‘Policy reforms to attract more FDI underway’
Business Desk :
Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman said the government is working on policy reforms, aiming to attract more foreign direct investment (FDI).
“Almost at all top levels of the government, there has been a realisation that we need to change the mindset to reform,” he said while addressing a webinar.
Salman said this at a webinar on “Implications of COVID-19 on FDI inflow to Bangladesh: Challenges and Way Forward,” organised by Dhaka Chamber of Commerce & Industry (DCCI) on Saturday.
Salman said tax reduction for the investors will ease them to come in but Bangladesh’s tax-GDP ratio is lowest in this region.”We need to widen our tax net to ease burden on the existing taxpayers.”
Now this mindset needs to be passed to the field officers who will actually play the role in implementing it at the field level, he added.
Salman said BIDA has made a tremendous progress in One Stop Service and it is true that automation will ensure transparency and stop corruption.
He also said the government is working hard to improve in the ease of doing business index and set a target to come down to double digit by the next year.
Salman said they will reform the bankruptcy law and companies act soon.
The tax regime will also be redesigned soon comparing with other countries, he said. “Our Market Capitalisation to GDP ratio is also low, he added.”
He emphasised diversification of products to boos export and termed agro-processing sector is the most potential sector to invest.
“We want to make a level-playing field for all investors. Deepsea port will open up a new horizon and improve our competitiveness,” he said.
Executive Chairman of Bangladesh Export Zones Authority (BEZA) Paban Chowdhury joined it as special guest. Ambassador of Japan to Bangladesh Ito Naoki joined as guest of honour.
Chairman of Policy Exchange Dr. M Masrur Reaz presented the keynote paper. DCCI President Shams Mahmud moderated the webinar.
DCCI President Shams Mahmud said the seventh five-year plan targeted USD 9.6 billion FDI inflow annually by FY2020, but they remained behind the target.
He said the FDI to GDP ratio in Bangladesh is 1.2 per cent less than India, Sri Lanka, Vietnam and Cambodia.
Out of total FDI stock, the country received highest $3.8 billion FDI in Gas and Petroleum sector where the USA is the largest investor with $3.60 billion followed by the UK, South Korea, the Netherlands, China and Japan.
Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman said the government is working on policy reforms, aiming to attract more foreign direct investment (FDI).
“Almost at all top levels of the government, there has been a realisation that we need to change the mindset to reform,” he said while addressing a webinar.
Salman said this at a webinar on “Implications of COVID-19 on FDI inflow to Bangladesh: Challenges and Way Forward,” organised by Dhaka Chamber of Commerce & Industry (DCCI) on Saturday.
Salman said tax reduction for the investors will ease them to come in but Bangladesh’s tax-GDP ratio is lowest in this region.”We need to widen our tax net to ease burden on the existing taxpayers.”
Now this mindset needs to be passed to the field officers who will actually play the role in implementing it at the field level, he added.
Salman said BIDA has made a tremendous progress in One Stop Service and it is true that automation will ensure transparency and stop corruption.
He also said the government is working hard to improve in the ease of doing business index and set a target to come down to double digit by the next year.
Salman said they will reform the bankruptcy law and companies act soon.
The tax regime will also be redesigned soon comparing with other countries, he said. “Our Market Capitalisation to GDP ratio is also low, he added.”
He emphasised diversification of products to boos export and termed agro-processing sector is the most potential sector to invest.
“We want to make a level-playing field for all investors. Deepsea port will open up a new horizon and improve our competitiveness,” he said.
Executive Chairman of Bangladesh Export Zones Authority (BEZA) Paban Chowdhury joined it as special guest. Ambassador of Japan to Bangladesh Ito Naoki joined as guest of honour.
Chairman of Policy Exchange Dr. M Masrur Reaz presented the keynote paper. DCCI President Shams Mahmud moderated the webinar.
DCCI President Shams Mahmud said the seventh five-year plan targeted USD 9.6 billion FDI inflow annually by FY2020, but they remained behind the target.
He said the FDI to GDP ratio in Bangladesh is 1.2 per cent less than India, Sri Lanka, Vietnam and Cambodia.
Out of total FDI stock, the country received highest $3.8 billion FDI in Gas and Petroleum sector where the USA is the largest investor with $3.60 billion followed by the UK, South Korea, the Netherlands, China and Japan.
