Hartals, unrest in garment sector: BOI won’t be able to achieve FDI target
The New Nation, Bangladesh
The Board of Investment (BOI) will not be able to achieve its foreign direct investment (FDI) target of one billion US dollars this fiscal due to opposition’s hartal and recent unrest in the garment sector, it is learnt.
The FDI inflow during July-December of 2005 was recorded at US$ 845.3 million.
The FDI target of BOI was US$ 800 million in 2005, but it exceeded by US$ 45.3 million as per Bangladesh Bank statement.
Prabath Chandra Paul, Joint Director of Bangladesh Bank submitted a FDI statistics to BOI on July 20 for the year 2005.
According to the BB survey, the FDI growth was 84 per cent in the last year.
The BB survey also shows that US$ 110.8 million FDI was invested in Bangladesh Export Processing Zones, while US$ 734.5 million in the other sectors in 2005.
The highest FDI of US$ 278.8 million was in the telecommunication sector, the second US$ 219.4 million in manufacturing sector and the third US$ 208.3 million in the energy sector.
UK holds the top position in the FDI ranking, while the USA in the second and Singapore in the third positions.
Executive Chairman of BOI Mahmudur Rahman told The New Nation that aggressive marketing, proper initiatives and targeting Middle East countries for FDI helped to achieve the target.
Due to increase in gas production to 1600 mmcfd (million cubic feet per day) from 1000 mmcfd, micro stability and improvement of law and order were the main reasons for the FDI inflow, Mahmudur Rahman, who is also the Energy and Mineral Resources Adviser said, “If political stability is maintained in the country, the FDI inflow would certainly increase.â€
Explaining the aggressive marketing, BOI chief said country specific programmes were taken. Citing Ratan Tata of India, Prince Talal of Saudi Arabia, Dhabi Group and Bill Gates from the USA have all visited Bangladesh, he said.
Considering the world’s business atmosphere after 9/11, investors of Middle East countries look to invest in a liberal Muslim country and Bangladesh is the ideal country for them, Mahmudur Rahman said.
So, investors of the UAE and Egypt started visiting Bangladesh and UAE reached the fourth FDI ranking from 12 and Egypt in the seventh position.
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