 | Swiss companies keen to invest, says envoy
29 January, 2010
Swiss investors are keen to invest in Bangladesh but they believe key framework conditions in infrastructure, financial and legal systems are still not there, ambassador of Switzerland in Dhaka Urs Herren said Wednesday.
He said energy and power shortages are seen as a crucial inhibiting factor by the investors' community looking at Bangladesh as the next frontier of investment.
"Energy and infrastructure are big issues our investors are looking at," Mr Herren said in an interview at his office.
Switzerland-based companies are the major investors in emerging economies, with particular focus on infrastructure, engineering and power.
After two years of caretaker regime and the new government in place, the Swiss companies and investors are "carefully studying" the Bangladesh situation before working on fresh investment proposals, he said.
As Bangladesh continues to coax foreign investors for electricity generation, Mr Herren said the Swiss engineering titan ABB Group is "actively looking at options" for investments in the power sector.
In a frantic bid to woo foreign investors, the present government is organising roadshows in multiple global financial capitals seeking US$ 5.0 billion investment for nine power projects of over 3200 MW capacity plus a liquefied natural gas (LNG) terminal to import canned gas.
But the ambassador noted that inefficiency in the legal and banking systems could also be real deterrents.
"If you get entangled in complicated and lengthy legal procedures, you'll be less willing to invest," the envoy said.
Higher lead time and inefficiency at Chittagong port also hampers delivery of goods, tainting its image as the country's prime sea port, he said.
He said the lack of country promotion has also fuelled misconceptions among foreign entrepreneurs about the potential of Bangladesh, which is still struggling to prove itself on the world stage.
Release link:http://www.thefinancialexpress-bd.com/more.php?news_id=90861
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