Business climate needs to improve for private investment: EU ambassador to Bangladesh

The head of the EU delegation in Dhaka has stressed on improving the business climate to encourage private sector investment in Bangladesh.

“It is extremely important for the business climate needs to improve considerably to encourage the private investment from both local and foreign sources,” Rensje Teerink was quoted as saying in a Bangladesh German Chamber of Commerce and Industry, BGCCI, statement.

She was speaking at the BGCCI’s business meeting themed on “Bangladesh as a Middle Income Country: Engaging Private Sector More Effectively” on Tuesday.

Prime Minister’s Political Affairs Adviser HT Imam and German Ambassador Thomas Prinz also spoke at the meeting where the role of the private sector has been stressed.

Praising Bangladesh government’s incredible economic growth over the last two decades, the EU Ambassador said the 28-countries bloc would continue its support in this transition through its programmes as well as development cooperation.

“We have to acknowledge that the growth has been extremely impressive. But there is this need to be more inclusive and take everybody along to make this achievement sustainable,” she said.

Congratulating Bangladesh for its recent promotion from least developed country to developing country, the German Ambassador expressed his hope that Bangladesh government will be more attentive to remove the hurdles that businesses very often face.

For Bangladesh to have better market access in European countries and to meet their demands in social and economic standards, he advised that the draft law of the digital security act as it is now, the child marriage law and some other things have to renegotiate then.

“I think it would be wise for the government to start early to get in a dialogue with this countries, to talk about this issues to gain future market access.”

He congratulated the government for passing the one-stop solution bill in last February. “This will make it easier for the European businesses to enter the Bangladeshi market.”

The event focused on inclusiveness in development frameworks and intended to figure out more ways to engage the private sector in Bangladesh’s socio-economic development, where becoming a middle-income country will be a shared goal, achieved through mutual effort of the government and private sector.

The speakers praised this government’s efforts to empower the private sector and help it grow organically.

They have also addressed few issues that are holding back private sector stakeholders getting more involved in Bangladesh’s development process effectively.

Prime Minister’s HT Imam expressed his “gratitude” for the contribution the private sector has made in country’s economic development and overall progress.

“Whatever our government has done we have done it with the help, support and active, positive actions taken by the private sector,” he said.

“We have always kept them in our mind whenever we have worked on policies, and I must say that our private sector has taken full advantage of the policies that we have worked with so far.”

BGCCI President Tawfiq Ali and Managing Director of Berger Paints Bangladesh Rupali Chowdhury also spoke at the meeting.