Businesses on Sunday stressed need for quick plans and policy actions, and reforms of long-standing private investment problems to address COVID-19 economic shocks.
They came up with the view at the third Resurgent Dialogue ‘Private Investment in Uncertain Times: COVID Impact and Policy Implications for Bangladesh.’It was organised by Resurgent Bangladesh, an economic recovery imitative put together by MCCI, DCCI, Chittagong Stock Exchange, BUILD, and Policy Exchange.
Moderated by MCCI President Barrister Nihad Kabir, BIDA Executive Chairman Sirazul Islam, Chairman of Chittagong Stock Exchange Asif Ibrahim, Policy Exchange chairman Dr Masrur Reaz, managing director of Apex Footwear Syed Nasim Manzur, managing director and CEO of Unilever Bangladesh Kedar Lele and chairman of BUILD Abul Kasem spoke at the programme.
CSE Chairman Asif Ibrahim stressed on the need to enhance private investment and improve business climate to help Bangladesh meet development needs and to devise effective revival from COVID shocks.
“Weaknesses in customs and logistics, and foreign exchange regime create colossal burden on both local and foreign private investors which requires immediate overhaul”, said Syed Nasim Manzur.
Putting emphasizes on tapping new opportunities, managing director and CEO of Unilever Bangladesh suggested focusing on South Asia intra-regional trade and investment prospects.
BUILD Chairman Abul Kasem Khan suggested that Bangladesh need to better exploit the huge markets of China and India.Policy Exchange Chairman Dr Masrur Reaz presented the keynote paper where he stressed upon the need to identify evolving shifts in global production systems, investor priorities and how they shape future investment outlook, opportunities, and associated policy framework in the wake of COVID-19 economic challenges.
Dr Reaz also laid out possible strategic opportunities to leverage, and way out to revive the lagging pace of private and foreign investment in Bangladesh.
BIDA Executive Chairman Sirazul Islam shared that the government is moving ahead with reforms in bankruptcy and customs act.
He highlighted on the line agencies providing last-mile services to investors need to quickly complete their IT readiness in order for the one-stop-shop to be completed fast.