German Ambassador in Dhaka Thomas Prinz says he has found "too many obstacles" to doing business in Bangladesh, which run counter to the government's assurances.
"We are told that in theory everything is fine, but in practice we see too many obstacles," Prinz said on Thursday, lamenting that he saw "missed chances" for Bangladesh, reports bdnews24.com.
To him, the Bangladesh economy is like "the motor of a sports car running with 10,000 rpm, but with a tightened handbrake."
"If this handbrake would be released, we could easily see the economy growing by double digits," he said, speaking at a business luncheon organised by Bangladesh German Chamber of Commerce and Industry in the capital.
The event focused on the pharmaceutical sector. The two-way trade between Bangladesh and Germany is more than $5.0 billion with Bangladesh's exports accounting for most of it.
The ambassador said more German companies are interested in the Bangladesh market. "We could have more companies investing in Bangladesh if the framework would be more investment-friendly," he said. "Too much bureaucracy with inconsistent rules and regulations and a great space for interpretation by the administration and growing corruption are only two of the many factors hampering the progress of the country."
European embassies together with European chambers are meeting regularly with the commerce ministry and other relevant agencies such as customs authorities, BIDA and Bangladesh Bank to discuss ways to facilitate foreign investment, Prinz said.
"So far we see very little progress in this time-consuming exercise," he said.
"On the contrary, as we discuss making financial flows across the border easier, the government even comes up with new additional regulations."
Prinz said the pharmaceutical sector has the potential to contribute to the diversification of the Bangladesh economy. Incepta Managing Director Abdul Muktadir said they are aimed at "becoming a global source of high-quality generic pharmaceuticals, vaccine and biosimilar products at competitive prices."
