Bangladesh struggles to woo foreign investors who cite ‘instability’: Jamaat chief

Shafiqur Rahman, chief of the Jamaat-e-Islami, has said many foreign investors are reluctant to invest in Bangladesh due to political “instability and corruption”.

On Saturday, he said, despite independence, Bangladesh has yet to create the “desired comfort and facilities for domestic and foreign entrepreneurs”, bdnews24.com reports. 

“When we sit with foreign friends and invite them to come, they ask, ‘Where would we come? Your country is not stable. There is rampant red tape and bureaucracy. Your country poses threats to my life and my investments. I cannot come here without assurance of my funds’ safety’.”

He added that many other countries can provide the secure and reassuring environment that investors demand. “You assert the environment, we will come,” he said.

He spoke at the Fourth Bangladesh Economic Conference at a Dhaka hotel.

“We say, we have abundant labour, low-cost workers, and production costs will be low, so profits will be high. But they reply, ‘Producing alone doesn’t guarantee profits. We need an environment to actually make profit’.”

He stressed that this challenge is not only for foreign investors but also for local entrepreneurs.

“Often, businessmen are labelled opportunistic. When a government comes, they align themselves to survive. I do not blame them; the responsibility lies with the politicians.”

Shafiqur argued that politics governs every economic policy, coordination, and development.

“If the brain is sound, the body works properly. If the brain is not right, no part of the body functions well. Businesspeople are a vital part of society.”

“If the world can do it, we can too, but someone must take the lead and ensure it happens. The question is, who will tie the bell on the cat? I will. You will. Take the oath. What wasn’t done before must be done now.”