Industries minister Dilip Barua underscored Wednesday the need for political stability to draw more investment from home and abroad for industrial growth in Bangladesh.
“Both domestic and foreign investment is a must for industrialisation. We need political stability and unity to win investors’ confidence,” Mr Barua said while launching the online investment registration system of Board of Investment (BOI) in the city.
Lauding the present Awami League-led alliance government’s pledge to ensure more industrial contribution to gross domestic product, the minister said establishment of industrial units is a long-term process, it can not happen in a year or two.
To this end, the minister said that the government was trying to ensure an atmosphere conducive to businesses, especially for the private sector growth.
The minister said the online registration of the BoI would help create an enabling atmosphere for business and investment in the country.
“It will attract more investors from home and abroad and prop up the investment activities in particular.”
The new system will simplify investment registration procedures for local and foreign investors with a new online registration service system by reducing time and unnecessary documentation and hassle.
The minister referred to the government’s issuance of guidelines for formulation, appraisal and approval of large, medium and small projects under Policy and Strategy for Public-Private Partnership (PPP) 2010 for accelerating economic growth.
He said the growth target may not be achieved unless the industrial activities are boosted and unless the regulatory agencies like BoI, BEPZA, BSCIC and Ministry of Industries provide prompt services to investors and remain accountable.
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