FDI surge for Bangladesh

DHAKA - Foreign funds targeting Bangladesh have surged more than sixfold over the past year, as South Korean and Chinese investors in particular seek to capture some of the growth in the country's textiles and services sectors - raising hostility from local interests keen to protect their turf.

A total of 163 foreign and joint venture industrial units have registered investment proposals worth US$3.83 billion at the Bangladesh Board of Investment (BoI) this year, compared with 122 industrial units worth $584 million during the fiscal year that ended on June 30, 2010. FDI worth around $622 million was received during the first 11 months of fiscal year ending this month.