Speakers at a webinar stressed the need for reforming the taxation system alongside tapping the Foreign Direct Investment (FDI) potentials in a wide range of sectors like agro processing, light engineering, non-cotton apparel, home textile, blue economy and education in the country to ensure export diversification and smooth LDC graduation.
They also suggested for extending the scope for whitening undisclosed money in the health infrastructure, economic zones, and in other infrastructure sectors alongside the existing sectors to create more employment opportunities.
The webinar was organized as part of the ERF Webinar Series in partnership with the Asia Foundation and Research and Policy Integration for Development (RAPID) on Saturday.
Executive Chairman of Bangladesh Investment Development Authority (BIDA) Md Sirazul Islam spoke as special guest chaired by ERF Vice President Shafiqul Alam.
Planning Minister MA Mannan spoke at the Economic Reporters Forum (ERF) Webinar titled "FDI for Export Diversification and Smooth LDC Graduation" as the chief guest.
President of Metropolitan Chamber of Commerce and Industry (MCCI) Barrister Nihad Kabir, President of Dhaka Chamber of Commerce and Industry (DCCI) Rizwan Rahman, and Managing Director of Apex Footwear Ltd Syed Nasim Manzur spoke as the panelists.
Executive Director of RAPID and Dhaka University Professor of Development Studies Dr M Abu Yusuf and Country Representative of the Asia Foundation Kazi Faisal Bin Seraj gave the welcome addresses.
Chairman of RAPID and Director of Policy Research Institute (PRI) Dr Mohammad Abdur Razzaque made the key-note presentation while ERF general secretary SM Rashidul Islam moderated the function through virtual platform.
Speaking on the occasion as the chief guest, Planning Minister MA Mannan said it is fact that the country does not receive that level of FDI that it needs. In this regard, he said all the concerned agencies need to accomplish their tasks in due time to attract more FDI.
Mannan also suggested for overcoming the "cultural context" and thus move forward together with modern attitude. BIDA Executive Chairman Sirazul Islam said that BIDA needs to be empowered fully as it still needs to depend on others to facilitate the private sector.
Noting that there is no lacking from BIDA to create enabling environment for attracting more FDI, he said that the Authority has made effective the One Stop Service (OSS) platform to ensure transparent and hassle free service delivery.
Sirazul informed that some 47 services have so far been brought under online while the services of some 16 organizations including BIDA have already come under OSS platform.
MCCI President Barrister Nihad Kabir said the now defunct Board of Investment (BOI) was earlier regarded as the "Dead Stop Service" or "Full Stop Service", but now BIDA has somehow managed to overcome that bad name, but still there is a lot to do.
DCCI President Rizwan Rahman underscored the need for reforming the tax rate as it is still high compared to the global and Asian average.
He also suggested for extending the provision for whitening undisclosed money in the health infrastructure, tourism and in economic zones alongside the real estate and capital market, otherwise there would be bubbles in the economy.
