Foreign Investors’ Chamber of Commerce and Industry on Sunday demanded formation of a platform to address issues, both legal and procedural, faced by foreign investors with the government bodies, through dialogue.
Currently, there is no such platform where foreign investors can get into dialogue or dispute resolution or discussion on the emerging issues and share their global good experiences, FICCI president Shehzad Munim said at a dinner meeting.
Prime minister’s principal secretary Md Nojibur Rahman spoke as chief guest at the meeting organised by FICCI at Hotel Westin.
Shehzad said that all the leading foreign businesses were facing certain issues, both legal and procedural with the government bodies and they were getting tangled in legal disputes.
He said that the government bodies used to introduce various policies and regulation without dialogue with stakeholders and the implementation process of the policies and regulations made business difficult.
Comfort of FICCI members having 85 per cent stake in foreign investment of the country was important for increasing their investment further, he suggested.
FICCI can play a role in resolving the issues in amicable manner through dialogue, he said, adding that resolving the issues in court involved a long process which caused immense setback to Bangladesh’s investment climate.
He also suggested that the government get ready for future to explore the benefits of rising economic activities of Asia.
China and some other Asian economies are rising fast and it is predicted that Asia would contribute 50 per cent of global GDP by 2050.
The government should ensure so that the country did not fall behind, he said.
Accelerating the manufacturing growth, converting commodities into high value products, developing human resources, improving technical know-how and utilising demographic dividend should be the centre of focus, he added.
Nojibur advised foreign investors to adopt alternative dispute resolution as a means of solving legal issues before going to court.
‘Don’t consider the court solution as the first option rather Keep it as the last option,’ he said, adding that many problems could be solved through discussion.
He said that there was an investment promotion council under National Board of Revenue, and if necessary, another platform might be set up at Business Initiative Leading Development, a public private platform facilitating structured dialogues between the public and the private sectors.
At the meeting, FICCI former president Rupali Chowdhury requested the government to look at the pharmaceutical sector in the context of decision of old-age multinational pharmaceutical company GlaxoSmithKline Bangladesh of shutting down their production plants in the country.
At the meeting FICCI executive director Jamil Osman, executive committee member SAA Masrur, other members, diplomats and business leaders from different sectors were present.
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