$2.3b investment offers from NRBs
BoI signs 36 MoU
Star Business Report
The Board of Investment (BoI) has signed a total of 36 memoranda of understanding (MoU) for investment proposals worth US$ 2.3 billion from non-resident Bangladeshis across the globe.The BoI in a 13-day road show from May 25 to June 06 in Toronto, Canada, Birmingham and London, UK and Colon, Germany has attained the investment proposals from the NRBs. The NRBs have expressed their interest to invest in power production, lightening, electronic goods, mineral water, hatchery and fish processing, currency exchange, five star hotels, waste refinery, solar energy and automatic laundry systems. "We are expecting that unlike on previous occasions most of the MoU's will be turned into actual investment due to the current improving governance situation in the country," BoI executive chairman Nasrul Islam said at his office after returning from the road show. However, NRBs had expressed their concern about how long the current investment friendly situation will be maintained, Nazrul Islam said. "We promised them that the situation will continue for as long as those who have been responsible for poor governance realise their mistakes and continue to opt for change, " Islam added. Islam said he was very optimistic that a major portion of the MoU would result in real investments as they had been signed following one-to-one contacts with the NRBs. The contacts came following directives from the caretaker government to woo Non Resident Bangladeshis. The BoI will introduce a NRB cell in its office to follow-up the proposals. Islam said the BoI would provide a one-stop service to NRBs. This will aid with the installation of utility services to their enterprises and assist in land allocation. During the road show several potential NBR investors expressed concern about the hassle in connecting utility services and land allocation. The BoI will also prioritise NRBs in the allocation of plots at special economic zone that the investment board is to establish. The NRBs will get the same treatment as the investors of foreign direct investment (FDI) have been given in returning profits and the withdrawal of investments, the BoI chief said.
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