Pay attention to macroeconomy for attracting new FDI

Business Report :
Bangladesh has to pay close attention to its macroeconomic management for attracting more and new foreign direct investment (FDI) from countries, including Japan, the Japanese Ambassador to Bangladesh said on Wednesday.
IWAMA Kiminori pointed out key challenges like cumbersome approval procedures, delays in customs clearance and restrictions on customs duties, and complexities in sending remittances abroad from Bangladesh.
“In particular, delays in letter of credit (L/C) payments are often encountered in Bangladesh, which increases the cost and time of companies, and thus require immediate action,” he added.
The Japanese Ambassador raised the concerns at a seminar on the proposed national budget for fiscal year 2023-24, focusing on “Investment Prospects & Key Tax Proposals Highlights with Business Impact’ at a city hotel. Japan Bangladesh Chamber of Commerce and Industry (JBCCI) organised the seminar, supported by Japan External Trade Organisation (JETRO) Dhaka Office and powered by KOBELCO and Howlader Maria & Co. Chartered Accountants (HmAC).

Dr Muhammad Abdul Mazid, former chairman to the National Board of Revenue (NBR), delivered the introductory speech while JBCCI President Myungho Lee delivered the welcome speech in the programme.
Ms Maria Howlader, Chief Executive Officer of HmAC and director of JBCCI, made the keynote presentation on changes in the income tax, VAT and customs measures in the proposed budget and its impact on the businesses.
Dr Selim Raihan, Professor of Department of Economics, University of Dhaka and Executive Director of SANEM, gave a presentation on ‘Macroeconomic Perspective and Challenges’.
Syed Samiul Huq, director of Japan Solartech Bangladesh Ltd. and director of JBCCI, moderated a panel discussion.