Infrastructure sector drawing FDI, Matarbari project the game-changer
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Wednesday
February 08, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
WEDNESDAY, FEBRUARY 08, 2023
Infrastructure sector drawing FDI, Matarbari project the game-changer

Infrastructure

TBS Report
01 November, 2020, 10:20 pm
Last modified: 02 November, 2020, 12:08 pm

Related News

  • Ukraine needs $1 billion quickly to restore infrastructure
  • White House to ask oil and gas execs to support Ukraine energy infrastructure
  • PM for undertaking dev projects without hurting nature
  • Pakistan to get $500 million from Asian Infrastructure Investment Bank for development program
  • Building infrastructure for digital financial services

Infrastructure sector drawing FDI, Matarbari project the game-changer

The Matarbari project will likely be a game-changer because it will be the country’s first deep seaport

TBS Report
01 November, 2020, 10:20 pm
Last modified: 02 November, 2020, 12:08 pm
Mentioning that the development work is going on in the infrastructure sector, he said the Matarbari project will be a game-changer since it will be the country’s first deep seaport. Photo: Collected
Mentioning that the development work is going on in the infrastructure sector, he said the Matarbari project will be a game-changer since it will be the country’s first deep seaport. Photo: Collected

The development of Bangladesh's infrastructure sector is drawing foreign investment while the construction of a deep seaport, in particular, will be the key player to this end, according to experts.

They stated this at a virtual discussion entitled "Corona's Impact on Foreign Investment: Is Bangladesh the New Destination?" organised by the Lawyers and Justice Foundation, MMH and The Business Standard on Friday night.

Salman F Rahman, non-governmental industry and investment adviser to the prime minister, attended the programme as the chief guest. 

In his address, Salman F Rahman said foreign investment was coming in the agricultural sector as well as the industrial sector. 

"We need more investment here. In the last discussion with America, we sought investment in agriculture," he said.

Referring to big projects like Padma Bridge and Karnaphuli Tunnel, he said at one time no one could have imagined that Bangladesh could carry out such projects on its own.

"We have now reached a stage. The target is now to reach a middle-income country status in 2030 and a developed country in 2041," he added.

Mentioning that the development work is going on in the infrastructure sector, he said the Matarbari project will be a game-changer since it will be the country's first deep seaport. The Japanese have already begun work there.

Noting that the allegation of increasing project costs was correct, he said it was due to some problems, but it is also a kind of lesson for all. This is being reviewed at the weekly ECNEC meetings.

The seasoned business tycoon said a long-term bilateral arrangement is being made with Japan to bring in foreign direct investment (FDI). Bangladesh was not on the first list of factory relocations from China. There ASEAN countries get top priority while the next list includes Bangladesh and India.

Focusing on the IT sector, he said, "We are not able to reap the full benefit of the capacity developed in IT services. This sector's exports have now crossed $1.8 billion. The position of freelancers in Bangladesh is now after India. Foreign investment is also coming here."

"This will be the next big hope after RMG [ready-made garments]," he mentioned, saying that attempts are being made to provide all digital services under a one-stop service.

Executive Chairman of Bangladesh Investment Development Authority (BIDA) Mohammad Sirazul Islam said there are some problems with the regulatory framework and work is going on to address the issues. 

"We have already done small work on the 'Ease of Doing Business,'" he explained.

He added that company law is changing dramatically and reform to bankruptcy law is underway. There is also a secure transaction law in the country.

There are some pre-conditions for FDI and if foreigners want to invest, they check those conditions and then invest, he said.

"In this case, we have to prioritise infrastructure. About 90% of our import-export trade is dependent on seaports and almost all of it is done through Chattogram Port. Although its capacity has been steadily increasing over the last few years, it is still under increasing pressure," he continued.

Mohammad Sirazul Islam mentioned that work is underway on several seaports. Dhaka Airport is being expanded. After that, the crisis in the infrastructure sector will end and FDI will increase, he hopes.

The BIDA executive chairman expressed his firm belief that the government is also considering incentives to bring in FDI during this period. 

Chief Executive Officer (CEO) at Standard Chartered Bank Naser Ezaz Bijoy said the way Bangladesh has tackled Covid-19 will create great potential for foreign investment.

"When it comes to investing in Bangladesh, we think of investing in three parties – the East, the West and the Middle East. Since the western countries are shattered by Covid-19's impact, investment from the Middle East is now likely to come. However, due to low oil prices, they will also have a shortage of liquidity," he explained.

He said many European RMGs are trying to come to Bangladesh after withdrawing their focus from China.

There are five things to keep in mind for foreign investment. The economy is one of them where growth, foreign exchange availability, liquidity, and the capital market situation are very important, observed the CEO.

Investors think that regulations here fluctuate a lot, but in case of long-term investment, they have to be given this assurance, he said.

"Growth rate, higher returns and valuation are the three issues that foreign investors seek before entering in emerging markets like us," he added. 

Bangladesh Economic Zones Authority (BEZA) Executive Chairman Paban Chowdhury said steps were taken to create a land bank all over Bangladesh. 

"We have set up this land bank with more than 50,000 acres of land for the convenience of industrialists all over Bangladesh," he explained.

The largest industrial city in the region is being built on more than 30,000 acres of land, he said, adding that in the last three years alone, more than 6,000 acres of land has been allotted for this industrial city built in the name of Bangabandhu. More than $19 billion has already been invested.

Many local and foreign companies, including Asian Paints, are working there. The amount of foreign investment here is increasing daily. There is huge investment potential around these industrial cities, said Paban.

Head of Chamber of The Lawyers & Jurists Barrister A. M. Masum, FCI Arb said foreign investors invest considering how safe their investment will be. They also consider the ease of doing business.

Mahmud Hossain, the organiser of the discussion, said the plan to increase EDI should be carried out according to the plan. 

Bangladesh will be established as an investment-friendly country through the joint efforts of both the government and the private sector, he added.

Top News

Matarbari project / infrastructure

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • HSC, equivalent exams result 2020
    Girls fare better in this year's HSC, equivalents exams; over 9% drop in pass rate
  • Photo: TBS
    RMG turns to India from China to get cheaper man-made yarn
  • Electric power transmission pylon miniatures and Adani Green Energy logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration/Files
    Bangladesh seeks new terms for Adani coal electricity deal: Washington Post report

MOST VIEWED

  • File Photo/TBS
    Dhaka airport’s third terminal 60% complete: State minister
  • With 80% progress, country’s first tourist rail speeding to its deadline
    With 80% progress, country’s first tourist rail speeding to its deadline
  • Illustration: Collected
    Bitumen crisis slows down Tangail-Rangpur highway construction
  • File photo
    Feasibility study for Ctg metro rail and transport master plan begins
  • Representational Image
    Underground metro to cut airport-Kamalapur travel time to 25 minutes
  • File photo. Prime Minister Sheikh Hasina is expected to inaugurate work on the Bangabandhu Railway Bridge on 29 November. Photo: UNB
    Bangabandhu Rail Bridge will open earlier than expected: Railways minister

Related News

  • Ukraine needs $1 billion quickly to restore infrastructure
  • White House to ask oil and gas execs to support Ukraine energy infrastructure
  • PM for undertaking dev projects without hurting nature
  • Pakistan to get $500 million from Asian Infrastructure Investment Bank for development program
  • Building infrastructure for digital financial services

Features

Illustration: TBS

Planning to study abroad? Explore these four underrated scholarships

3h | Pursuit
Representational image. Photo: Collected.

The understated perks of journaling

3h | Pursuit
Photo: Reuters

A tragedy that will also shake up the region's geopolitics

17h | Panorama
Nimah designed by Compass Architects- Wooden tiles. Photo: Junaid Hasan Pranto

Trendy flooring designs to upgrade any space

1d | Habitat

More Videos from TBS

30% companies see double-digit growth even in hard times

30% companies see double-digit growth even in hard times

19h | TBS Insight
Challenging time waiting for RMG

Challenging time waiting for RMG

1d | TBS Round Table
"Full Moon Meditation" organized by Department of Theater and Performance Studies, University of Dhaka

"Full Moon Meditation" organized by Department of Theater and Performance Studies, University of Dhaka

1d | TBS Graduates
10 cricketers who have played over 400 T20 matches

10 cricketers who have played over 400 T20 matches

1d | TBS SPORTS

Most Read

1
Photo: Courtesy
Panorama

From 'Made in Bangladesh' to 'Designed in Bangladesh'

2
Master plan for futuristic Chattogram city in the making
Districts

Master plan for futuristic Chattogram city in the making

3
Photo: Collected
Crime

Prime Distribution MD Mamun arrested in fraud case

4
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

5
Photo: Collected
Startups

ShopUp secures $30m debt financing to boost expansion, supply chain

6
ICB to withdraw Padma Bank investment as return eludes
Banking

ICB to withdraw Padma Bank investment as return eludes

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]