Terror, pol instability, energy crisis barriers to foreign investment: EU | Greenwatch Dhaka | The leading online daily of Bangladesh

Terror, pol instability, energy crisis barriers to foreign investment: EU

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Dhaka – Bangladesh is now most attractive and safe place for investment Commerce Minister Tofail Ahmed said Thursday.
The government has offered several special motivation packages for foreign investors to invest in Bangladesh, the minister said at a meeting with European Union (EU) delegation held at the Secretariat.
Taking part in the dialogue, the EU Ambassador to Bangladesh Pierre Mayaudon said, “Terrorism, political instability, gas and electricity crisis are the major barriers to business development and foreign investment in Bangladesh. So, we sat in this meeting to know government directions about these issues.”Tofail Ahmed said, “The government will provide all facilities including giving a special economic zone for foreign investors and Bangladesh is now more attractive and safe zone for investment in South-Asian countries”.
The government has taken investment friendly policy on foreign investment by offering attractive packages, the commerce minister said, adding that many foreign investors have already expressed their interest to invest in Bangladesh.
“We have taken decision to allot lands to Japan, China and India for developing economic zones in Bangladesh,” Tofail Ahmed said.
The Minister said, Bangladesh has much developed in medicine industry. The medicines of Bangladesh have been exported to others countries. We are moving with six percent rate of economic growth of our country. And the government has taken several programmes in Infrastructure Developments.
He also said, in our country, is making to an economic zone which will ensure all facilities for foreign investors and will fulfill all demand that was discussed in this meeting with EU’s representatives.
Senior commerce secretary of Bangladesh Hedayetullah Al Mamoon and EU ambassador talked to reporters at a joint press briefing after the dialogue.
After dialogue, Chief of EU’s representatives, Pierre Mayaudon said “we are interested to invest in Bangladesh but there are many challenges here.”
The EU ambassador also said, “The traders should give attention on the issue of transparency of financial transactions.”
He also alleged that Bangladesh does not follow exact WTO rules to making medicines.
Mayaudon said, European Unions’ countries have much suffered to get permission investing in country due to lake of the government possesses that one of the most important issues to discouraging business investment.
“The custom policies, issue and renewal of licenses, service sectors, import tariff concessions, tax fix and tax payment also have several problems” the EU chief added.
Senior Secretary in Ministry of Commerce, Hedayet Ullah Al Mamun said, “we will try to solve these issues that EU representatives suggested us in the meeting to increase foreign investors in our country.”
An EU press release said: The first EU-Bangladesh Business Climate Dialogue between the EU Business Council (EUBC) and the Ministry of Commerce took place in Dhaka on 12 May 2016. The purpose of the EU Business Climate Dialogue is to jointly address major impediments towards better EU trade and investment with a view to expanding economic relation.
The Hon’ Commerce Minister, HE Tofail Ahmed MP, and senior officials from various ministries and agencies attended from the Government of Bangladesh side. On the EU side, the EU Ambassador and the Heads of the Diplomatic Missions of the EU Member States and representatives from the EU private sector in Bangladesh participated in the Dialogue.
The discussion took place in a constructive atmosphere recalling the longstanding partnership between Bangladesh and the European Union. EU stressed the need for expanding European exports and investment. In that context, 5 important areas were discussed to improve business climate in Bangladesh, including import duties/custom/trade facilitation, licenses and investment in services sector, financial flows, tax regime and pharmaceuticals. The discussion also focused on the Special Economic Zones (SEZ) that Bangladesh offers as new avenue for foreign investment.
Both sides agreed to continue discussions and to reconvene before the end of the year in order to monitor progresses.  – Staff Reporter

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