Dhaka, Jul 26 : International Business Forum of Bangladesh (IBFB) president Humayun Rashid said that Bangladesh needs overseas investment to enter into global supply chain both vertically in upstream and downstream.
IBFB had an extensive study in 2015 on overseas investment by Bangladeshi entrepreneurs and shared with government policy makers. IBFB is glad that the government has accepted the policy and kindly amended the Foreign Exchange Regulation Act 1947 allowing conditional overseas investment by Bangladesh Entrepreneurs, he said.
The IBFB leader made the remarks while addressing the 14 th Annual General Meeting (AGM) 2018 of IBFB held today (July 25, 2019) at the Pan Pacific Sonargaon in the capital. He said “We believe the policy should be more flexible to allow overseas investment in different source of raw materials and other business to reach to end customers of our export products. I strongly believe that now the prime time has come to allow Bangladeshi entrepreneurs to invest abroad legally and easily will definitely reduce the informal capital flight. It will also help our companies expand their business, utilize their expertise in international market, bring back substantial amount of profits and brand Bangladesh across the world”.
In his speech, the IBFB President said that IBFB is a research and advocacy based non-political, non-partisan & non-profit nationwide business forum. It consists of business leaders from all over the country and abroad including resource and knowledge based individuals. The ultimate objective of IBFB is to create a business friendly environment in the country.
“IBFB is dedicated to study the ever-changing trends of economies and identify important business challenges, conduct advocacy and pursue actionable recommendations to the policy makers to mitigate barriers for sustainable economic environment. Since inception, IBFB was also involved in developing and pursuing several policy guidelines to the Govt. for their effective incorporation in different public policies”.
In the past, IBFB carried out several research and advocacy works on different important business and economic issues like One Stop Service Act, Shipbuilding Industry, Light Engineering Sector, Strong Public Financial Management, Complexities in Income Tax Laws & its simplification, City Governance & Private Sector Development, Industrial Credit & Improving Transparency of State-owned Commercial Banks, Overseas Investment by Bangladeshi Entrepreneurs etc, he said.
The private sector is considered as the engine of economic development in a developing economy. IBFB highly appreciates the investment in energy and communication sector to achieve a growth rate of above 8 percent despite so many odds. The growth of FDI last year has proven the confidence of overseas investors, he observed. (UNI)