How Bida plans to tell Bangladesh's story in the right way

Nahian Rahman Rochi, the newly appointed head of Business Development at the Bangladesh Investment Development Authority (BIDA), is one of the first private-sector representatives to take on this role. With an extensive career in global leadership, including positions in South Korea, Singapore, Indonesia, Hong Kong, and Bangladesh, Rochi brings a wealth of experience to the table. He holds a bachelor's degree from the Institute of Business Administration at the University of Dhaka, along with CIMA and CPA certifications, underscoring his dedication to professional excellence.

Ease of doing business has been a recurring topic for years. What are your thoughts on it?

The ease of doing business is perhaps the biggest challenge for our entrepreneurs and investors. I've been in this role for over a month now, and personally, I believe the ease of doing business overshadows other issues like politics or policy continuity. Investors often face delays when starting a business, which leads to a loss of interest. By the time the process begins, many investors have already lost enthusiasm. This is why improving the ease of doing business is our top priority.

What steps are you taking to ensure a smoother business environment?

We're implementing a couple of measures. First, we plan to set up a relationship management team, similar to what you see in banks. When a high-value client enters a bank, a dedicated team addresses all their concerns in one place. BIDA aims to adopt this approach. I'm overseeing high-value investors, ensuring their needs are met. We're also setting up specialised teams for different regions like Greater China & North Asia, Asia Pacific, and North America. These teams will guide investors through challenges specific to their regions. This initiative will be prioritised and rolled out in the next 60 days.

The second measure is the creation of an inter-ministerial body chaired by the chief adviser. This body brings together agencies like BIDA, BEZA, Bepza, Customs, NBR, and others to address investment issues collaboratively. Previously, agencies worked in silos, but now we're fostering a unified approach.

BIDA has launched a One Stop Service (OSS) incorporating dozens of services for investors. Do you think it's enough? 

The current OSS system is fragmented. We have separate OSS systems for BIDA, BEZA, and BEPZA, but we need a unified approach. We're working on connecting these systems into a centralised OSS portal. Investors should be able to apply for necessary permissions through this one portal instead of multiple systems.

We're also focusing on transparency—investors will be able to see processing times for services. We'll publish our performance tracker, so the public can monitor progress and push us for improvements.

Starting a business and registering takes longer in Bangladesh than in many other Asian countries. How can we reduce this time?

Business registration can indeed take longer. A significant reason is the number of licences and documents required. For example, in the leather sector, businesses need 23 licences and 190 documents. We need to identify which documents are truly necessary and compare them with other countries like Vietnam, India, or Cambodia. We've chosen the leather sector as a pilot for this benchmarking exercise. If successful, we'll apply it to other sectors. This approach follows the Japanese Kaizen model—start small, succeed, and expand.

After a month in this role, what feedback have you received from the business community, and what do they want?

I've been talking to many businesspeople, and it's been an eye-opening experience. There are many things we think are important, but they may not be the actual concerns of investors. For instance, Bangladesh's fundamentals are strong. Our median age is younger than India or Vietnam, and our middle class will number 34 million by 2025.

Internet penetration grows 3% each year, and mobile financial services transactions total $400 million daily. Bangladesh's market potential is undeniable. What we need to improve are a few key issues.

In our "State of Investment Climate Bangladesh" webinar, we identified five key concerns: government service quality, industry consultation, policy continuity, access to resources, and corruption. If we can improve these areas, investor attitudes will shift positively. Investors also understand that political volatility is global, not just a Bangladesh issue.

Look at the Middle East, North America, or South Korea. Political changes are constant everywhere. Bangladesh's strategic location makes it geopolitically relevant. We're at an inflexion point, and if we can leverage our strengths in manufacturing, we can follow the path of countries like South Korea, Vietnam, and India.

You've held significant roles abroad. What differences do you see between your experiences there and in Bangladesh?

Countries that have made progress have identified their comparative advantages. South Korea capitalised on its cultural exports like K-pop, Singapore on its financial sector, and Indonesia in nickel. These countries maintained long-term policies to support their strengths. Bangladesh needs a similar strategic approach.

We must identify our strengths, prioritise sectors, and provide comprehensive support. If we allocate the right resources, I believe Bangladesh can follow the same path.

We're working on developing a National Foreign Direct Investment (FDI) Heat Map, which will help us identify sectors with the highest growth potential. We'll share this in January.

Investors often rush into sectors with limited market scope due to data deficits. How can BIDA guide them?

Information scarcity is a challenge. Investors need sector-specific data to make informed decisions. Many countries provide detailed sectoral information, but we lack this in Bangladesh. To address this, we're setting up a research and analysis wing at BIDA. This team will generate sectoral insights and create publications to guide investors.

We're also improving our website to provide more relevant and detailed information. Partnering with knowledge organisations will further enhance this initiative.

What efforts are being made to highlight the strengths of doing business in Bangladesh?

I'm passionate about this because Bangladesh's story isn't being told properly. There's a lot of noise that masks its true potential. To address this, we've created a "Bangladesh Pitch Deck," which we use in investor discussions.

We've received positive feedback, and we're working to present this story through international media outlets to showcase Bangladesh's strengths.

Are there any plans to organise an international investment conference in Bangladesh?

Yes, we're planning a series of international investment conferences next year, both online and offline. One of the key events will be the International Investment Summit, which we aim to hold in the first half of the year.

We're in the early planning stages, but once confirmed, we'll share the details with the public.

I want to emphasise the importance of feedback. We can only improve with honest input from investors and the public. With the plans I've outlined for 2025, I'm hopeful we can steer the investment climate in a positive direction. Bangladesh has immense potential, and I believe we're on the path to unlocking it. Once investors come in, we want them to be happy and become ambassadors for Bangladesh.