Law, Justice and Parliamentary Affairs Minister Anisul Haque Tuesday said the government is moving to enact a number of laws to ease the process of doing business as well as making way for foreign direct investment. He disclosed that new Company Act and Customs Act are at the final stage in the respective ministries. After finalisation of the drafts with necessary amendments, the bills are likely to be placed in the parliament very soon. “The Bangladesh Investment Development Authority (BIDA) Bill also will be placed in the parliament shortly,” he said adding that the BIDA will become one-stop service delivery authority removing bureaucratic tangles for a planned and responsible industrial sector. He was speaking at the Bangladesh-American Chamber of Commerce (AmCham) luncheon meeting at a city hotel. US Ambassador to Dhaka Marcia Bernicat and AmCham President Nurul Islam also spoke at the meeting. Replying to a question, the minister said the BIDA will be a regulatory authority but not to control, rather to provide necessary services only. He said the BIDA will have the responsibility of ensuring efficient utilisation of property in the public sector. Earlier in August last year, the process to merge the Board of Investment (BoI) and the Privatisation Commission by setting up a new authority got the nod from the Cabinet as the draft of ‘Bangladesh Investment Development Authority Bill 2015′ was approved. Speaking about scarcity of land, he said, “We must acknowledge the fact that as we try to use land, we must be responsible about its use since we cannot afford to lose much of the lands.” He said the government has given top priority to building a culture of speedy dispute resolution out of court i.e. alternative dispute resolution (ADR). Under the Code of Civil Procedure, arbitration has been made a condition prior to filing a case. Mr Huq said he directed all government agencies to incorporate appropriate arbitration clause in their agreements to provide for local arbitration for contracts of up to US$ 50 million and for international arbitration when the contract value is more than $50 million. “I believe, this will remove much of uncertainty and confusion among the parties involved. It should be noted that the Arbitration Act 2001 allows for the enforcement for foreign arbitral awards without much hindrances,” he said. Replying to a question, he said the government is also moving to enact a law to protect intellectual property very soon. “Our dialogues with respective ministries are at the final stage,” he said. Admitting lack of infrastructure and resources, he said, “When there will be a dearth of resources, we will fill it up with abundance of goodwill. Thus I believe, there will be no scarcity in providing incentives for foreign investment in Bangladesh.” He said the labour rules, as drafted, address the concerns of all relevant parties and set the standard for modern-day business enterprises in dealing with their workers. It will ensure living standards of workers and provide safe and congenial working atmosphere for them. Speaking as the guest of honour, US Ambassador to Dhaka Marcia Bernicat said Bangladesh may need up to $50 billion in infrastructure investment alone to maximise its growth potential. “Bangladesh has attracted $1 to $1.5 billion in FDI annually over the past few years. Economists and bankers believe that even higher levels of FDI could drive higher rates of economic growth. By some estimates, the country may need up to $50 billion in infrastructure investment alone to maximise its growth potential,” the envoy said. She pointed out attracting FDI is critical to achieving the potential to become a regional lynchpin and important consumer market. The US envoy said more investment from abroad will help Bangladesh locate the energy it needs, generate the power required for economic growth, and drive the expansion of new manufacturing and services sectors. “Such FDI could bring the United States’ world-class technologies and skills to help the country diversify its exports, better connect its market to its neighbours and beyond, and seize opportunities in an increasingly interlinked global economy,” she said. Ms Bernicat said improving investment climate and boosting FDI were among the core issues which were discussed with Bangladesh at the Trade and Investment Framework Cooperation Agreement or TICFA talks in November. She said the US is ready to welcome Bangladesh’s investment into the United States as well.
