Commerce Adviser Sk Bashir Uddin said it's high time to make both local and Foreign Direct Investment (FDI) in Bangladesh since things are going in the right direction while the progress is evident day by day, reports BSS.
“I would say this is the right time. So, please go and invest here ...I am witnessing that the problems are being addressed every day while the progress is also evident everyday and it will go towards betterment,” he said.
The Commerce Adviser said this while giving an interview to the national news agency recently at his office at Bangladesh Secretariat.
When asked to rate the overall confidences of the private sector over the past seven and half months, he said, "I don't see anything bad. After the mass uprising on August 5, 2024, things went into the right direction and towards a better way. It will further improve. So, it is the 'high time' for making investments in the country," he said.
Bashir said considering the financial and revenue policy of the previous AL-regime over the last nearly 16 years, attempts were made to create 'crony' in the country's economy.
He alleged that instead of ensuring distribution of resources or ensuring balanced distribution of resources, just opposite things happened in the country during that period.
The Commerce Adviser said there should be equal distribution of capital while making investments, but the capital went into wrong directions during that period through money laundering and also through those who went into hiding after laundering money abroad.
"Now we're cruising through such a situation where capacity matters and I think the future environment of course might be far better. But, I think a full friendly environment now prevails in the country for investment," he noted.
He went on saying, "So, investment should be made... the government will make more trade liberalization in the coming days beyond LDC graduation."
Considering these, Bashir said the more opportunities and problems would be created, there would be much more investments to address the problems through tapping the potentials.
He said there would be problems due to LDC graduation apart from creating opportunities, but those problems should have to be addressed through making investments.
Officials and businesses concerned said the declining trend of FDI in Bangladesh in recent years is a bit concerning, especially amid high inflation, rising unemployment, and increasing financial liabilities.
Experts cited political instability, economic uncertainty, bureaucratic inefficiencies, inconsistent policies, high inflation, currency volatility, and inter-agency misalignment as key reasons behind the decline in FDI.
Even low labour costs have failed to attract foreign investors, as a combination of these factors-along with rising corruption and nepotism in more than 15 years of Awami League's rule-ultimately pushed up the cost of doing business in Bangladesh.
The situation turned worse last year amid month-long protests and the Awami League's violently oppressive actions to suppress the uprising, which halted production, disrupted the supply chain, and negatively impacted foreign trade.
Currently, the government is taking steps to review existing policies, identify inconsistencies, and make necessary adjustments.
As part of its initiatives, the government is going to organize the 'Bangladesh Investment Summit 2025' from April 7 to 10 at InterContinental in the city, showcasing the country's evolving investment opportunities and economic reforms.
The summit aims to showcase Bangladesh's investment potential, highlight the economic reforms following the July revolution, and create long-term investment pipelines for sustainable economic growth.
Over 3,000 investors from 50 countries including China, the US, the UK, India, Singapore, and Japan will take part at the summit.
As part of the summit's activities, a 26-member delegation from South Korea will visit Chattogram, Mirsarai, and the Korean EPZ on April 7, providing foreign investors with an on-ground view of Bangladesh's investment landscape.
Additionally, a startup-focused event will take place on the same day at Hotel InterContinental Dhaka. On April 8, international investors will visit the Bangladesh Special Economic Zone (BSEZ) in Araihazar, Narayanganj, followed by an evening networking session.
The main event will be inaugurated on April 9 by the Chief Advisor to the Government of Bangladesh, alongside ambassadors, policymakers, and business executives.
The day's agenda includes the Youth Entrepreneurship Expo and a breakout session on renewable energy hosted by the European Union and UNDP.
A cultural night, organised in collaboration with the Ministry of Culture, will showcase Bangladesh's rich heritage to foreign investors.
On April 10, multiple breakout sessions will cover key investment sectors such as digital economy (led by Citi NA and UNDP), textiles (HSBC and BGMEA), agriculture and agro-processing (Dutch Embassy and LCP), and healthcare (Inspira, EBL and Sajida Foundation).
The day will also feature a matchmaking session and a roundtable discussion on global investment best practices.
Bd-Pratidin English/ AM
