The New Nation - Internet Edition

UNB, Dhaka

British High Commissioner Anwar Choudhury Sunday said Bangladesh's political transformation has to be underpinned by business and investment for its prosperity. "We foreign friends are ready to invest as we see the country's potentialities since prosperity is the best guarantee to democracy and stability," he told the monthly luncheon meeting of FICCI at Hotel Westin in the capital.

Anwar Chowdhuury said foreign investment in Bangladesh now came to a standstill situation as the "pent-up decisions continue to mount." He added: "Investors are now unclear about the future, they lose patience and go elsewhere or stay adding up costs which will eventually have to be recovered."

Foreign Investors' Chamber of Commerce and Industry (FICCI) president Masih Ul Karim gave the address of welcome and vice- president Rudolf P Klink offered vote of thanks.

The British High Commissioner stressed the need for a clear strategy and action required for increasing business confidence in the country and welcomed the establishment of the Better Business Forum.

"This is the time to put things right for the caretaker government which is trusted to find the best match for national and investment interests," he said, emphasising on prompt decisions on some key issues to facilitate FDI.

The envoy sought critical action in the energy sector and said foreign investors hail the coal policy, but need quick decisions in this regard. He added that gas exploration is a must and too much talk in this regard took place in the past, but it was not explored. "Foreign investors will not wait for years, if the Bangladesh government delays further in taking decision on some of the key issues including foreign investment in energy and gas," he said. Anwar Chowdhury said the ongoing crisis in power and energy would see further worsening situation if the government fails to take prompt decision on the proposed investment offers.

He, however, praised steps taken by the government to improve governance. "The action is still slow, so a decisive strategy is urgently needed to boost the confidence of businesses and accelerate the pace of the economic development as well."

He said a bad image has affected the readymade garments (RMG) industry though it is the top earning source of Bangladesh's foreign exchange.

Non-compliance of some vital issues including the salary of workers and non-competence of some of the human resources in the RMG sector were responsible for the bad image, the High Commissioner said. "Good exercise of professionalism is badly needed to survive the tough competition in the present world market."

About poor performance by civil servants, he said they should be directed and rewarded properly so that they could play an enabling role in the economy.

The British High Commissioner said UK is the largest donor of Bangladesh with US$ 4 billion investment and more $ 2 billion investment proposals are in the pipeline.

FICCI hailed the ongoing anti-corruption drive terming it a bold step towards confidence building as well as image building of Bangladesh in the outside world.

FICCI president Karim said that since corruption is the biggest impediment to investment, the ongoing war against the vice will be conducive to the economy.

"However, in the short run, the economy has slowed down and we urge to create an environment to build confidence of the business circle and improve economic activities of the country soonest." He urged the government to take speedy decision, continue policies, ensure level playing field, and improve power, gas and water supply and better infrastructure.