But ensuring investment friendly atmosphere is politics
A local English daily reported that a European Union (EU) delegation currently visiting Bangladesh has called upon the government to ensure a business-friendly environment for becoming a middle-income country by 2021. The team also suggested that only export will not make the target achievable. Without creating a investment-friendly climate by ensuring transparency and accountability, simplification of cumbersome procedures for foreign direct investment (FDI), coordination between Ministries and agencies for effective and timely implementation of policies and rules and non-discrimination between local and foreign companies, the inflow of FDI would be further stinking. Bangladesh has fallen short in terms of business-friendly environment due to loan scams-riddled banking system, uninterrupted impunity to wrong-doers, nonrepresentative government and governance, continuous violation of democratic rights and the recent spate of militant attacks. All those cast a shady business climate. Lack of good opportunity for investment coupled with insoluble constraints and lack of investors’ confidence has not only put hindrance to FDI but also affected domestic investment and induced capital flight.
EU delegation Chief Pierre Mayaudon focussed on the constraints and probability of business following the 2nd EU-Bangladesh Business Climate Dialogue in the city on Thursday. He asked the government to address the cross-cutting challenges for boosting the economy through business and investment. As the EU companies are facing serious difficulties in five critical areas in conducting their business, the government needs to take practical initiatives significantly. In response to the delegation’s concerns, Bangladesh Commerce Minister assured to extend all out support including establishing a special economic zone and provisioning for one stop service to the EU companies without assessing the government’s competitiveness. It may be noted that a total of US$ 18 billion, which is more than 55 percent of our total exports, go to EU market and the amount is likely to increase to US$ 20 billion in the current financial year.
Experts say to gain the benefits of exports-led business growth and harness demographic dividend Bangladesh should invest in human resource, education, healthcare; and ensuring transparency, justice, fair play in governance, and restore citizens’ confidence. Taking the concerning issues over FDI into consideration, the country could be able to achieve the middle-income country status by 2021. To overcome the challenges as pinpointed by the delegation, hopefully, EU will stay beside Bangladesh and its citizens.
But if politics remains intolerant and the role of law unsure then no sweet advice would work.
EU delegation Chief Pierre Mayaudon focussed on the constraints and probability of business following the 2nd EU-Bangladesh Business Climate Dialogue in the city on Thursday. He asked the government to address the cross-cutting challenges for boosting the economy through business and investment. As the EU companies are facing serious difficulties in five critical areas in conducting their business, the government needs to take practical initiatives significantly. In response to the delegation’s concerns, Bangladesh Commerce Minister assured to extend all out support including establishing a special economic zone and provisioning for one stop service to the EU companies without assessing the government’s competitiveness. It may be noted that a total of US$ 18 billion, which is more than 55 percent of our total exports, go to EU market and the amount is likely to increase to US$ 20 billion in the current financial year.
Experts say to gain the benefits of exports-led business growth and harness demographic dividend Bangladesh should invest in human resource, education, healthcare; and ensuring transparency, justice, fair play in governance, and restore citizens’ confidence. Taking the concerning issues over FDI into consideration, the country could be able to achieve the middle-income country status by 2021. To overcome the challenges as pinpointed by the delegation, hopefully, EU will stay beside Bangladesh and its citizens.
But if politics remains intolerant and the role of law unsure then no sweet advice would work.
