Planning Minister urges rethink of investment rules

Planning Minister MA Mannan has urged the Bangladesh Investment Development Authority (BIDA) and other authorities concerned with the government to slash unnecessary rules which are not friendly for investment in the country.

He was speaking as the chief guest at a webinar on "Attracting Foreign Investment in Bangladesh and Branding Bangladesh" jointly organised by BIDA and Better Bangladesh Foundation (BBF) on Saturday night.

Mannan said there are various rules on the books of the government which are not friendly towards investment. "You know (BIDA), I know (about the unnecessary rules). Since we know, let's push it out... clean it. Let's keep fewer rules…so that business can be done speedier," the minister said.

He also urged the authorities concerned to make a smooth ground and level playing field for everyone to do business.

Japanese Ambassador to Bangladesh Naoki Ito said more than three hundred Japanese companies are now operating in Bangladesh and the number of the companies has been tripled in the last 10 years.

Japan is the largest export market for Bangladeshis in Asia with $1.3 billion worth of export, he said adding that Japanese companies are ready to expand the business more here despite difficult situations amid the Covid-19 pandemic.

"We see three important factors to increase business and facilitate the trade and investment –further development of infrastructure, better investment climate and workforce development, particularly of young people. I think these three elements are very very important," he said.

Sirazul Islam, executive chairman of BIDA; Jashim Uddin, president of FBCCI; Faruque Hasan, president of BGMEA, and Ghulam M Alomgir, chairman of Max Group and Director of FBCCI, spoke at the programme. Prof Masud A Khan, chairman and founder of BBF moderated the event.

BIDA Director Ariful Haque and BBF consultant GM Nizam Uddin presented presentations. Rafiq Khan, CEO, BBF Global USA; Sazzad Rashid, managing director, BBF Global, USA; Shafiqul Islam, president of BFQ, also participated there.