Staff Correspondent: Industrial gas connection is not available at the moment. Foreign investors are facing problems in buying and leasing land. Foreign workers and entrepreneurs have to wait a long time to get work permit extension. Concerned people are disappointed.
Along with this comes the complication of opening an LC. Entrepreneurs have proposed solutions to these problems to increase foreign investment in the country.
The recommendations were made by speakers at a seminar titled ‘Stakeholder Consultation with Chinese Investors: Challenges, Expectations and Prospects’ on Saturday.
Organized by Chinese Embassy in Bangladesh and Bangladesh-China Chamber of Commerce and Industry (BCCCI).
In that seminar, Deputy General Manager Sagattam Kumar Shaha on behalf of Titus said that it is very important to get gas connection in the industry for investment. But we have a supply shortage as per the demand for gas. Petrobangla is trying to import LNG and set up LNG terminal to overcome the crisis. We will be able to start gas connection within a short period of time.
Bangladesh Investment Development Authority (BIDA) Director General Shah Mohammad Mahbub presented an article on the investment situation in Bangladesh at the seminar. He said that the most important thing for investment in a country is political and political stability, tax exemption facilities and other issues, all of which Bangladesh has. In 2040, Bangladesh needs to invest 608 billion dollars in the infrastructure sector from developed countries. At present, 70.42 percent of the total foreign investment in the country is being reinvested. That is, the foreign entrepreneurs who are doing business here are making profit and reinvesting.
In the seminar, an entrepreneur said that many countries, including China, are not opening LCs, banks are returning them. This is a challenge for us. In response at this time, Deputy Director of Foreign Exchange Investment Department of Bangladesh Bank, Abdullah Al Mamun said, “We are seeing some problems in opening LC.” We will discuss the matter with the banks. Hopefully, this problem will be solved soon.
BCCCI and China Enterprises Association of Bangladesh (CEAB) members highlighted various problems in the seminar organized at the Bangabandhu Bangladesh-China Friendship Exhibition Center in the east of the capital.
A Chinese entrepreneur asked a question at the seminar and said that a one-year visa and work permit in Bangladesh is very complicated and time-consuming. In this case, the issue of visa policy and authorization renewal process can be left in the hands of the bidder.
Besides, the problem of foreign entrepreneurs to buy or lease land in Bangladesh is highlighted. In response to this, the Bidder DG advised to read the Bidder Guidelines for Work Permit and said, for security clearance, we send it manually to the Ministry of Home Affairs, from there it is manually sent to the Special Branch of the Police. It takes more time. But we have taken the initiative to digitally file transactions, which will take less time.
He also said, “I don’t have any solution for the land issue.” However, he advised the entrepreneurs to buy land from Beza’s Economic Zone and Bepza’s Export Processing Zone, BIC’s Industrial City or Hi-Tech Park Authority.
Besides, he advised to take the help of UpazilaNirbahi Officer and Upazila Land Officer in case of any complication regarding land purchase or lease, he said that the land law in Bangladesh is very complicated. Ministry of Lands is working to facilitate this.
Speaking as the chief guest at the event, BIDA executive member Abhijit Chowdhury said, “We know that after registering the investment proposal, entrepreneurs may face many problems in tax, customs, including buying land, getting gas-electricity connection. To solve those problems, we have introduced after care service. We have already solved many problems of various companies including BSRM and Lafers Cement through after care.
He said, “A huge amount of Chinese investment is required to meet the challenges of Bangladesh after LDC graduation. Foreign investors can come to Bangladesh with security.
BCCCI Secretary General Al Mamun Mrida said that till 2019, China was the single largest investor in Bangladesh. Due to Covid and China’s zero covid policy, Chinese investment has been low for several years. But now a lot of investment is coming. Increasing Chinese investment will ease the existing reserve crisis.
Reasons behind the collapse of remittance Mahfuz Emran: When the country’s dollar crisis i…