IFC training govt officials on ways to promote investment

Internation Finance Corporation (IFC), a member of the World Bank Group, in association with Bangladesh government, is working to train senior level government executives of the country on ways to promote private sector development in the country.

In this connection, a workshop titled Executive Core Group was organised in the city Saturday, said a press release.

The Executive Core Group Programme focuses on developing private sector friendly investment policies and a framework to promote new private sector investment through a series of learning and development workshops for government officials.

Participants will work closely with the Board of Investment (BoI) and other stakeholders to identify administrative and regulatory bottlenecks experienced by local and international investors.

The Programme is also giving emphasis on building skill sets and facilitating practical exercises that will enable business process simplification and streamlining.

‘The long term objective of the programme is to create a critical mass of government officials who will support Bangladesh’s commitment to improved social and economic development and significant reduction in societal poverty, said Dr SA Samad, executive chairman of the BoI.

The programme is a joint effort of the Bangladesh Investment Climate Fund (BICF), managed by IFC in partnership with the UK Department for International Development and the European Union, along with the Bangladesh Enterprise Institute, Korean Development Institute and Institute of Governance Studies.

In his address, Mr Samad said the government considered the private sector to be the “Engine of Growth” and believed that only through private sector development the desired growth rate of above 8.0 per cent could be achieved.

Mr Farooq Sobhan, president of the Bangladesh Enterprise Institute, as the chairperson of the workshop opined that the competitive edge that Bangladesh could secure in attracting foreign direct investment (FDI) in the country will not only come from development of Infrastructure, Energy and other issues but from the responsive and proactive performance of efficient bureaucrats.

The objective of this programme is to effectively transform the senior government officers into ‘champions of change’ within the government bureaucracy to facilitate in achieving the Government’s goal of private sector development, he added.

BICF Programme Manager Laura Watson said, “Through the programme, government officials along with their private sector peers can identify opportunities for further improvement of the existing procedures related to investment facilitation and promotion in Bangladesh.”

08 August, 2010