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A friend in the UAE

  • Published at 12:03 am September 17th, 2019
Business and Investment
Photo: BIGSTOCK

For Bangladesh, it is imperative that both domestic and foreign investment continue to increase

It is good to see investors from the UAE pledge to develop five economic zones -- in addition to several additional projects including hi-tech parks which will eventually inject into the economy about $10bn -- in Bangladesh which shows that we are becoming more investment-friendly as a nation. 

The information, which was revealed at the second “Bangladesh Economic Forum” held in Dubai, shows that Bangladesh continues to be serious about diversifying its investment relationships to maximize foreign direct investment (FDI).

While it is extremely encouraging that FDI had a very impressive increase of 69% for the previous fiscal, the country, its government, and all relevant stakeholders and authorities must continue to work to ensure that this increase continues every subsequent year.

Indeed, for a country such as Bangladesh, which has extremely lofty economic ambitions -- among which is achieving a GDP growth rate of over 8% over the next few years -- it is imperative that both domestic and foreign investment continue to increase. 

Although Bangladesh has proposed several incentives to businesses and investors -- in addition to the proposed plan of developing 100 economic zones and 28 hi-tech parks -- there is still much work left to be done. 

Bangladesh has historically fared poorly when it comes to ease of doing business, and the onus is on the authorities to reverse this.

To that end, nurturing investment ties with the UAE, a destination which has historically accepted a large number of Bangladesh’s expats and, therefore, has also been instrumental in our remittance flow, should only yield positive outcomes.