Indeed, the recent news of Japan and Bangladesh signing a number of memorandum of understandings (MoUs) in order to enhance bilateral trade and investment between our two nations is more than welcome.
Bangladesh has been a desirable destination for foreign investment for the better part of the past decade now. With our rising economy and seemingly exponential development, it is no wonder that nations both neighbouring and otherwise are keen on investing in Bangladesh.
However, one of the sticking points which has long held back investment in Bangladesh from truly flourishing is the dire state of our business climate as companies, both local and foreign, find it maddeningly difficult to set up shop and conduct business. Our business environment is completely hamstrung by the layers of corruption, culture of bribery, and unchecked levels of bureaucratic red tape which are innate with the middle and lower rungs of our administrative bodies.
In order for the Bangladesh economy to move ahead at full speed, few things are more important than improving the ease of doing business. While special economic zones go some ways to attract foreign direct investment, at the end of the day a robust business climate is what ensures that foreign companies not only stay but also expand their operations in our country.
This is one front that we need to improve upon drastically and do so soon.
Given the current state of the global economy, we must not take any opportunities to accrue FDI for granted -- the MoUs signed with Japan are most definitely a positive development, but such developments all but need a conducive business environment in order to reap the most benefits.
Increasing our FDI inflow has always been an attainable goal for Bangladesh, we just need to shed our old ways of doing business for it.