Salman Fazlur Rahman, Private Sector Industry and Investment Adviser to the Prime Minister, laid emphasis on the resurgence of local and backward linkage industry through substantial investment.
“Due to the adverse effects of the pandemic and Russia-Ukraine war, the world economy is experiencing a critical time. In such circumstances, FDI and global trade flow can be a greater enabler of the desired economic recovery of Bangladesh,” he said.
Salman F Rahman said this while meeting with Barrister Md Sameer Sattar, President of Dhaka Chamber of Commerce and Industry (DCCI), at the Bangladesh Investment Development Authority (BIDA) office in the city, said a press release.
Regarding BIDA’s OSS, Salman informed that required developments are underway for a national, effective and interoperable OSS to benefit both potential local and foreign investors.
He also underscored the importance of increasing our tax-to-GDP ratio in order to enhance revenue generation.
Sameer Sattar underscored the importance of both local and foreign investment in Bangladesh in order to overcome the current economic challenges in this volatile global economic situation.
In this connection, Barrister Sattar suggested substantial reforms to the Arbitration Act 2001, the Bankruptcy Act 1997 and the Companies Act 1994.
He said that the amendments should be made keeping the business sector in mind so that businesses can enforce contracts easily in Bangladesh and resolve any commercial disputes expeditiously.
Barrister Sattar urged for setting up a separate commercial court which may ease the process of contract enforcement, and resolution of disputes in an expeditious manner as well as reduce the backlog of pending commercial disputes.
DCCI Senior Vice President SM Golam Faruk Alamgir (Arman), Vice President Md. Junaed Ibna Ali and members of the Board of Directors of DCCI were also present during the meeting.