This entire article is a total fabrication.
It completely ignores the unprecedented prosperity and social justice that we have experienced since the creation of Digital Bangladesh.
The anti-Liberation forces and war criminals are executing a Pakistan sponsored "blueprint" that involves disguising themselves as poor people and switching off their lights and electrical appliances in a coordinated effort to create the illusion of poverty and load-shedding.
These anti-people forces must be stopped.
Emanur Rahman | m. +447734567561 | e. emanur@rahman.com
From: Isha Khan <bdmailer@gmail.com>
Date: Fri, 23 Apr 2010 08:07:35 +0600
To: <dhakamails@yahoogroups.com>
Subject: [ALOCHONA] Investment scenario bleak, political grudge intensifying
Investment scenario bleak, political grudge intensifying
At a time when investment in the national economy is on decline from home and abroad, statement by some senior ministers to take over Islami Bank and Ibn Sina Trust and such other organisations has the danger to bring further decline in the inflow of foreign direct investment (FDI) and intensify this nosedive.
The economy is in a shambles and growth this year is going to be the lowest than the past several years, the International Monetary Fund and the Asian Development Bank said.
The economy is in a shambles and growth this year is going to be the lowest than the past several years, the International Monetary Fund and the Asian Development Bank said.
Moreover, the acute shortage of gas and electricity has virtually blocked the way of setting up new industry and run the existing manufacturing facilities thereby threatening job cuts and snags in income generating activities.
Finance minister A M A Muhith said the country is facing a famine like situation as far as the energy supply is concerned. In this situation analysts wonder how responsible government ministers can speak about taking over banks, hospitals and such other institutions only because they are run by people largely belonging to Jamaat-e-Islami and other Islamic groups.
Finance minister A M A Muhith said the country is facing a famine like situation as far as the energy supply is concerned. In this situation analysts wonder how responsible government ministers can speak about taking over banks, hospitals and such other institutions only because they are run by people largely belonging to Jamaat-e-Islami and other Islamic groups.
The government is working on a move to try the leaders of the Bangladesh Jamaat-e-Islami (BJI) for taking side with Pakistani occupation forces and their alleged involvement in armed activities which may fall under war crimes. For this purpose the Government has already set up the trial court, appointed judges and chief prosecutor when other preparatory works are in progress.
In this backdrop, the Prime Minister recently blamed local and external forces for working to stop the trial and said the BNP is trying to save its political ally BJI and party standing committee member Salahuddin Qadir Chowdhury as a former Muslim League using Saudi government's influence on her administration.
Meanwhile, some of the cabinet ministers said, BJI is using huge fund from Islami Bank and such other institutions allegedly run by its members to block the trial and so the government should go for taking over them.
Investment scenario
It appears like the ministers are speaking freely without thinking about what is happening currently at the investment level from domestic and outside sources. Board of Investment chief Dr S A Samad last week agreed the investment scenario is not encouraging and falling much behind the previous records. At a discussion held by Economic Reporters Forum (ERF) at Jatiya Press Club, he blamed shortage of power and gas and such other infrastructural facilities as the biggest impediment to attracting new investment.
In this backdrop, the Prime Minister recently blamed local and external forces for working to stop the trial and said the BNP is trying to save its political ally BJI and party standing committee member Salahuddin Qadir Chowdhury as a former Muslim League using Saudi government's influence on her administration.
Meanwhile, some of the cabinet ministers said, BJI is using huge fund from Islami Bank and such other institutions allegedly run by its members to block the trial and so the government should go for taking over them.
Investment scenario
It appears like the ministers are speaking freely without thinking about what is happening currently at the investment level from domestic and outside sources. Board of Investment chief Dr S A Samad last week agreed the investment scenario is not encouraging and falling much behind the previous records. At a discussion held by Economic Reporters Forum (ERF) at Jatiya Press Club, he blamed shortage of power and gas and such other infrastructural facilities as the biggest impediment to attracting new investment.
Most other discussants held the same view and may be for political expediency, no discussant made any attempt to analyze the investment situation from a governance perspective now obtaining in the ground.
It is true people are not having new gas connection to commission already set up manufacturing plant and run existing plants for frequent power outages. But there are also reasons beyond such failures which are impeding investment.
RMG scenario
News of wanton destruction, violence and arson at garment factories at Savar, Gazipur or Kanchpur hit the headlines of the national dailies last week. In most incidents ruling party leaders right from MPs down to local party cadres are having hand in them as part of their alleged toll collection drive.
"If you want to build a new plant, you will have to pay local party men," said a garment owner claiming anonymity.
It is true people are not having new gas connection to commission already set up manufacturing plant and run existing plants for frequent power outages. But there are also reasons beyond such failures which are impeding investment.
RMG scenario
News of wanton destruction, violence and arson at garment factories at Savar, Gazipur or Kanchpur hit the headlines of the national dailies last week. In most incidents ruling party leaders right from MPs down to local party cadres are having hand in them as part of their alleged toll collection drive.
"If you want to build a new plant, you will have to pay local party men," said a garment owner claiming anonymity.
Moreover, government business rules and procurement guideline change very frequently changing specifications of items in question, extending dates and taking new suppliers' names in the list violating existing notification, said another entrepreneur pointing out that business has become difficult to continue.
These being the ground realities, discussants on most occasions just prefer to blame the past government to conceal the Government's own failure to improve the energy crisis over last 13 months.
Four telecom firms
A questioner at the ERF meeting raised the point of good governance, consistency in policy regime and questionable actions of the regulatory bodies saying their behaviour is very important to promote investment and protect it. He wanted to know what justification lay behind closing four telecom firms recently by the authorities for their alleged involvement in VOIP business in which people from regulatory bodies also had a helping hand.
The Government could fine them or take them to court for bigger punishment. But the authorities had just closed the firms and disconnected their closer to one million clients sending most owners to underground and subsequently to jail.
Such moves are sure to be counterproductive, especially when the Government takes such cases purely on political motive to destroy businesses and make their owners insolvent as they may belong to opposition. Economic cost of such moves is enormous and such actions can never be investor-friendly.
These being the ground realities, discussants on most occasions just prefer to blame the past government to conceal the Government's own failure to improve the energy crisis over last 13 months.
Four telecom firms
A questioner at the ERF meeting raised the point of good governance, consistency in policy regime and questionable actions of the regulatory bodies saying their behaviour is very important to promote investment and protect it. He wanted to know what justification lay behind closing four telecom firms recently by the authorities for their alleged involvement in VOIP business in which people from regulatory bodies also had a helping hand.
The Government could fine them or take them to court for bigger punishment. But the authorities had just closed the firms and disconnected their closer to one million clients sending most owners to underground and subsequently to jail.
Such moves are sure to be counterproductive, especially when the Government takes such cases purely on political motive to destroy businesses and make their owners insolvent as they may belong to opposition. Economic cost of such moves is enormous and such actions can never be investor-friendly.
Many prospective investors now stay out of the country with their money lying elsewhere as the political move of the ruling party is forcing them to stay out of the country which is depriving the nation of investment which could have otherwise benefited the country.
Expatriate investments may also remain at the low at this moment. Analysts say it is not time for pro-BNP businessmen to invest in national economy fearing unknown reprisals. This country is by and large divided in absence of rule of law. Analysts add, this is the time for ruling Awami League to amass wealth or take possession of public land informally. Investment in the country's real sector is failing; so the nose dive is bound to occur as the IMF said growth this year may be at 5.0 per cent.
IDB, OIC and IBBL
Moreover the case for taking over of Islami Bank or Ibn Sina Trust calls for closer review. How can the ministers speak of taking over banks, hospitals or pharmaceutical company because they are run by people many of whom belong to BJI workers and supporters? For argument's sake even if BJI leaders were war crime suspects, what is the problem with the Islami Bank Bangladesh Ltd. (IBBL) which is having 57.36 per cent share from foreign countries.
Expatriate investments may also remain at the low at this moment. Analysts say it is not time for pro-BNP businessmen to invest in national economy fearing unknown reprisals. This country is by and large divided in absence of rule of law. Analysts add, this is the time for ruling Awami League to amass wealth or take possession of public land informally. Investment in the country's real sector is failing; so the nose dive is bound to occur as the IMF said growth this year may be at 5.0 per cent.
IDB, OIC and IBBL
Moreover the case for taking over of Islami Bank or Ibn Sina Trust calls for closer review. How can the ministers speak of taking over banks, hospitals or pharmaceutical company because they are run by people many of whom belong to BJI workers and supporters? For argument's sake even if BJI leaders were war crime suspects, what is the problem with the Islami Bank Bangladesh Ltd. (IBBL) which is having 57.36 per cent share from foreign countries.
The bank was established in 1983 under an agreement with Islami Development Bank (IDB) following the approval of the move by Organization of Islamic Countries (OIC) at its Jeddah meeting in 1981.
Its shareholders include Saudi and UAE royal family members and others from Qatar, Bahrain, Jordan and Luxemburg. It is the first such bank set up in South and Southeast Asia and since then Islamic banking has taken roots in Europe, USA and East Asia. In Bangladesh almost all other banks have also Islamic banking windows, besides insurance companies set up following Islamic banking principles.
Its shareholders include Saudi and UAE royal family members and others from Qatar, Bahrain, Jordan and Luxemburg. It is the first such bank set up in South and Southeast Asia and since then Islamic banking has taken roots in Europe, USA and East Asia. In Bangladesh almost all other banks have also Islamic banking windows, besides insurance companies set up following Islamic banking principles.
So many people wonder why the government leaders and some people from different platforms are speaking without knowing its legal and practical implications.
One wonders if they really know by taking over Islami Bank -- by far the biggest private sector bank in the country -- having investments in almost all sectors of the economy, the government may really create panic to business community destabilising the economy.
The bank having 231 branches all over the country earned a profit of Taka 845 crore last year of which it paid 42 per cent to the government as taxes. It is employing 9467 people at various levels bringing bread to their families. The Government leaders are blaming Islami Bank for funding jihadi activists, but the bank functionaries say they are operating under strict supervision of the central bank and regular BNR audits. The bank -- established 12 years after the independence -- has no relation with war crime trial or the persons whom the government is trying to prosecute.
The anger become clear from comment of Dr Abul Barkat who in his research on 'economy of fundamentalists' said the country's Islamic economy is growing between 7 to 9 per cent annually at a time when the national economy is growing between 5 to 5.5 per cent. His focus was that such faster growth of the Islamic economy through its network of banks, insurance and health organizations is becoming a growing threat to the country's secularist forces and their destruction may only bring peace.
Health sector
It is a recognized fact that Ibn Sina Trust, Islami Bank Hospital and such other outlets significantly contributing to the country's health sector. Ibn Sina sources say they offer low-cost health services to the people and also free treatment and hospital beds in selective cases. Their health facilities are having the latest technological equipment in service. They said they offer 25 per cent discount on diagnostic services to patients at a time when other diagnostic centers pay back to doctors who send patients to them. People wonder why a group of professionals demand the closure of all diagnostic centers and coaching centers run by groups affiliated to BJI and such other groups.
One wonders if they really know by taking over Islami Bank -- by far the biggest private sector bank in the country -- having investments in almost all sectors of the economy, the government may really create panic to business community destabilising the economy.
The bank having 231 branches all over the country earned a profit of Taka 845 crore last year of which it paid 42 per cent to the government as taxes. It is employing 9467 people at various levels bringing bread to their families. The Government leaders are blaming Islami Bank for funding jihadi activists, but the bank functionaries say they are operating under strict supervision of the central bank and regular BNR audits. The bank -- established 12 years after the independence -- has no relation with war crime trial or the persons whom the government is trying to prosecute.
The anger become clear from comment of Dr Abul Barkat who in his research on 'economy of fundamentalists' said the country's Islamic economy is growing between 7 to 9 per cent annually at a time when the national economy is growing between 5 to 5.5 per cent. His focus was that such faster growth of the Islamic economy through its network of banks, insurance and health organizations is becoming a growing threat to the country's secularist forces and their destruction may only bring peace.
Health sector
It is a recognized fact that Ibn Sina Trust, Islami Bank Hospital and such other outlets significantly contributing to the country's health sector. Ibn Sina sources say they offer low-cost health services to the people and also free treatment and hospital beds in selective cases. Their health facilities are having the latest technological equipment in service. They said they offer 25 per cent discount on diagnostic services to patients at a time when other diagnostic centers pay back to doctors who send patients to them. People wonder why a group of professionals demand the closure of all diagnostic centers and coaching centers run by groups affiliated to BJI and such other groups.
