Calling expatriates to invest in various sectors including information technology, energy

Photo Collected

A+ A A-

The Bangladesh Consulate has invited open investment proposals from Bangladeshi businessmen and entrepreneurs living in Los Angeles, USA, with the aim of further expanding expatriate investment in various potential sectors of Bangladesh.

Recently, in an informal exchange meeting organized at the residence of Consul General of Bangladesh Kazi Mohammad Javed Iqbal in Los Angeles, the possibilities of investment in Bangladesh, existing challenges and future plans were discussed in detail.

At this time, expatriates are urged to actively come forward to exploit the huge investment potential in information technology (IT), energy, data services, hospitality, healthcare and other developing sectors.

Consul General Javed Iqbal said that the consulate is ready to provide all-out support to expatriate Bangladeshi entrepreneurs who are interested in investing in Bangladesh. The consulate will play an important role in providing investment-related information, guidance, coordination with government and private sector and identification of potential sectors.

The Consul General said that expatriates are being urged to come forward for investment by giving importance to the reality. At the same time, all necessary assistance from the consulate will continue. He also expressed optimism that the Ministry of Foreign Affairs, related departments and Bangladesh Investment Development Authority (BIDA) will be on the side of expatriate investors. He said that the consulate’s doors are always open for investment in Bangladesh. Anyone can directly communicate their investment plans.

Expatriate entrepreneurs participating in the meeting said that they are interested in investing in Bangladesh because of their love for the country. However, complexity and delay in the process of post-investment approvals, land allocation, electricity and gas connection, tax benefits and return of profits pose major challenges. For this reason, they emphasize on making the bidder service faster, transparent and investor friendly.

Entrepreneur Hasibul Sharif said in the meeting, the most positive aspect is that the government is now listening to expatriates. He recently made a proposal to set up a data center and got a response within a week. Later, he was informed from the consulate, how such investment initiatives can be implemented in Bangladesh and what are the opportunities. He said that he wants to work for Bangladesh.

Hasibul Sharif later told Prothom Alo that by setting up AI-based (artificial intelligence-based) data centers in Bangladesh, it is possible to improve the quality of internet, electricity and water supply systems. This is a major project, which will require public and private investment and cooperation. According to him, implementation of such AI data center will have a positive impact on Bangladesh’s GDP growth, foreign investment attraction and overall quality of life.

This entrepreneur also said that AI is not the future, but the present reality. Just as the Internet in the 1990s and social media in the 2000s changed lifestyles, AI technology will have a profound impact on every aspect of people’s daily lives in the coming days. He expressed hope that Bangladesh will be able to keep pace with this technological change in time.

Participating in the exchange of views, Nasir Khan said, he wants clear guidance on what the government expects from the expatriates and what kind of benefits they can get as NRBs (Expatriate Bangladeshis). He thinks that if the investment process becomes easier, more expatriate entrepreneurs will come forward to invest in Bangladesh.

RAB arrests key suspect in Dhaka BNP leader murder case

Read More

Mohammad Basit said in the meeting that he is interested in investing in energy (fuel) and hospitality sectors in Bangladesh. Pointing out that there is great potential in these sectors, he said, if the registration and licensing process can be completed in a short time or easily through fixed fees, the investment will increase further. He also opined that if an investor has a problem, the consulate can quickly communicate with the relevant ministry and play a role in solving it.

At this time, Wahidur Rahman said that the businessmen here are interested in participating in the trade fair held in Las Vegas. Besides, he also discussed the export potential of various products including plastic bags from Bangladesh.

Syed Nasir Uddin Zebul requested the businessmen of Los Angeles to invest in the energy and power sector of expatriate entrepreneurs considering the current gas and electricity crisis in the country. He urged to come forward with more inquiries in this regard.

When asked about this, BIDA Executive Chairman Chowdhury Ashiq Mahmud Bin Haroon told Prothom Alo that after the reorganization of BIDA, a separate desk has been set up for non-resident Bangladeshi (NRB) investors. This special measure has been taken as the needs, issues and procedural needs of NRB investors are different from those of domestic investors. A dedicated officer ensures ‘end-to-end support’ for NRB investors at this desk. BIDA has already provided assistance in various fields and there are also examples of several successful investment initiatives.

BIDA’s Executive Chairman said, BIDA’s aim is to make the investment of expatriate Bangladeshis easier, faster and more fruitful. Expatriates have acquired not only financial capability, but also high-quality technical knowledge and skills through work experience abroad, which are not yet sufficiently developed in many sectors of the country. This knowledge and experience can play an important role in the development of the country.

Ashiq Chowdhury cites as an example an expatriate Bangladeshi investor in London who has set up an organization in Bangladesh with BRAC and NRB funds as a neuropsychologist. He commented that this is a very positive and inspiring example.

The executive chairman of Bidara also said that if NRB investors invest in Bangladesh according to their respective skills and specialized areas, new jobs will be created in the country and technology-based knowledge-based investments will also increase. In this case they can submit their investment proposal directly with the bidder or through the consulate.

California BNP president Badrul Alam Chowdhury (Shiplu), Michael Khan, Asif Iqbal, Monirul Islam, Khalid Khuda, Syed Hasan Ferdous, Feroz Fakhri, Moazzem Chowdhury and others were present in the exchange meeting.