The government is taking many of the right steps
With promising predictions from World Bank and the ADB, many countries are looking to Bangladesh as the next hot spot for investment.
Largely due to the government’s infrastructural projects, as well as increased spending on the energy sector, Bangladesh has witnessed a sharp rise in FDI, and it is important that we keep that momentum going.
Indeed, the government is taking many of the right steps, focusing on its Special Economic Zones, mega projects, as well as regulatory reforms to promote business; and with a government that sees foreign investment as a priority for the nation, there is reason to hope that investment numbers will only go up.
To that end, it is good to see Japanese Ambassador Hiroyasu Izumi comment positively on the Special Economic Zone for Japanese investors, particularly in areas of food, commodity products, light industry products, and ICT.
However, the ambassador did point out that the climate of doing business in Bangladesh left something to be desired.
No doubt, in spite of the strides made in recent years, the business environment in Bangladesh still has a few major challenges to overcome -- this means addressing a lack of sufficient infrastructure, easing the process for getting work visas, and simplifying the needlessly complicated tax system.
In addition to getting rid of unnecessary red tape, if we also manage to root out corruption, no doubt we will create a business environment where entrepreneurship can flourish, thereby encouraging other powerhouse economies to invest in this country, taking us to new heights.