There is no questioning Bangladesh's remarkable rise as a nation. Despite numerous challenges and hurdles, we have continued to overcome and move forward. Not even a global pandemic has been able to stop our growth.
However, there remains much left to be done if Bangladesh is to succeed in reaching the next level as an economy, that of being a middle income economy and beyond. With less than two decades to achieve this loftiest of feats, Bangladesh must start prioritizing certain avenues or risk being left behind.
To that end, when it comes to addressing the long-term health of the country's economy, foreign direct investment is an integral component that must continue to be prioritized.
While the overall business climate of Bangladesh must continue to improve, fingers are naturally pointed at Bangladesh Investment Development Authority (Bida) and its role in facilitating FDI. Moving forward, increasing institutional efficiency, as remarked by a senior financial sector specialist at the World Bank, must be addressed.
The authorities concerned have certainly tried to address issues in our business climate in recent times, and in the past, our ease of doing business was rightfully criticized. However, while things may be improving, issues that plagued potential investors continue to rear their ugly heads.
Make no mistake about it, Bangladesh will face tremendous challenges as it sets to graduate and become a middle income country, losing the many advantages afforded to least developed countries. With global volatility arguably at an all time high, it is of paramount importance that Bangladesh do all it can to increase foreign direct investment, sooner rather than later.