More investment needed for higher growth: ICCB

Staff Correspondent | Published: 00:00, Nov 15,2018

 
 

International Chamber of Commerce-Bangladesh on Wednesday said that accelerated investment was a prerequisite for higher growth in the country.
Bangladesh has to explore alternative sources of funding to meet the shortfall of fund for investment, the chamber said.
It is estimated that Bangladesh needs investment of more than $600 billion for infrastructure development while the country can manage around $400 billion, according to the editorial of the ICCB News Bulletin (July-September).
The private sector investment is a precondition for attracting foreign direct investment as the foreign investors would also like to see increased commitment of the private sector, improved infrastructure facilities as well as better facilities and proactive government agencies, it
said.
Referring to the latest ranking of the country in the Ease of Doing Business Index of World Bank, ICCB said that it was the utmost importance for the country to take all-out efforts to improve the index to attract FDI as well as private sector investment.
World Bank ranked Bangladesh at 176th, out of 190 countries, lowest in South Asia in the
ranking.
It also said that development of planned special economic zones and establishment of one-stop service for investors would hopefully attract higher FDI and private investments.
ICCB said that a number of US companies were seriously considering relocating their operations from China in the context of the ongoing trade war between the two countries and Bangladesh should be able to capitalise the situation.
The government should offer all-out facilities to attract the US companies to relocate their operations to Bangladesh, it suggested.

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