BIDA reviewing all FDI laws to increase competitiveness

Staff Correspondent | Published: 23:41, Oct 27,2016

 
 

Bangladesh Investment Development Authority executive chairman Kazi M Aminul Islam, middle, speaks at the American Chamber of Commerce in Bangladesh luncheon meeting held at The Westin Hotel, Dhaka on Thursday. (From left) AmCham executive director Md Shahadat Hossen, president Md Nurul Islam, US ambassador Marcia S Bernicat and AmCham vice-president Showkat Ali Sarkar were present. — New Age photo

The newly formed Bangladesh Investment Development Authority is reviewing the rules and regulations related to foreign direct investment in a bid to make FDI regulations more competitive, its executive chairman Kazi M Aminul Islam said on Thursday.
‘We are revisiting anything and everything related to FDI... we will make FDI regulations most competitive in the world,’ he said at the monthly luncheon of American Chamber of Commerce (AmCham) in Bangladesh at a city hotel.
Mentioning Bangladesh’s advancement of two steps into 176th position in the ease of doing-business environment, which was published by World Bank on Wednesday, he said BIDA’s goal is to bring Bangladesh’s position below 100.
Aminul urged credible companies with good track records to come in the capital market to ensure discipline in corporate sector.
US Ambassador to Dhaka Marcia Stephens Bloom Bernicat said US firms were strongly interested to invest in Bangladesh.
‘Bangladesh offers one of the world’s fast growing economies, sustained impressive economic performance over decades, opportunities to enhance infrastructure, and a burgeoning middle class. Our mission is to advise US companies on the trade and investment opportunities available to them and to help them navigate any challenges they might face,’ she said.
But she also pointed out that Bangladesh faced some challenges like inadequate infrastructure, governmental and bureaucratic delays, and concerns over workers’ rights and safety for attracting FDI.
US FDI into Bangladesh over the most recent fiscal year was US$ 450 million. The accumulated value of US stock measurement - is US$ 3.2 billion, putting the United States in first place.
AmCham president Nurul Islam stressed on the need for investment protection, easing bureaucratic bottleneck, mitigating infrastructural scarcity, removing differential treatment and one stop service law for attracting more FDI into the country.

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