The Saudi foreign minister’s recent expression of optimism about the future of our two nation’s cooperation is encouraging, with some 20 Saudi companies having shown a lot of interest to invest in Bangladesh. Needless to say, given our nation’s enviable position as an emerging economy in the global stage, foreign interest is all but a given.
However, Bangladesh has had a historically terrible reputation when it comes to ease of doing business, foreign or local, which has been the primary deciding factor on whether we are successful in holding foreign interest.
To cut a long story short: We have not.
Bureaucratic red tape, unchecked corruption at every rung of our administrative hierarchy rear their ugly heads every time we are on the precipice of attracting foreign investment. There is absolutely no reason for any self-respecting foreign company to have to deal with such issues in setting up shop in Bangladesh. And yet these issues persist.
We need to realize that in order for our economy to move ahead at full speed, few things are more important than improving the ease of doing business. And barriers such as those mentioned above continue to foil promising businesses and investors.
This is unacceptable.
The Saudi foreign minister’s words are encouraging that, despite all of our issues, Bangladesh is still an incredibly attractive destination for foreign investors. But that interest alone will not make for a sustainably growing GDP. The government needs to root out the problem elements from our bureaucracy before they can further damage our economy and indeed our image.
To dream of a better nation while the country suffers at the hands of corrupt business practices and unchecked bureaucracy is utterly pointless -- we must prioritize making greater improvements in these areas, and fast.