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ICC Asian Conference to be held in Dhaka

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November 7, 2000 

Dhaka (UNB) - Business policymakers will meet in a two-day session in Dhaka from November 10 to map out the future economy of developing Asia, facing threats of marginalisation in the new-era global economy.

The main focus of the ICC Asia Conference will be identifying resources and potential of Asia’s developing nations to attract FDI flow they badly need to be integrated with the changed world economic order.

FDI in manufacturing sector has been seen as the most profitable in many parts of Asia, yet the flow remains at low ebb for many countries in the region.

And the business leaders at the conference will identify reasons why FDI is shying away from these economies despite opportunities, attractions and incentives offered to woo foreign investors.

Deputy Prime Minister of Thailand Dr Supachai Panitchpakdi, who will take over as the next chief of WTO, and Asian Development Bank president Tadao Chino will be among the high- profile speakers expected in the November 10-11 Asia Conference.

Prime Minister Sheikh Hasina is likely to inaugurate the mega- event, organised by the Paris-based International Chamber of Commerce (ICC)’s Bangladesh chapter.

Some 210 participants from 22 countries, including host Bangladesh, have so far confirmed their participation in the business conference.

Experts from home and abroad will hold elaborate discussions on natural resources, opportunities for FDI, arbitration for settling commercial disputes, trade liberalisation and concerns of developing economies, Asian recovery, discovering regional potentials in IT and multi-modal transportation network in Asia.

Briefing on the purpose of the conference, ICC-Bangladesh president Mahbubur Rahman said the meet is to facilitate Asian nations to interact with one another to identify their strengths and weaknesses and work out a plan to work hand in hand for shared prosperity.

“First we’ve to identify hidden potentialities which are still not exploited and then join hands to encourage FDI. Otherwise we’ll be marginalised,” Rahman said.

Weak infrastructures, lack of enabling environment, political instability, bureaucratic bottlenecks and absence of proper legal framework are the major factors which investors see as impediments to FDI in developing countries. The problems are more or less all the same in all poorer economies in this continent.

Setting an enabling environment and overcoming bureaucratic hassles do not cost money and governments should act in this regard without further delay, he suggested.

“But we need investment for improving infrastructures, ports, power, road and telecommunication, where we must join our strengths together.”

Former Indian finance and commerce minister P Chidambharam, ICC secretary general Maria Livanos Cattaui, Chinese vice minister for Trade and Economic Cooperation Sun Zhenyu, former Japanese ambassador Michio Mizoguchi, Japan External Trade organisation (JETRO) executive vice president Masao Kawai, Japan Bank for International Cooperation executive director Takuma Hatano, Turkish law professor Dr Ergun Ozsunay are among the speakers from abroad.

Bangladesh’s Industries Minister Tofail Ahmed, Commerce Minister Abdul Jalil, former finance minister Saifur Rahman, noted lawyers Dr Kamal Hossain and Barrister Syed Ishtiaq Ahmed, economist Prof Rehman Sobhan, Board of Investment (BOI) executive chairman M Mokammel Haque, business leaders Abdul Awal Mintoo, Yussuf Abdullah Harun, Latifur Rahman, Aftab Ul Islam and ASM Quasem will be among the speakers from the host country.