A committee constituted by the Prime Minister's Office on behalf of Bangladeshi businessmen gave a favorable opportunity to invest abroad. However, the committee report has been asked to give this opportunity to qualified and tested institutions only.
The committee was formed in March to verify the requirements of Bangladeshi companies to invest abroad. It was represented by the Ministry of Finance, Foreign Ministry, Bangladesh Bank and National Board of Revenue (NBR). Executive Director of Bangladesh Investment Promotion Authority (BIDA) Ajit Kumar Pal, as its coordinator.
The committee has reviewed various issues and the opinion of various parties submitted their report to the Prime Minister's Office. After their positive recommendation, Bangladesh Bank has taken initiative to create a policy on investment abroad. The Ministry of Finance has also been given a letter to the Bangladesh Bank to make this policy. Central bank sources said, a draft of the policy has already been made.
The issue of foreign investment opportunity comes in the first discussion on March 14. On that day a meeting was held in the Prime Minister's Office regarding the formation of Investment Policy of Bangladeshi companies abroad. At that meeting, the Committee for Investment in Investment Required was set up abroad.
It is learned that foreign investment policy will be taken in the meeting of the Bidar Governing Board to be held in the chairmanship of Prime Minister Sheikh Hasina next month. Bidar Executive Chairman Kazi Md. Aminul Islam recently talked to the first light, said that the ability of entrepreneurs in several sectors has been created in Bangladesh. Considering very carefully, these capabilities can be used with the opportunity to invest abroad.
Under the current law of the country, Bangladeshi companies do not want to invest abroad. In this case, they have to get approval from Bangladesh Bank. In the meantime, some companies have been allowed to invest abroad. Some other applications are under consideration.
The committee made several recommendations in the report. One of them is investment in those countries, which countries with more trade and expatriate income are more. The committee, which encourages investment, has low interest rates and generous in return for refund, the committee gave a favorable opportunity for the Bangladeshi investors to invest in these countries.
The committee thinks that the government can set a limit on investment in foreign countries, so that nobody can take huge amount of money abroad. Once again, the connection industry is established in the country's export sector, in case of foreign investment, they are in favor of foreign investment. The committee has asked India and Africa to verify the possibility of investing in the garment sector.
The investment situation of the private sector in Bangladesh is not pleasant. At present, private investment is between 22 percent and 23 percent of the total GDP.
World Bank's chief economist Zahid Hossain said in the first light that if money is not available to invest in the country, then the money will go abroad illegally, it is reality. In this case, if there is a policy of investment abroad, good. He said, who are eligible, it should be specifically mentioned in the policy, and in the case of approval, the policy should apply equally for all. Besides, private sector investment will go out of the country and there will be no benefit from the public tax money.