The awards, AmCham Annual Business Awards-2002, were presented at a gala ceremony at Dhaka Sheraton Hotel yesterday.

Rokia, chair and managing director of RR Cold Storage Ltd. and also chairman of Arlinks Group, received the award in business executive of the year category.

Dhaka Sheraton Hotel got the award as the outstanding American company of the year.

US Ambassador Harry K Thomas gave away prizes to the recipients.

Rokia was given the award for demonstrating strong ethical principles in business and trade, AmCham said.

She has combined success in business with commitment and dedication to women entrepreneurship development. Through her efforts many women all over the country have been successful in starting their own enterprises, the chamber said.

Rokia, also chairperson of Media World, the company that owns The Daily Star, served as an adviser to the last caretaker government.

She has played a leading role in promotion and development of small and medium enterprises. She is also committed to education service as chairman of a private university, AmCham said.

Her business ventures include insurance, media, agro-industries, power and real estate. She is also on the boards of various social development organisations and foundations.

About Dhaka Sheraton Hotel, AmCham said the Starwood Hotels and Resorts Worldwide chain has long been promoting tourism in Bangladesh with its warm and caring service. Trevor MacDonald, general manager of the hotel, received the award.

Addressing the function, the US envoy praised AmCham for recognising business personalities but said that business community in Bangladesh had to face a lot of challenges because of corruption and lack of infrastructure.

Referring to the contribution of a large number of American companies to Bangladesh, he said by their presence they were sending messages to other companies in the US who are sceptical about investment in the South Asian nation.

AmCham President Aftab-ul-Islam said American investment in Bangladesh was stagnant because of growing problems relating to protection of invested property.

US companies want serious assurance from the government about the protection of their investment, continuity of government policy, honouring existing contracts and prompt decision and implementation, he said.

"Doing business in Bangladesh is really difficult and becoming successful in business under the given circumstances is even harder," he said, in an oblique reference to complaints of Japanese foreign investors.

He urged the government to resolve the problems of foreign investors on a priority basis so that they feel secured about their investment.

The government should fulfil its pledges to foreign investors by improving law and order and cutting red tape, the AmCham chief said.

The chamber introduced the Business Executive Award in 1997 and Outstanding American Company Award in 1999 to recognise performance of business personalities and business entities.

Last year, Latifur Rahman, chairman of Transcom Group, won the Business Executive Award while Expeditors Bangladesh Ltd. clinched the Outstanding American Company Award.