• Thursday, Sep 20, 2018
  • Last Update : 04:38 pm

The place to invest

  • Published at 04:59 pm August 17th, 2018
Economy
Photo: BIGSTOCK

To stay on track, it is absolutely imperative that we make it easier to conduct business in Bangladesh

For sustainable economic growth, there is no denying that foreign direct investment is key.

That is why it is good to see that in recent months, Bangladesh has witnessed a sharp rise in FDI, thanks to government’s increased spending on infrastructure as well as in the power and energy sector.

It looks as though Bangladesh is now a hotspot for investment, with its Special Economic Zones, mega projects, as well as regulatory reforms to promote business, and with a government that sees investment as a topmost priority, one can hope that we will attract even more investors in the future.

SEZs, particularly, are crucial to help us meet our goals at this critical juncture in our economic development, as they are a way to keep up with the changing rules of an increasingly competitive business world.

For quite some time, Bangladesh has been held back by a relatively narrow export basket and reluctance in part of private investors, but SEZs are already helping break that cycle by attracting high levels of foreign investment from other high performing Asian economies.

But also, to stay on track, it is absolutely imperative that we make it easier to conduct business in Bangladesh -- an over-bureaucratized, overregulated business environment not only wastes time and money, but shakes investor confidence.

Finally, to reap the rewards of increased investment, timely implementation of projects is of the greatest importance -- too often, the best of projects languish in the pipeline and hold back our progress. 

We should not delay further, for instance, in increasing our port capacity to deal with the boost in trade volume resulting from higher investment.