Foreign investors urge govt to improve law and order
They made the appeal during a meeting with Finance and Commerce Adviser Salehuddin Ahmed
Members of the Foreign Investors' Chamber of Commerce and Industry (FICCI) have urged the government to improve the law and order to create a better business environment.
They made the appeal during a meeting with Finance and Commerce Adviser Salehuddin Ahmed yesterday, led by FICCI president Zaved Akhtar, said a press release today.
"Maintaining law and order to foster a favourable business environment," said the FICCI president, who is also the managing director of Unilever Bangladesh Ltd.
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At the meeting, FICCI leaders also raised issues related to the country's taxation, banking, and other factors involved in trade and investment, urging for a conducive environment.
Akhtar recommended practical measures, including reforms in the banking sector and tax-revenue administration.
He also proposed leveraging world-class regulatory technology to enhance efficiency and effectiveness, increasing the tax-to-GDP ratio, and easing transaction processes, the release reads.
Additionally, the FICCI president highlighted the need to address the punitive corporate tax, particularly in the banking sector.
The FICCI members raised concerns about the additional withholding income tax on interest payments earned by non-resident institutions from foreign currency borrowing, which raises the cost of borrowing for Bangladeshi borrowers.
During the meeting, adviser Salehuddin commended FICCI for their support and emphasised the government's commitment to increasing foreign direct investment as a critical driver of economic growth.
He said, "Without the private sector, the country cannot make significant progress," highlighting the importance of collaboration between the government and private sector enterprises.
FICCI President Zaved Akhtar presented a comprehensive outline on how the interim government can implement necessary reforms to enhance the business climate.
He assured the delegation of the government's commitment to addressing these issues and working collaboratively with FICCI to foster a more favourable business environment in Bangladesh.
The meeting was attended by FICCI adviser to the Board Naser Ezaz Bijoy, board members Ala Uddin Ahmad, Najith Meewanage, Md Miarul Haque, Faisal Ahmed Chowdhury, Rubaba Dowla, Sumitava Basu, MHM Fairoz, CEO of Citi NA Moinul Huq, country managing partner at PricewaterhouseCoopers Bangladesh Shams Zaman, head of markets and security services (acting CEO) of HSBC Bashar Mustafa Tareq and executive director TIM Nurul Kabir. Commerce Secretary Md Selim Uddin was also present at the meeting.
