BD now better place for investment, BIDA chief tells AmCham

Bangladesh is now a better place for foreign direct investments than many other countries in terms of a pool of young working people and generation of electricity.

At present the country's 40 per cent of the total people are under age of 35 years which is a blessing that many countries are not getting young working people.

Besides, Bangladesh has taken many projects aiming to generate power. At the end of this year the country will have 40 thousands megawatts capacity power generation.

Bangladesh Investment Development Authority (BIDA)'s executive chairman Lokman Hossain Miah told this while speaking as a guest of honor at a meeting titled "Investment for Smart Bangladesh" organized by American Chamber of Commerce (AmCham) Bangladesh at the city on Sunday.

The Amcham President Syed Ershad Ahmed made the opening speech. Its Vice President Syed Mohammad Kamal, members of the chamber body, executive committee members, executive director and former presidents, foreign dignitaries and business leaders were present.

The BIDA executive chairman said, "We are 100 per cent transparent in promoting local and foreign investments in the country".

"We have power and once it is available there will be manifolds investments. It will create employment opportunities which will ultimately accelerate economic growth".

The AmCham president Syed Ershad Ahmed said, "We all know investment is a critical tool for building a better, smarter country and Bangladesh is no exception. Investment from foreign entities and domestic sources can help to spur economic growth, create new jobs and improve the standard of living for our citizens.

"By creating a favorable investment climate and focusing in the right areas, we can attract investment from home and abroad but we need to achieve full potentials to reach the next stage to build a smart Bangladesh."

It is important that the government needs to simplify the process of setting up a business by reducing bureaucracy, provide stable and predictable regulatory environment, ensuring hassles free automated revenue collection process, have to maintain political stability, increase easy access to finance and supplying skills in a competitive cost, he said.

In addition, the government should invest in infrastructure specially improving logistics facilities and human capital, as these are key to influence investors' decision to mobilize their hard earned resources in a country like Bangladesh.

The existing investors are contributing to the country's economic growth by creating job opportunities and bringing new technologies, he said.

 "We would appreciate if these investors are much cared, Specially foreign investors in contrast to new entrants should be encourage to go for further re- investment and of course play the role of  brand ambassadors for BD to bring new FDI and innovations", Ahmed said.