Bring investment agencies together: Chief Advisor
In early February Chief Advisor Dr. Muhammad Yunus directed the concerned authorities to resolve the land acquisition issue of the Korean Export Processing Zone (KEPZ) and bring related agencies under one umbrella to attract more foreign investment in the country. He gave the instructions when Yangwan Corporation Chairman Kihak Sang and some leading foreign investors met the Chief Advisor at the State Guest House Jamuna on Tuesday.
During the meeting, Kihak Sang raised several issues and said that these issues are discouraging foreign direct investment in Bangladesh. He called for improving the investment environment to attract large-scale investment. The Chief Advisor said that the land acquisition issue of the Korean EPZ has become a major obstacle for foreign investment in the industrial park. It will be resolved by February 6. He said, we want the Korean EPZ to be a model for everyone. Hopefully, it will attract large investments and create a lot of jobs.
Kihak Sang praised the interim government for taking quick steps to resolve the long-standing issues of the Korean EPZ. He
said that more Korean investors will now be interested in investing in Bangladesh. He said that this will open the door for other investors. The Korean EPZ will definitely be a model for investors.
The chairman of Yangwon Corporation urged the government to speed up the process of shipping goods to Chittagong Port. He said that due to the slow operations at the country’s largest port, leading global brands are not interested in placing orders for high-quality and fashion garments. He said that the export process of fashion garments needs to be completed quickly, that should be within 10-15 days. But in Bangladesh, he noted that sometimes it takes months to complete the shipment.
Kihak Sang cited the example of Vietnam, where he said that he had made large investments in recent years. The country has taken steps to speed up the export process.
Dr. Yunus said that the authorities have been instructed to increase the efficiency of port operations. He said his special envoy Lutfe Siddiqui is working on several plans to make Chittagong port a top port in the region.
Kihak Sang and British investor Mohammad A Matin spoke about the need to bring all investment promotion agencies under one umbrella. They said this would ensure a single service for foreign investors. The chief advisor said he had directed Bangladesh Investment Development Authority (BIDA) chief Chowdhury Ashiq Mahmud bin Harun to bring five investment promotion agencies under one office.
Ashiq Mahmud said five separate agencies for investment promotion were inherited from the previous inefficient and corrupt government. He said BIDA has taken the initiative to merge the agencies.
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