Widgetized Section

Go to Admin » Appearance » Widgets » and move Gabfire Widget: Social into that MastheadOverlay zone

BB governor assures Nordic cos of giving all-out support

Bangladesh Bank  Governor Dr Atiur Rahman addressing the panel debate on 'Business Confidence Survey-2013' conducted among Nordic companies in Bangladesh on 29  October 2013.

Bangladesh Bank Governor Dr Atiur Rahman addressing the panel debate on ‘Business Confidence Survey-2013’ conducted among Nordic companies in Bangladesh on 29 October 2013.

About 94 per cent Nordic companies operating in Bangladesh are willing to expand their business activities here in the coming three-year period as they get higher profit opportunities in the country.

The future outlook of the Nordic companies was depicted in a survey, jointly conducted by the Nordic Chamber of Commerce and Industry in Bangladesh (NCCIB), the Sweden-Bangladesh Business Council (SBBC), and three Nordic embassies– Sweden, Norway and Denmark– in Dhaka.

Following findings of the ‘Business Confidence Survey-2013’ conducted among Nordic companies in Bangladesh, a panel debate was arranged Tuesday. The panelists discussed prospects and challenges about foreign investment and business here.

The NCCI, together with the three Nordic embassies, arranged the panel debate on ‘Opportunities and Challenges in Bangladesh: Perspective of Nordic Business’ at a city hotel.

Dr Atiur Rahman, Governor of the Bangladesh Bank (BB), was the chief guest while Anneli Lindahl Kenny, Swedish Ambassador, and John McKenzie, Head of SEDF, the International Finance Corporation (IFC), were the special guests at the panel. Shamim Ul Huq, NCCI President, also took part in the panel discussion, which was moderated by Quazi M Ahmed, FutureLeaders Group CEO and former NCCI Secretary General.

All the panelists also agreed that there are a lot of investment opportunities in Bangladesh.

Some of the discussants and participants mentioned a number of challenges and drew attention of Dr Rahman to those.

The BB Governor assured the foreign investors of giving all-out support in overcoming any hurdles that they face in bringing foreign investment, setting up companies and operating their businesses here.

“Just bring the hurdles whenever you (foreign investors) face into the notice of the regulator. We will immediately respond and move to solve the problems as we have been doing so,” he said.

The Foreign Direct Investment (FDI) policy in Bangladesh is one of the most liberal ones in this region. Despite this, there are some hurdles. But Bangladesh is a country of all potentials, and challenges are there also, he said.

He emphasised foreign investors’ understanding how to face the challenges, invest and work with the right persons. “There are many actors working for positive changes. Please try to reach them.”

The Governor mentioned a hotline number at the central bank and disclosed his e-mail address (governor@bb.org.bd) so that the investors can inform the regulator about any kind of hurdles, helping it (BB) to solve the problems or assist them.

The BB changed mindsets of its officials, who at the central bank and some other regulatory institutions are ready for helping them, he said. “Bangladesh has many positive stories that are yet to be told. It’s a more viable investment destination”, he added.

The BB Governor invited the Nordic businessmen to invest in some sectors that include skill development, ceramics, pharmaceuticals, physical infrastructure, information technology (IT), education and health, especially nursing.

According to the survey report, about 67 per cent respondents consider the business climate in Bangladesh as favourable despite political instability, erratic power supply, poor transport infrastructure, legal barriers and bureaucratic norms.

Almost half (47 per cent) of the respondents have a very favourable outlook whereas not a single respondent reported any unfavourable business outlook in Bangladesh.

Apart from the Nordic companies’ experience about higher profit opportunities in Bangladesh compared to other markets they are active in, other reasons of their plan to expand business here include growing demand from the middle class and increasing costs in other markets such as China.

In the survey, the companies also reported that certain areas need to be looked into by decision-makers of Bangladesh to keep the country an attractive business destination.

Lack of adequate infrastructure is one of the major problems in Bangladesh. About 66 per cent of the respondents identified lack of power supply as a major deterrent while 61 per cent identified clean water and proper waste management as areas that need huge improvement, the report noted.

The survey also revealed dissatisfaction among the companies due to scarcity of land and offices for commercial purposes.

The survey was conducted from December 1, 2012 to January 15, 2013. Jobs of about one million people have been created as a result of Nordic businesses in Bangladesh.


Share This Post