Bangladesh remains riddled with obstacles and red-tape for investors, both foreign and local
There is no denying that foreign direct investment is key to future sustainable growth.
As such, Bangladesh’s graduation from LDC to the status of developing nation hinges on increasing amounts of investment, not just from abroad, but locally and from both the private and public sectors.
But, in this regard, Bangladesh continues to face numerous obstacles.
In large part due to the corruption and unnecessary amounts of bureaucracy which plague our nation’s business ecosystem, as setting up shop in Bangladesh remains riddled with obstacles and red-tape for investors, both foreign and local.
This is reflected in the World Bank’s Ease of Doing Business Index, where Bangladesh did rather poorly, being ranked 177 out of 190 countries.
As a nation aiming high in its future progress, the current state of affairs is, simply put, appalling.
The fact that Bangladesh has fared so well despite the corruptive elements which infest our business sectors speaks to the resilience, determination, and potential for Bangladesh to serve as an investment hub.
But, for Bangladesh to remain competitive on the global market, it must do much better in this area.
Regional competitors such as Vietnam and India have scored much better on the index, being able to provide investors a much more hassle-free pathway towards investment and subsequent business success.
For Bangladesh to improve, not only does it have to reduce and eliminate corruption, it must also encourage participation from its female labour force, and reduce the overall cost of running a business -- in these areas, regional developing nations have continued to outperform us.
For a growing nation with a growing economy such as ours, creating a pathway towards increasing investment is crucial. The government, in conjunction with the private sector, must work together to ensure that continued and increasing investment remains a reality in Bangladesh’s future.