Lack of transparency in bidding process the key issue for foreign investors: FICCI to energy advisor
Representatives of foreign investors have expressed concerns about the lack of transparency in Bangladesh’s bidding process, saying it was one of the key issues hindering investment in the country.
They also highlighted worries over regulatory obstacles and other investment-related challenges in the country.
A delegation of the Foreign Investors’ Chamber of Commerce and Industry (FICCI), led by its president Zaved Akhtar, raised these concerns during a meeting with the newly appointed adviser to the Ministry of Power, Energy, and Mineral Resources, Muhammad Fouzul Kabir Khan, at the capital’s Secretariat on Thursday.
“During the meeting, FICCI members underscored several major challenges faced by foreign investors in the sector, particularly regarding regulatory hurdles and concerns over the lack of transparency in the bidding process,” according to a press release from FICCI.
In response, Adviser Fouzul Kabir acknowledged the challenges raised by FICCI member companies and assured them of his strong commitment to addressing corruption within the ministry.
He promised to implement reforms to improve transparency, with a specific focus on the bidding process.
Following the meeting, Zaved Akhter told The Business Standard, “The honourable adviser assured foreign investors that transparency would be ensured not only in the energy sector but in all bidding processes, including those in transportation and the rail sector.”
“He also informed us that the interim government will review previous energy-related contracts to determine if there was any corruption or if the country’s interests had been compromised,” Zaved added.
“The adviser also expressed his willingness to collaborate closely with FICCI to address these challenges and promote sustainable growth in the power and energy sectors. He emphasised the importance of public-private cooperation and expressed a commitment to maintaining an open dialogue with FICCI to foster long-term partnerships,” the release reads.
