‘Local or foreign?’ Speakers at roundtable demand clarity on investor identity

The government needs clearer rules to determine which companies should be treated as local and which as foreign, particularly when strategic assets and investment privileges are involved, speakers said today at a roundtable.

Distinction between domestic and foreign investors often becomes blurred, allowing companies to claim whichever identity serves their interests, they said speaking at a roundtable titled “Priority of Domestic Investment in Strategic Assets”, organised by the Centre for Strategic Research and Dhaka Stream at a hotel in Gulshan today.

Speaking at the event, Shushashoner Jonno Nagorik Secretary Badiul Alam Majumdar said ambiguity over the identity of some business groups has raised serious questions.

“Should we call S Alam local or foreign? Is Summit Group local or foreign? This is not clear,” he said, adding, “When necessary, when they need facilities, they become local. Again, when the situation goes against their interests, they become foreign. That is why we need clearer laws.”

He said Bangladesh could not go as far as it should have, partly because of investment stagnation. He drew comparisons with South Korea and Singapore, saying those countries advanced by investing in education, talent development, rule of law and good governance.

Stating that citizens and civil society must play a stronger watchdog role over both public and private sectors, he said, “A state where citizens remain vocal and act as watchful guardians makes wrongdoing difficult.”

State Minister for Planning Zonayed Saki, who attended the event as chief guest, said the government wants to use the administration in the national interest and assess officials on performance rather than political consideration.

He said the prime minister has already made it clear that performance would be the key basis for evaluating officials.

Saki said public investment management has become one of Bangladesh’s major challenges, citing delays in project implementation, rising costs, inflated budgets, lack of integration among projects and waste of public money.

Nagarik Oikya President Mahmudur Rahman Manna said Bangladesh has developed a “feudal” national mindset.

In the keynote paper, CSR Executive Director Sakib Anwar said local firm MGH Group had offered higher revenue than DP World of the UAE and RSGT of Saudi Arabia for operating Chattogram Container Terminal. Even then, the government was moving ahead with the process of forming an evaluation committee with DP World, he said.