Political instability hampers investment: FBCCI president      

Absence of political stability and poor infrastructure facilities are the major impediments to boosting FDI (foreign director investment) inflow into Bangladesh, said president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akram Uddin Ahmed Monday.

“The hurdles are not only discouraging the overseas investors but also the local ones who have immense interest to invest in many potential sectors here,” he said at a meeting with visiting National Defence Course (NDC) delegation at the Federation Bhaban in the capital, UNB reports.

FBCCI presidentAir Vice Marshal M Sanaul Haque led the 80-member delegation, which 29 overseas course members from 12 countries — China, Egypt, India, Jordan, Kuwait, Malaysia, Nigeria, Pakistan, Saudi Arabia, Sri Lanka, Tanzania and UK.

The NDC’s objective from this meeting was interaction with the business leaders of FBCCI to gather first-hand knowledge on the vision, role, function and capabilities of private sectors and the trade bodies.

Responding to a query, the FBCCI president said being the country’s apex trade body, they have been approaching the government, state agencies concerned and other political parties on the issue of political stability.

“I’m telling you that huge FDI proposals are there but now these are very much shaky in absence of the stable political atmosphere,” he said.

Stressing the importance of infrastructure development and adequate supply of power and energy to the industries, Kazi Akram Uddin Ahmed said the scenario has partially been improving as industries are now getting power supply around 12 hours a day.

“Without employment and investment, the country’s economy cannot be grown. So we’re hopeful that things will improve in the coming days,” he said.

Air Vice-Marshall M Sanaul Huq said it is the key responsibility of the armed forces to ensure the national security but at the same time the force has to protect trade and investment.

Referring to the business entrepreneurs as the driving force for economic development of Bangladesh, he said they must keep the track as the country’s economic development largely depends on the success of the business community.