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BD must improve business climate to attract foreign investment

Published : Friday, 14 June, 2024 at 12:00 AM  Count : 535

BD must improve business climate to attract foreign investment

BD must improve business climate to attract foreign investment

To attract foreign investors, Bangladesh must improve its business climate, pursue qualitative economic growth, require transparency, accountability, and boost collaboration between the government and the private sector, said Ambassador of the Republic of (South) Korea Park Young-sik to Bangladesh.
The South Korean envoy was speaking at a dialogue on "Thrive in Bangladesh: Actionable insights and solutions for Korean businesses," organized by Standard Chartered, Embassy of South Korea, Bangladesh Investment Development Authority (BIDA), Bangladesh Bank and Korea-Bangladesh Chamber of Commerce and Industries (KBCCI) in Dhaka recently.
He said: "(South) Korea aims to establish long-term, strategic relations with Bangladesh, focusing on sustainable gains and realistic commitments by implementing the ongoing projects supported by the Economic Development Cooperation Fund, soft loans from the Korean government, and public-private partnerships.
Senior private sector stakeholders, chambers leaders, think tanks, and policy makers discussed actions that can be taken to promote and drive Korean business in Bangladesh, at the dialogue, said a press release.
The event focused on promoting collaboration and facilitating infrastructure development, trade, investment and sustainable finance. As one of the largest foreign investors in Bangladesh, Standard Chartered plays a leading role in attracting foreign trade and investment.
The dialogue addressed concerns that Korean investors have by laying  emphasis on improving business climate in Bangladesh. Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, lauded Republic of Koreas efforts for its unwavering support in fostering the prosperity of Bangladesh.
He said, South Korea is the big source of FDI to Bangladesh and, particularly in trade, investment, and developing landmark infrastructure projects, and manufacturing. Standard Chartered is a vital stakeholder to all such efforts.  
He said by effectively managing exchange rate volatility and leveraging arbitrage opportunities, businesses can fortify the economic prospects amid the economic challenges for both Bangladesh and Korea.
Mohsina Yasmin, Executive Member of Bangladesh Investment Development Authority (BIDA) said, "BIDA and Standard Chartered aim to position Bangladesh as a premier Korean investment destination by networking with BIDAs investment facilitation efforts.
The goal is to attract global investors and drive sustainable development across various sectors. BIDA has also developed Bangladesh Investment Climate Program to facilitate investors.
Samsoo Kim, Director General, Korea Trade-Investment Promotion Agency (KOTRA), said, "While Korean companies have invested in Bangladeshs textile industry for over 40 years, investment in other manufacturing sectors is still low.

Enhancing industrial infrastructure, such as improving the artificial fibre supply chain, is essential for textile industry.

 To attract more Korean investment in manufacturing, it is crucial to simplify public laws, streamline accounting and tax processes, and ensure consistent tax regulation application.

Additionally, reducing delays in licensing, administrative procedures, and customs clearance will make Bangladesh more appealing to investors.

Addressing these issues will foster a favourable business environment, encouraging increased Korean investment and driving growth in Bangladeshs manufacturing sector. He said.

Abu Saleh Mohammad Shahab Uddin, Director, Foreign Exchange Investment Department of Bangladesh Bank, Enamul Huque, Managing Director and Head of Corporate Coverage of Standard Chartered Bangladesh also took part in the discussion.

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