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| 4th dialogue on
Transnationalism and Development
Opportunities and Challenges of NRB Investment: Experiences of the Nandan Group |
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The 4th dialogue under the project Transnationalism and Development entitled Opportunities and Challenges of NRB Investment: Experiences of the Nandan Group was held at the British Council auditorium on Tuesday, 11 July, 2006 at 3 PM. The purpose of the dialogue was to recognise the contribution of the 1st generation Bangladeshis in trade and culture, the opportunities and challenges they face while investing in Bangladesh, what are the policies that lead towards this decision of starting business in their home country, sensitise the Bangladesh diaspora about their rich cultural heritage.
Brief profile of Mr. Masrur Choudhury & Nandan Group
Mr. Masrur Choudhury, the CEO & Chairman of the Nandan group was the keynote speaker of the dialogue. He narrated his ideas and views, the opportunities and challenges of investing in Bangladesh. His vision is “Build the dream and the dream will build you”, formulating strategies to make the dream true and synergy through resource pooling. He believes in team work and feels that core competence comes from an understanding that “None of us can be as smart as all of us”.
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Mr. Masrur Choudhury organised a group of non-resident Bangladeshis living in the UK and the USA to pool resources and encouraged them to invest in Bangladesh. This bold initiative led to the formation of the Nandan Group of Companies which are currently the leaders in their respective field employing over 800 people and with over half a million clientele. Since the beginning of his career, he received so many awards.
Currently Nandan is very well-known with its mega shop which is a largest and purpose-built superstore, Nandan Park – largest joint venture amusement park, a family amusement center as well and Nandan Water Park, largest ever water park in the country. Another is Nandan Tea & Fatehbagh Tea, which are at Sylthet and organic tea is being grown for export to UK and USA.
Discussion at the dialogue
From the dialogue it was clear that for the development of the country, opportunities are to be created for the involvement of the Non-resident Bangladeshis (NRB). Mr. Masrur Choudhury said that the NRBs are interested in establishing effective links with their home country. Although political unrest, bureaucratic tangles and corruption may have some impact to dampen such interest, the biggest hindrance is the mindset of the NRBs, he added. He also said that as most of the Bangladeshis residing in UK are from Sylhet, their mindset is very much attached with this specific region of Bangladesh and as they question the problems that are prevailing in Bangladesh. Talking over the success of the Nandan group he said that finding reliable partner in Bangladesh and firm commitment are the keys to the success of the group. He also said that the growth of the Nandan group has been an eye opener for many NRBs. He also said that the Bangladesh government needs to come up with projects which has to be very client specific and target oriented, like NRB housing scheme in collaboration with Rehab. While answering to a question posed by the audience he said bridge building is important with the diaspora community specially with the young generation British Bangladeshis. If some of them can be given opportunities for internship at BRAC or some other places – it can be a good way to communicate with them. IT sector of Bangladesh can also be benefited from the 3rd generation British-Bangladeshis. Mr. Abbas Uddin Ahmed was the discussant on the keynote paper. He urged the NRBs to use official channels for sending remittance. He also called on the government to develop new financial instruments and opportunities to facilitate NRB investment. Agreeing with Masrur Choudhury, he said government should open projects for the NRBs and create environment for their investment. Comparing to the volume, prospect and necessity, he suggested that our policy makers need to think and build up strategy that how benefit can be provided for those investments or remittances. He informed that in one of our neighbouring countries Foreign Exchange Bank Certificate (FEBC) for the expatriates, which is a great incentive for these people. In Pakistan also the government provides many facilities to the expatriates.
Mr. Mahmudur Rahman, Executive Chairman of Board of Investment and Advisor, Energy and Mineral Resources Division was the chief guest of the programme. He stated that an important segment of the earnings of the NRBs remain outside the country and efforts are to be made to tap this important resource. He said so far NRB investments have focused on services sector and the important challenge is to direct them to the manufacturing sector. Because manufacturing sector can create jobs, jobs generate income and thus poverty is reduced in this way. PRSP which is considered as important instrument for poverty reduction also depends on the manufacturing sector. In our national economy the contribution of the manufacturing sector is 17.05% which is overtaking agriculture 16.01% and third is trade, he informed. He also said that this contribution of manufacturing sector in our economy is unnoticed by most of the economists and the media as well. He opined that for the development of our country we need more investment in the manufacturing sector which is now coming from private sector people and foreigners. Now the NRBs have started their hesitant move. He mentioned that very poor segment of the people of this country are working in the Gulf countries who send most of the remittances while the most successful Bangladeshis are sending less and they are saving their money abroad for their children to provide them better education and other facilities. The NRBs residing in UK or USA sending very less amount of their earning for their family residing here in Bangladesh. He expressed grief that financial activities are very much centered in Dhaka and Chittagong but Sylhet is also very developed in communication, infrastructure and major gas fields are located at Sylhet but the NRBs of Sylhet are not much interested to invest in Sylhet. He also said that seasonal poverty in some places of the Northern part of Bangladesh can be removed, if industrialization takes place there. So there is also a opportunity of investment.
Relating to Masrur Choudhury’s speech and referring to a question posed by the audience he said that personal linkage is very necessary to set up a business and influencing policy to bring it in favour of the investment. He talked about the friendship and strong connection of UK Prime Minister Mr. Tony Blair and Laxmi Mittal steel tycoon who own many steel assets all over the world. He said that he always advocates for transparent policies of which people must be aware and it would also provide better outcome. He said personal connection can make the outcome more satisfactory. He also said the NRBs should make connections with the Social Democrats or Republicans while residing in UK or USA not with the political parties of Bangladesh. Then they can be successful as Bangladeshi Diaspora.
In concluding the dialogue programme, the moderator of the programme Dr. Tasneem Siddiqui said that diaspora community can contribute a lot to the development of the country. The country of origin need to build opportunities and create environment for them to investing here in Bangladesh. She also said that connections can also be built through fusion music like Habib and Krishna are making songs popular.
Launch of the website
In the discussion, Dr. June Rollinson, Director of the British Council, Ms. Helen de Gier and Mr. Bharat Joshi of the British High Commission and Dr. C R Abrar of RMMRU participated. A website to facilitate links between Bangladeshi youth with their counterparts among the British Bangladeshis was also launched at the session by the Chief Guest, Mr. Mahmudur Rahman. The interactive website contains information on Bangladesh that could be of interest to the third generation British-Bangladeshis.
Students of various faculties of Dhaka University including those of the Business Studies, journalists, representatives of NGOs and migrant support groups and International Organisation for Migration, attended the dialogue. |
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