Japanese Ambassador to Bangladesh, Ito Naoki has said Bangladesh has set a very unique example in terms of economic recovery from the pandemic time adding that Bangladesh showed remarkable resilience to the recovery process.
The Ambassador said in Bangladesh foreign companies need to renew work permit after one year or two year or three which is not realistic. "It should be made for onetime," he demanded.
He made the remarks at a roundtable on "Foreign Direct Investment prospects in keeping view of National Budget 2022-2023" organized jointly by the Institute of Chartered Accountants of Bangladesh (ICAB) and the Japan Bangladesh Chamber of Commerce & Industry (JBCCI) held at a city hotel. Ito Naoki spoke on the occasion as the chief guest while ICAB President Md. Shahadat Hossain and JBCCI President Asif A Chowdhury delivered the address of welcome, said a press release.
Naoki hoped that ICAB and JBCCI would collaborate in future to create congenial business environment in Bangladesh where foreign investors could enjoy more facilities.
"ICAB and JBCCI will come together with specific proposals to the policy makers while strategic efforts are needed for this purpose," he added.
He mentioned that the Bangladesh Special Economic Zone which is being prepared for the Japanese companies would be a unique example in the country to attract FDI. Dr. Muhammad Abdul Mazid, former chairman of NBR, ICAB vice president NKA Mobin, past presidents and council members Nasir Uddin Ahmed, Adeeb Hossain Khan, council members Md. Abdul Kader Joaddar, Maria Howlader, chief executive officer Shubhashish Bose, JBCCI secretary general Jajalur Hai, JETRO Dhaka Office chief country representative Yuji Ando, and Marubeni Corporation, Dhaka Office general manager Hikari Kawai, spoke on the occasion.
ICAB past president and council member Md. Humayun Kabir moderated the session.
ICAB President Md. Shahadat Hossain said that Japan has been continuously supporting Bangladesh for the successful graduation from LDCs. "Currently, approximately 320 Japanese companies are doing business in Bangladesh and the number is expected to rise in the coming years," he said.
He said the FDI is considered as a significant vehicle to build up physical capital through transfer of technology and managerial skills and knowledge between the countries.
JBCCI President Asif A Chowdhury said that appropriate reform measures are needed in the country's administration; to reduce the bureaucratic tangles and interference in business and thus doing necessary investment to attract more investment in the country.
JETRO Dhaka Office chief country representative Yuji Ando said that VAT registration has been made mandatory for liaison and branch offices of foreign companies from the next fiscal year, which will take more time and the entrepreneurs would face difficulty in the process of VAT registration.