Proceedings Seminar on Investment in Bangladesh-Challenges and Prospects for Realization of Vision 2041
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Pr ISSN: 2521-7135 oceedings Seminar on In NDC SEMINAR PAPER v estment in Bangladesh - Challenges and Pr ospec ts f Proceedings or Realization of Seminar on Investment in Bangladesh - Challenges and Prospects for Realization of Vision 2041 V ision 2041 Date: 15 June 2017 VOLUME 02 NUMBER 03 JUNE 2017 National Defence College NATIONAL DEFENCE COLLEGE Mirpur Cantonment, Dhaka, Bangladesh NDC 2016 www.ndc.gov.bd BANGLADESH 1 National Defence College, Bangladesh 2 Proceedings Seminar on Investment in Bangladesh-Challenges and Prospects for Realization of Vision 2041 Organized by National Defence Course 2017 on 15 June 2017 NATIONAL DEFENCE COLLEGE BANGLADESH 4 DISCLAIMER The analysis, opinions and conclusions expressed or implied in this seminar proceeding are those of the presenters/authors and were presented as part of a course requirement of National Defence College for academic discourses and do not reflect any opinion or position or views of the College, Bangladesh Armed Forces or any other agencies of Bangladesh Government. Statement, facts or opinion appearing in this seminar proceeding are solely those of the presenters/authors/researchers and do not imply endorsement by editors, publisher or National Defence College, Bangladesh. Foreword Bangladesh is a land of opportunity. We have every potential to grow further. Entrepreneurship development and investment promotion is the most effective tool to make these potentials in reality. New investment brings employment, technology, managerial knowledge to alleviate poverty. Building a supportive institutional arrangement will be key to the establishment of a dynamic and private sector oriented policy ecosystem in Bangladesh. Bangladesh has the potential to mobilize huge amounts of resources from private and domestic and foreign official sources in carrying out massive infrastructural investment plan. Increasing institutional capacities for investment promotion and FDI attraction into Bangladesh could lead up toward this dream in near future. We all have a stake to perform for building a prosperous Bangladesh in near future. Bangladesh is a developing country. It is being developed gradually. For its gradual development, the government has fixed some visions. Vision 2041 is one of them. The Prime Minister of the present government, Sheikh Hasina told the parliament that her government will soon turn the Vision 2021 into Vision 2041 as a long-term perspective plan in the context of her party’s election manifesto titled: ‘Bangladesh marching ahead’. She also said that after implementing the Vision-2041, Bangladesh will be a peaceful, prosperous, happy and developed nation comparable with the developed world. If the Vision-2041 is materialized, Bangladesh will become a developed country like all other developed countries of the world. So, in order to make the “Vision-2041” successful, we, all should come forward to help the government. At the end, I sincerely pay my special thanks to all contributors and do humbly acknowledge the persistent efforts of the editorial board for making the paper a success. Lt Gen Chowdhury Hasan Sarwardy, BB, SBP, BSP, ndc, psc, PhD Commandant National Defence College Editorial Investment is a potent weapon of development of economy that can play an important role in achieving the country’s socio-economic objectives including poverty reduction goals. Investment is of crucial importance for the development of productive capacity of an economy by building up physical capital which in turn, creates employment opportunities. By increasing the existence of capital in the economy, investment allows the companies to buy new tools, buildings, computers, machines etc, to support enhanced production. The term FDI refers to investment that is made to acquire a lasting interest in an enterprise operating abroad, the investor’s purpose being to have an effective voice in the management of the enterprise. In other words, FDI is an international financial flow with the intention of controlling or participating in the management of an enterprise in a foreign country. The government of Bangladesh has adopted a long-term perspective plan to transform Bangladesh into a knowledge based middle-income economy by 2021 and a peaceful, prosperous, happy and developed country by 2041. (Star Online Report, 2016). Bangladesh, a densely populated, agro-based, developing South Asian country wants to boost its economic performance for a better future. Bangladesh is distinguished among the LDCs because of its relative success in economic and rural development. We benignly acknowledge the extraneous endeavour of all members of the editorial board for extending their selfless support behind this publication. AVM M Sanaul Huq, GUP, ndc, psc, GD(P) Senior Directing Staff (Air) National Defence College Editorial Board Chief Patron Lt Gen Chowdhury Hasan Sarwardy, BB, SBP, BSP, ndc, psc, PhD Editor in Chief Editor and Seminar Sponsor SDS Col A K M Fazlur Rahman, afwc, psc AVM M Sanaul Huq, GUP, ndc, psc, GD(P) Associate Editor Lt Col A N M Foyezur Rahman, psc, Engrs Assistant Editor Assistant Editor Md Nazrul Islam, Assistant Director Lecturer Farhana Binte Aziz, Research Fellow Faculty Members (Senior Directing Staffs)-National Defence Course Major General S M Shafiuddin Ahmed, ndu, psc Senior Directing Staff (Army) Rear Admiral Muhammad Anwarul Islam, NGP, ndc, afwc, psc, BN Senior Directing Staff (Navy) Air Vice Marshal M Sanaul Huq, GUP, ndc, psc, GD(P) Senior Directing Staff (Air) Brigadier General Abu Taher Muhammad Ibrahim, ndc Senior Directing Staff (Army) Additional Secretary Shahid Hasan, ndc Senior Directing Staff (Civil) Director General Shah Ahmed Shafi, ndc Senior Directing Staff (FA) Faculty Members (Directing Staffs)-Armed Forces War Course Brigadier General Mohammad Mahbubul Brigadier General Md Mahbubul Haque Haq, PBGM, ndc, afwc, psc ndc, afwc, psc Chief Instructor Directing Staff (Army) Brigadier General Hasan Md Shamsuddin Brigadier General Md Rafiqul Islam afwc, psc, Directing Staff (Army) SUP, ndc, afwc, psc, Directing Staff (Army) Colonel (Now Brig Gen) Abdul Motaleb Colonel Muhammad Ali Talukder, afwc, Sazzad Mahmud, afwc, psc psc, Directing Staff (Army) Directing Staff (Army) Commodore Khondkar Misbah-Ul- Azim, Group Captain Md Mustafizur Rahman, (TAS), afwc, psc, BN GUP, afwc, psc, GD(P) Directing Staff (Navy) Directing Staff (Air) Contents Foreword by Commandant, NDC 06 Editorial by Editor in Chief 07 Editorial Board 08 Faculty Members 09 Overview of the Seminar 12 Address of Commandant, NDC 14 Address of the Chief Guest 19 Keynote Paper of Group-A: Investment Scenario in Bangladesh 25 Keynote Paper of Group-B: Investment by Local Entrepreneurs 67 Keynote Paper of Group-C: Foreign Direct Investment in Bangladesh: Challenges and Prospects for Realization of Vision 2041 109 Keynote Paper of Group-D: Way Forward to Bolster Investment for a Developed Bangladesh By 2041 132 Consolidated Keynote Paper (Combining all the Themes): Investment in Bangladesh-Challenges and Prospect for Realization of Vision 2041 173 List of Participants 224 Picture Gallary 233 Overview of the Seminar As part of the course curriculum, National Defence College (NDC) arranges a good number of seminars and other individual and group research works for the course members. The seminar on “Investment in Bangladesh: Challenges and Prospects for Realisation of Vision 2041” was held at NDC on 11 & 15 June 2017 as part of the course curriculum of National Defence (ND) Course-2017. The seminar was participated by four groups of Course Members of ND Course 2017. All groups presented their key note papers on 11 June 2017 and critique groups provided their comments and suggestions to the respective groups. The panel of presenters covered four sub-themes, namely: Investment Scenario in Bangladesh, Investment by Local Entrepreneurs, Foreign Direct Investment in Bangladesh: Challenges and Prospects for Realization of Vision 2041 and Way Forward to Bolster Investment for a Developed Bangladesh By 2041. A separate panel of presenters combined all sub-themes of the seminar and presented a consolidated keynote paper on 15 June 2017 infront of an august gathering comprising ND Course Members, foreign diplomats, eminent resource persons, practitioners and senior armed forces personnel from different military institutions and Headquarters. Dr. A. H. Wahiduddin Mahmud, Former Advisor to the Caretaker Govt in 1996 and Professor of Dhaka University, graced the Seminar as the Chief Guest. The topic of the seminar was very much partinent for the present context of Bangladesh. All the keynote speakers upheld important sides of the themes and the discussion contributed a lot to fulfill the aim of the seminar. At the end of the presentation there was an interactive session where Commandant NDC, Resource Persons, Faculty Members and all Course Members participated and contributed. 12 13 Address of Commandant, NDC Lt Gen Chowdhury Hasan Sarwardy, BB, SBP, BSP, ndc, psc, PhD Bismillahir Rahmanir Rahim. Respected Former Adviser to the Caretaker Government and Professor of Dhaka University, Dr A. H. Wahiduddin Mahmud, Distinguished Academics, Professionals, Senior Military Officers, Government Officials, Representatives of Civil Society and Participants of ND Course 2017. As Salamu Alaikum and Very Good Morning I am honoured and privileged to welcome you in the Seminar. Bangladesh is aspiring to become a middle income country by 2021. Very recently, the Prime Minister of the Peoples’ Republic of Bangladesh declared her