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19th of October 2018

Economy



Remove barriers to boost investment: analysts

Lack of infrastructure and bureaucratic tangles in land acquisition process are the actual obstacles to boosting private investment in Bangladesh now, not the energy crisis, analysts said yesterday.

The government offices should come out of the bureaucratic attitude for the sake of bringing in more foreign investment to the country, said Omar Sadat, president of the Bangladesh-German Chamber of Commerce & Industry (BGCCI).

“We have huge manpower but skilled workforce is very limited. It has originated from the lack of efforts to develop vocational education system.”

He spoke at an event titled “Emerging Bangladesh: business-friendly policies and plans” organised by the chamber at the Westin Dhaka hotel.

More than 80 percent of the country's export earnings come from the garment sector and the time is ripe now to diversify the export basket, said Kazi M Aminul Islam, executive chairman of the Bangladesh Investment Development Authority.

The government should come up with policy support so that other sectors can increase their contribution to export earnings, he said. Vietnam gets a huge amount of foreign investment every year thanks to the massive development in the country's infrastructure, he said.

Bangladesh is gradually solving its energy crisis, but the country is lagging behind its regional peersfor the shortage of adequate infrastructure, Islam said.

There is unused land in char and haor areas to establish solar energy-based industrial units, Planning Minister AHM Mustafa Kamal said at the event as the chief guest.

Meherun N Islam, president and group managing director of CEMS-Global USA and Asia Pacific, an international fair organiser, also spoke.

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