BoI must simplify investment process, The Daily Star, 15 February 2015

Calls for revamping the Board of Investment (BoI) are growing louder, with many experts holding its inefficacy responsible for the country’s failure to attract foreign investment at a scale that it deserves.

“We will have to empower the BoI. Many investors lose heart and leave because there is no serious problem-solving mechanism,” Farooq Sobhan, a former chairman of the BoI, said.

He said the board of BoI, which is headed by the prime minister, has perhaps met only twice in the last six years. So, its capacity to fast-track things is very limited.

Sobhan, who is also the president of Bangladesh Enterprise Institute, a non-profit research centre, said there is a need to revisit the whole decision-making process in order to get more effective response.

“At the end of the day, we really need to make life a lot easier for investors, both local and foreign. And, we need a problem-solving mechanism,” he said, while citing the case in Malaysia as an example.