Bangladesh needs to be more investment friendly: Mannan
Planning minister MA Mannan has stressed the importance of making government rules investment friendly by removing the unnecessary and complicated ones to turn Bangladesh into an attractive place for doing business.
He, however, said the foreign investors should come to Bangladesh to do business based on equity and transparency instead of thinking of “exploiting” cheap labour in the country.
Mannan made the remarks while speaking as the chief guest at a webinar titled “Attracting Foreign Investment in Bangladesh and Branding Bangladesh" jointly organised by Bangladesh Investment Development Authority (BIDA) and Better Bangladesh Foundation (BBF) on Saturday night.
"There’re various rules in government books which are not friendly towards investment. You (BIDA) know, I know (about the rules). Since we know, let's push it out. Let’s clean it. Let's keep fewer and smaller but better rules so that work can be done in a speedier way," he said pointing out at the BIDA authorities.
MA Mannan further said the government is sincere about liberalising the rules for creating a smooth ground and level-playing field for everyone to do business.
The minister said it is necessary to work on the issue of ease of doing business. “Our FBCCI, BGMEA, BIDA and BBF can work together to remove the bottlenecks which stand between us and the investors.”
The minister said Bangladeshi is giving the investors the guarantee for the safety of their investment and giving various concessions, tax holidays, tax concessions and also giving new economic areas where they can set up their business and enjoy the various infrastructural facilities.
He said Bangladesh is now at a point of “take off” amid many difficulties.
The minister said huge investment is surely needed to support the country’s drive towards industrialisation and higher-level of economic growth and economic activities. “Investment can come both from inside or outside.”
MA Mannan, however, said every country should think about humanity and human welfare instead of thinking only of economic development. “We should all make the effort so that people can live peacefully in this world and enjoy a better life.”
Manna thinks local investment is a better investment. “We’ll welcome investment from outside if it comes in a friendly and transparent and open way, and if it ensures justice for our labourers. It won’t be sustainable if they come with investment here because of cheap labour which is an inhuman idea.”
BGMEA president Faruque Hassan, FBCCI director Ghulam M Alomgir, BIDA director Ariful Haque, BBF consultant GM Nizam Uddin. CEO of BBF Global USA Rafiq Khan, among others, addressed the programme chaired by BIDA Executive chairman Sirazul Islam.
Professor Masud A Khan, chairman and founder of BBF, moderated the virtual programme.