Investment laws of Bangladesh: challenges & the way out.

Investment laws of Bangladesh: challenges & the way out.

I

Before illustrating the out and out inner significance, drawbacks etc including the way out of investment laws of Bangladesh, I feel like to put forward here the definition of investment laws so far as I understand. Eventually, Investment laws are such provisions, Rules, Regulations, Ordinance and statutes which, more specifically, deal with the overall welfare, prospects, interest, monitoring, controlling of national and international trade & investment policies & giving a legal frame work of trade and investment. In other word, investment laws ensure & guarantee the utmost interest of legally accepted investment expansion, promotion & supervision.

However, now I had better out line some key factors which mostly lag behind investment on trade in Bangladesh.

• We are not being able to give all out business environment and investment security to the investors both local & foreign.
• Political unrest, lack of democratic practice, extortion, hush money for project approval of our country is not being investment-friendly on trade & commence in  the recent year in Bangladesh which amounts to our investment sectors frustrating & serious snap on our economy & trade.
• The Sky rocketing tendency of taking illegal percentage by the concerned authorities and persons from the investors by virtue of  business inception, investment on new project and tender approval which are chasing the foreign investors mostly including local investors in Bangladesh.
• More particularly, illegal gain by the banner of ruling Govt. & political parties brings a devastating drop down of  investment in Bangladesh.
• Surprisingly, we are ready to miss appropriate the state treasure showing our thumb to the existing laws of the country, morality as well.
• Investment-friendly electricity, gas connection, communication gap, security problems of buyers, investors & foreign business delegations have become a great hindrance to increase and attract the investors to invest on trade & business in Bangladesh.

It is relevant to bring to light that there are some investment laws in Bangladesh among all some of the laws with regard to investment are being placed here under:

• Bangladesh Commence & Investment limited Reconstruction Act, 1997 (12 Act of 1997).
• Bangladesh Export Processing Zones Authority Amendment Act 2002.
• Bangladesh House Building Finance Corporation (Amend) Act, 1992.
• Bangladesh Industrial Enterprise (National saffa) Amendment Act 1987.
• Bangladesh shilpa Rin sangstha (Amend) Act 1993.
• Bank companies (Amend) Act-2003.
• Bank & Financial Institution Laws Amendment Act, 1980.
• Development of Industries Regulation Act 1949.
• Development Board laws (Amendment) Act, 1980.
• Import & Export (Control) Amend Act- 1975.
• Industrial Relations Acts (Amendment) 1993.
• Industries Acts, 1931.
• Insurance (Amend.) Act, 2004.
• Investment Corporation of Bangladesh (Amend) Act, 2000.
• International financial organization (Amend) Act, 1998.

The above mentioned laws are closely related with the investment & trade of Bangladesh, though there are some Laws left to mention here above.

The key Challenges & limitations related to the investment laws of Bangladesh are as under:

1. Investment laws of Bangladesh are not updated with the demand & prospect of the present trade & business trend.
2. In some cases extra burden & conditions have been imposed upon the investors.
3. There are some latches of being well adjustment with the guideline and concept of World trade Organization.
4. Scarcity of the clause to protect and give safety of the investment of the investors.
5. Procedures and Rules are not faster and rested on bureaucracy.
6. No modern approach of trade & investment.
7. Excess taxes, duties imposing etc.
8. Not Sustainable development friendly investment law.
9. On the other hand, long delay of investment dispute resolution.

Apart from this, we can say that it is our high time to get out from the primitive Boxlike concept & laws of investment.

Firstly, I think & strongly believe that all the investment related authorities & bodies should come forward to do their jobs promptly as per law.

Secondly, no telling to say that Amendment of all relevant sections, clauses of the investment laws of Bangladesh can open the potential windows in our trade & investment sectors.

Moreover, Thinking about the Global aspects of  investment & then implementation of the policies for the wider interest of the country’s trade & investment.

More so, Ensuring the investment-friendly environment and security can gear up the wheel of investment on trade & business in Bangladesh.

Also, Gas & electricity connections to the industrial project must be made available & affordable.

And, Needless to say that law & order situation including the conflict clash and unrest arising out of politics should be made zero to have a potential Bangladesh full of foreign investments on trade & business sectors in the future.

At last but not the least, positive & investment friendly attitude of the Govt, political leaders, Beaurocrates etc should have to be ensured in no time to carry into effect in our trade & business sectors by way of national & international investments.

In epilogue, I just would like to convene to all the concerns to come and stand on in an unique plat-forms for the betterment and utmost interest of our beloved country-Bangladesh. Without having untiring & concerted efforts of all, the investment trade & commence sectors of Bangladesh will have no way but to go astray.