Bangladesh has boldly entered a new chapter in its journey of social, economic, and political transformation. Following the student uprising of July 2024, a dynamic interim administration has been installed and with it has come a team of charismatic and reform-minded individuals. The administration has successfully begun to restore public trust and re-energize the nation’s image on the global stage.
One of the most notable initiatives under this new leadership was the recently concluded Investment Summit, which was successful in garnering substantial interest from international stakeholders. The summit spotlighted emerging sectors such as energy, technology, infrastructure, and startups -- areas where Bangladesh continues to show immense potential. While the event was widely praised for its ambition and participation, and was seen as necessary in rebuilding Bangladesh’s image, it also perhaps missed an opportunity to showcase the country’s legal system, which is usually a fundamental pillar of investor confidence.
Previous administrations had launched various branding initiatives, including international roadshows by the Securities and Exchange Commission (SEC) to attract stock market investment. Regardless of the intentions behind these activities, these efforts yielded limited long-term gains, perhaps due to an underemphasis on the foundational role of legal and institutional integrity.
However, despite efforts in these areas, there has not been any significant push to "brand" Bangladesh’s legal system. Many might object to the term “branding” when it comes to the legal system. One could argue that the legal system, being a collection of institutions and rules governing those institutions, is not a product to be marketed.
Traditionally, branding has been associated only with products that can be bought and sold for a price. However, the advent of nation branding has challenged this perception. Countries now recognize that in a globalized world, they compete with each other on various dimensions. A country’s image is shaped by political, economic, and cultural factors and how these are perceived by a global audience. In today’s information-rich environment, people can form perceptions about a country through the readily available information presented to them.
When making decisions about investment destinations, sourcing locations, or joint-venture partners, various political, economic, and cultural factors are considered. These include political stability, economic growth and potential, market size and access, infrastructure and connectivity, labour force skills, fiscal incentives, and so on. One crucial factor is the legal system, which is often the most difficult to brand.
A transparent and predictable legal and regulatory system is a key message to convey to investors who have several countries to choose from. It's important to note that the judiciary and courts are at the head of a legal system, but the broader definition includes the parliament that makes laws, the executive that enforces them, and various quasi-judicial bodies and regulators that apply the laws on a day-to-day basis.
A competitive legal system must begin with legal certainty and stability -- investors seek environments where the rules are clear and not subject to abrupt or unpredictable change. Frequent legal shifts can disrupt long-term planning and discourage commitment. Equally essential is the enforcement of contracts. A legal system that can guarantee fair and efficient resolution of disputes -- and does so without favouring domestic parties, particularly state-owned entities -- bolsters investor trust.
Another cornerstone is the protection of property rights. Investors need assurance that their assets, including intellectual property, will be safeguarded. Legal protections that guard against arbitrary government expropriation are particularly vital in assuring that investments remain secure and free from undue interference.
Regulatory transparency is also key. Investors must be able to navigate the legal and administrative frameworks with confidence. When laws and regulations are clearly written, consistently applied, and accessible, they promote compliance and reduce opportunities for corruption. A fair and non-discriminatory regulatory landscape ensures that all players -- local and foreign -- compete on a level playing field.
Finally, dispute resolution mechanisms play a critical role. Efficient systems of arbitration and mediation can offer alternatives to traditional litigation, providing faster and often less adversarial pathways to resolving disagreements. At the same time, a capable judiciary that can handle commercial disputes swiftly and competently is an indispensable asset to any economy seeking long-term investment.
Several countries have leveraged the attractiveness of their legal systems to solicit investments and bolster their economies. Traditionally, the UK's common law system has been highly regarded, with the London Court of International Arbitration (LCIA) being an early stalwart of international commercial arbitration. New York, Paris, and Switzerland have established legal systems that benefit from being economic hubs while also contributing to their economies by being known as fair, neutral, and expert arbiters of legal issues.
In recent history, Singapore and Dubai have proactively branded their legal infrastructure. Singapore has promoted its arbitral institution SIAC and its judiciary as experts in resolving commercial disputes, making it a first choice for dispute resolution in the region, even for non-Singaporean parties. Dubai’s DIFC Courts have brought in expert judges from various jurisdictions to create a premier dispute resolution forum in the Middle East, prioritizing commercial expertise.
If branding a legal system is so important to a nation’s brand, why hasn’t Bangladesh prioritized it? One reason could be a lack of alignment among various stakeholders. The parliament, judiciary, and executive are all key actors in reforming a legal system and showcasing its qualities. While attracting investment has been a priority for a section of the executive, the judiciary may not share the same priority, and common action plans have not been pursued.
Another reason is that while administrative reforms like digitization can be decided and implemented with relatively simple decision making processes within organisations, reforms in the legal and regulatory frameworks require changes in legislation and active participation of the judiciary, necessitating a higher degree of cooperation between different state organs.
Lastly, it is arguable that vested interests within the executive benefit from a weaker legal system. A capable and efficient legal system ensuring justice is a threat to groups that benefit from a lack of accountability and oversight. There are always beneficiaries of lack of transparency and accountability who play a part in slowing down efforts to carry out reforms within the system that can have an impact on these factors.
The energy surrounding the recent Investment Summit and ongoing reforms under the current administration provides the perfect backdrop for a renewed focus on institutional branding -- particularly of the legal system.
By taking bold steps such as the introduction of commercial courts, amendments to the Code of Civil Procedure, and increased participation of legal institutions in shaping the investment narrative, Bangladesh can elevate its profile as a fair, predictable, and transparent destination for investors.
Incorporating legal reform into the broader economic conversation not only strengthens investor confidence but also sends a powerful message about Bangladesh’s commitment to long-term, sustainable growth. The legal system is no longer just an administrative function -- it is a brand asset in itself.
Saqeb Mahbub, Barrister-at-Law, is a Partner at Mahbub & Company and an Advocate of the Supreme Court of Bangladesh. He is also an Officer of the Asia Pacific Regional Forum of the International Bar Association.