays and other big companies have invested in Bangladesh.
Recently a number of Japanese multinational companies showed interest to invest in Bangladesh while investors from Malaysia, Singapore, China, Korea and other countries visited in the country in this regard, said the BOI.
Citing its survey the Board said implementation of registered project is 80 per cent while foreign projects 50 per cent which is “satisfactory” compared to other countries in the region.
In Malaysia, 40 per cent implementation of foreign projects are considered satisfactory, it said.
Investment scenario in Bangladesh is better than neighboring countries. Quoting press reports BOI said in March 1999-2000, India just registered US$ 1.7 billion foreign investment proposals from its target of US$ 20 billion. But Bangladesh registered 1.5 billion dollars worth foreign investment till May.
“This investment scenario in Bangladesh’s economy against South Asian economic crisis depicts foreigners’ attraction to investment in Bangladesh.”
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