80pc local investors started work in FY 11: BoI

http://www.theindependentbd.com/business/finance/73257-80pc-local-investors-started-work-in-fy-11-boi.html

80pc local investors started work in FY 11: BoI
Author / Source : BSS

DHAKA, Oct 1 : About 80 percent of the local companies registered with the Board of Investment (BoI) started work to set up industries in the country in 2010-11. The actual local investment has increased significantly due mainly to enhanced electricity supply and the government’s flexible policy for quick power plant, Nabhash Chandra Mandal, executive member, BoI, told the news agency.

According to the BoI statistics, local investors were registered for 1458 local industries in 2009-10 fiscal among which 1160 industries started implementation work.

Mandal said the BoI is conducting a survey to know directly how many businessmen really start business after registration.

When asked Touhidur Rahman, BoI director (Local Investment), said the average growth for actual investment from local registration is 65 percent. But in the last fiscal the growth trend improved significantly. “Although the BoI doesn’t have data about how many businessmen really started business after registration at BoI, the rise in opening letters of credit against new factories clearly indicate how significantly it improved,” Rahman explained.

Sources said during 2010-11 fiscal a total of 478 factories started business under textile sector, 262 under chemical categories, 225 under engineering, and 215 factories started business under agro based category.

Meanwhile, the BoI registered 1979 factories for local investment in the fiscal 2010-11 against its previous fiscal’s 1458 factories.

The local factories proposed to invest Tk 45745 crore for those business against the previous fiscal’s projected investment of Tk 23817 crore.

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