Bangladesh Investment webinar describes changes to encourage Economic Development and Investor Trust
The Bangladesh Investment Development Authority (BIDA) hosted a "State of Investment Climate" webinar, drawing over 350 global business leaders, investors, and non-resident Bangladeshis (NRBs).
Key government figures, including Mr Ashik Chowdhury, Executive Chairman of BIDA and BEZA, and Mr Lutfey Siddiqi, Special Envoy on International Affairs, participated in a fireside chat addressing initiatives to enhance the investment landscape.
In his opening remarks, Mr Chowdhury expressed gratitude for the support received since his recent appointment, highlighting his "demanding Nobel Prize-winning head of state" as a catalyst for ambitious economic reforms. He introduced "project ambassador," a new initiative to improve engagement with existing investors by assigning dedicated contacts to streamline government processes.
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Mr Chowdhury also acknowledged Bangladesh's limited share of Asia's $620 billion in foreign direct investment (FDI) and outlined a roadmap to enhance the ease of doing business and tackling corruption. He pointed out that the country ranks 149th in the Corruption Perception Index, indicating significant challenges to investor confidence. His "two-pronged" approach targets quick wins and long-term structural changes.
Mr Siddiqi reinforced the government's commitment to responsible business practices, emphasising labour rights and environmental standards. The officials discussed upcoming improvements, including a National Single Window for port billing expected by early 2025 and the rollout of an Authorised Economic Operator (AEO) system to streamline goods transport in January 2025.
Power stability remains a top priority, with proposals for captive power options and a new investment advisory board to guide FDI strategy. The government's anti-corruption measures focus on digitising processes to enhance transparency and reduce bureaucracy.
Concluding the session, Mr Chowdhury reiterated the government's commitment to creating a fair and transparent business environment and invited ongoing dialogue with stakeholders. As Bangladesh embarks on its economic reform journey, it aims to remove barriers and establish itself as a prominent player in the global economy.
