Lengthy bureaucratic process, lack of technological expertise and less return on investment are the major barriers to attracting foreign direct investment (FDI) in Bangladesh, said a former prime minister of Denmark.
Positive treatment on trade; net investment returns and technical assistance on complex investments are required to lure FDI here, Poul Nyrup Rasmussen suggested in an exclusive interview with the FE.
He visited Bangladesh to award scholarships to the students of Asian University for Women (AUW) located in the port city of Chattogram.
The scholarship has been named after his late wife Lone Dybkjaer, who is a co-founder of the university.
The former Danish PM said the AUW is an optimal combination of investment and education, qualification and growth. It is a unique triangle of equal treatment between men, women and education, he added.
On FDI, he said there is a shortage of skilled workforce for complex investments such as engineering, architectural design and environmental issues.
"In respect of profit, we can urge the rest of the world to be less demanding on profit of long-term investment for the sake of balanced development globally," he said.
He said that richer nations can provide technical assistance to Bangladesh in the areas where it needs support. "… You have plenty of water here but you have to buy it," he lamented.
Bangladesh could be the world leader of delivering freshwater globally and there is so much need for freshwater, he said citing examples of Africa and other countries.
The Demark and other developed nations have advanced technology to support Bangladesh in this area, he said.
The World Bank, other financial institutions and richer countries should help Bangladesh to develop the technique, he said.
The biggest international company in Denmark, Grundfoss, has the technique of purifying river water, he said.
The AUW has developed a new technology on experimental basis for circulating water around Chattogram and cleaning it, he said.
He underscored the need for empowering women through technical education and ensuring their representations in key positions through proper planning.
Workforce will be more competitive if Bangladesh focuses on facilitating women workforce by setting up kindergarten to take care of their child, ensure parental leave with payment etc., he said.
If women's participation in the workforce remains smaller that country's growth would be slower, he added.
"I am an economist myself, I haven't read any book that raises any arguments against not educating women to the same level as men and giving them the same chances," he said.
"Right now there is a perfect storm in financial market … war, climate change, inflation, impact of Russia-Ukraine war, and poverty, and this storm could lead a sort of passiveness. I see many people and youngsters saying that it's so big and we cannot do anything," he said
If you can even pour smaller money for educating women, it would pay back multiple times, he said.
Collecting money for the education of women is the most meaningful thing at this moment, he said.
"There is no other university in this world like AUW. The AUW is a unique example of Southeast Asia. It is supporting students coming from Afghanistan and Myanmar too with scholarships," he said.
In the fund collection process, he received positive responses from businesses in Denmark too.
During his visit, he provided five scholarships including two Afghans, one Myanmar and rest Bangladeshi students.
"Women can stay longer in the industry and drop out less if we can facilitate them with additional support," he said.
Women should hold key positions in textiles and fisheries, and proper strategies for this to increase women's positions every year is required for this, he added.
He said that women in key positions could lead to higher innovations, competitiveness, profit and wealth in the society.
"Next generation of women will become masters in textile engineering in my country even though we have fewer garment industries than that of Bangladesh," he said.
The AUW is contributing to the skills development of women youngsters of Bangladesh and this region, he said.
The former First Lady and Environment Minister of Denmark, and leader in the European Parliament, Ms Lone was a passionate advocate for women's equality and justice the world over.
Lone passed away this past year after years of struggling with cancer.
The AUW established 10 endowed scholarships after her name honouring her legacy.
The scholarships styled 'Lone Dybkjaer New Lighthouse Scholarships' aims to raise $2.5 million for this endowment as only the income from the corpus of the fund would be spendable in any given year.
