• Monday, Dec 09, 2019
  • Last Update : 09:15 am

The place to invest

  • Published at 11:47 pm May 10th, 2019
Currency
Photo: BIGSTOCK

It is important for Bangladesh to maintain this upward trajectory in FDI

It goes without saying that if Bangladesh is to continue to scale up the prosperity ladder and establish a robust functioning economy, it will require significant assistance not only from its domestic public and private sectors, but also from foreign investors. 

To that end, it is great news that Bangladesh received a record $3.61 billion last year as Foreign Direct Investment (FDI), 67.94% more than in 2017 -- a testament to the initiatives the government and other authorities concerned have taken to make Bangladesh an attractive destination for investment.

While there remain hurdles for investors and businesses to overcome -- Bangladesh needs more reforms to improve ease of doing business -- there is no doubt that certain initiatives, such as creating the Special Economic Zones (SEZs), the introduction of a one-stop service (OSS) for certain investors, and removing infrastructural deficiencies have contributed to creating a positive business environment.

What is particularly encouraging is that instead of being disappointed by the numbers in 2017 -- which saw FDI drop in comparison to 2016 and 2015 -- the government continued making the necessary adjustments in its policies and initiatives, which has resulted in the economy benefitting in 2018.

This is the sort of positive forward-thinking that the people of Bangladesh need from its government -- the kind to recognize long-term planning and strategy, and then having the acumen to execute effectively.

Bangladesh currently boasts of sound economic growth, a young talented workforce, and rapidly growing infrastructural development -- all of which are significant factors in attracting FDI.

However, it is important for Bangladesh to maintain this upward trajectory in FDI, and continue to make the necessary adjustments so that Bangladesh can transform into the economic powerhouse we all want it to be.