The New Nation - Internet Edition

Staff Reporter

British High Commissioner Anwar Chaudhury yesterday said the investment situation has improved in Bangladesh recently.

He said investment, including the direct foreign investment (FDI), scenario would improved further in this country after the installation of the elected Government.

"Investors, including the foreigners, prefer elected democratic Government, which could ensure stability and good return under an effective institutional arrangement," the British High Commissioner told journalists after a signing ceremony of Probashi Polli Housing Project between the Inspire Development Ltd and Non-resident Bangladesh (NRB) from UK and Italy at Hotel Sheraton in the capital.

"Democratic Government is more safe for the investors," he observed.

"Anticorruption measures taken by the Bangladesh Government has slowed foreign investment flow but it is temporary. It will rise gradually in the coming years," he hoped.

He also informed, telecommunication giant like the 'Vodaphone' is interested to invest in Bangladesh.

Earlier, addressing the signing ceremony, Anwar Chaudhury advised non resident Bangladeshis to crosscheck the authenticity of any new public sector project in Bangladesh from the authorities concerned before embarking on any investment.

"All investment should be cross checked from number of authentic authorities to avoid possible harassments and imitation," Anwar Chaudhury said.

He termed the housing project 'A dream come true" for the NBRs, who wish to keep in touch with their motherland.

Turning to complaints from many UK citizens about their investment in local projects, he urged investors not to trust everything. "Visit the project personally, check its authenticity from the land departments and the Ministry of Foreign Affairs and go for the investment after confirmation," he suggested.

He also urged local project partners to be transparent in every stage of their transaction and to ensure delivery of exactly what they had promised.

"If you maintain your company reputation, it will earn reputation to your company as well as to your country. It will also encourage more investments in similar projects," the top British diplomat added.

Speaking on the occasion as chief guest, Foreign Adviser Dr Iftekhar Ahmed Chowdhury appreciated the initiative, taken under local and foreign partnerships.

He termed the project a chance for NBRs to invest for their next generation.

It is like making a western home in the eastern country, said the Foreign Adviser.

"Investment in this project will secure NBRs investment which will help generate national remittances in our economy as well," he said, ensuring all possible support to the initiative from his office.

Lt Col (retd) Mezbah Uddin, Executive Director of Inspire Development Ltd explained the project and expected to handover the allocated lands among clients within three years.

According to him, the Probashi Polli is the only existing housing project, which is exclusively meant for the NBRs.

Secretary of the Ministry of Land Mosley Uddin, Managing Director of Coast East -Uk Ltd Shahidul Ali, Chairman Purbachal Project Habibur Rahman, Chairman Six Season Technology Anwar Ali and Secretary General of FNB Dr Ibrahim also addressed the ceremony.