Tough telecom law to frustrate investors

June 30, 2010

AmCham luncheon meeting told
The government’s recent move to bring changes to the telecom laws is sending a wrong signal to foreign investors about the investment climate in the country, said a member of American Chamber of Commerce (AmCham) in Bangladesh yesterday.
Telecom is the most vibrant sector, which alone attracted the highest amount of foreign direct investment (FDI) in the recent years, said ASM Mainuddin Monem, also the deputy managing director of Abdul Monem Ltd.
But the government steps to put more control on the sector will undermine its efforts to attract FDI, he told a luncheon meeting of the chamber.
Mainuddin Monem suggested the government take necessary steps so that local companies gain more confidence. If the local companies are confident, more foreign companies will come to Bangladesh, he added.
Board of Investment Executive Chairman MA Samad presented the keynote speech, while AmCham President Aftab Ul Islam also spoke.
MA Samad said the BoI is currently negotiating with several big foreign investors who want to invest in some of the country’s large projects such as deep-sea port and Dhaka Chittagong elevated expressway.
Also some companies in China, South Korea and Thailand are in talks with the BoI to relocate their factories in Bangladesh, he said.
“The rate of return from investment is the highest in Bangladesh. Investment is also safe here,” Samad said.
He said energy and labour costs are comparatively low in Bangladesh. “These are the two most vital components for competitiveness.”
Former adviser to a caretaker government Mirza Azizul Islam, Metropolitan Chamber of Commerce and Industry President M Anis Ud Dowla, Canadian High Commissioner in Dhaka Robert McDougall, Canada Bangladesh Chamber of Commerce President Masud Rahman, Bangladesh Enterprise Institute President Farooq Sobhan also attended the programme.

Via: The Daily Star

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