Leaders of joint chambers yesterday suggested improvements in infrastructure and energy supply, especially to industrial units, to attract foreign investment.Many foreign companies want to pour fresh investments or expand operations in Bangladesh, but are deterred by poor infrastructure and inadequate supply of gas and power, the leaders said. Joint chambers work to link businesses of two countries.Recently, investors from Benelux, Belgium, the Netherlands and Luxembourg showed their interest to invest in water management and shipbuilding in Bangladesh, but they want better roads and highways, and gas connections, said Hasan Khaled, president of Dutch-Bangla Chamber of Commerce and Industry.“If we can resolve the infrastructure crisis and energy problems, Bangladesh can attract more European investment,” Khaled said at a joint chambers’ meeting organised by Canadian Chamber of Commerce in Bangladesh (CanCham) at the Dhaka Chamber of Commerce and Industry.Bangladesh has two important goals to be achieved by the end of 2021; one is to become a middle income country and the other is to take garment exports to $50 billion, said Roger Hubert, director of Nordic Chamber of Commerce and Industry and regional head (Bangladesh and Pakistan) of Swedish retail giant H&M.The next target for Bangladesh is to achieve sustainable development goals by 2030, he said.The joint chambers and embassies can work together on labour, energy, chemicals and water management to help achieve the sustainable development goals, Hubert added. “NCCI, through the Energy Efficiency Engagement (3e) programme, is currently addressing three of the 17 Sustainable Development Goals by promoting energy efficiency in the industries to reduce energy consumption as well as carbon footprint,” Hubert said.“The 3e initiative is funded by the Danish government under Climate Change Adaptation and Mitigation Project.”Chambers of commerce serve as the perfect platform to help drive such activities that lead to achievement of set goals, he added.“Chambers could incorporate focus on one (or more) of these goals, set an achievable sub-goal and create a time and action plan to achieving those,” he said.Jahangir Bin Alam, secretary general of India-Bangladesh Chambers of Commerce and Industry, suggested launching a streamlined one-stop service to help attract foreign investors. All official documentation and similar services would be available to investors under one roof, saving them both time and effort, he added.For example, in the Indian state of Punjab, it takes foreign investors just one month to get all certifications.“The introduction of one-stop service is not possible in Bangladesh as it needs unification of a lot of authorities under one roof,” said SA Samad, executive chairman of the Board of Investment.“Kindly forget the gas. We are thinking of alternatives to gas. Electricity is available,” Samad said to business leaders.As of now, services like visa, work permit and loan applications for foreign investors are automated at the BoI, he added.The government has already developed 27 special economic zones for domestic and foreign investors. So foreigners have larger scope to invest in Bangladesh, he said.Bangladesh needs to invest more than $8 billion to improve its physical infrastructure, he added. Masud Rahman, president of CanCham, said it is the first of its kind meeting of joint chambers in the country. He presided over the event.“Many countries, particularly Thailand, have done very well by communicating with the joint chambers regularly,” Rahman said.“We can also overcome infrastructure, port and energy challenges through joint chambers’ dialogues.” “We look forward to continuing support to improve infrastructure,” said Christopher Young, executive member of the Foreign Investors’ Chamber of Commerce and Industry.
