Bangladesh continues to rank unfavourably as far as ease of doing business goes
Prime Minister Sheikh Hasina urging US investors to invest in Bangladesh is just the kind of initiative that we want to see from our leader, with the hope now that the rest of the country works to ensure that her words come to fruition.
While speaking at a luncheon organized by the US Chamber of Commerce in New York earlier this week, the PM was right to point out the numerous steps being proposed by the Bangladeshi government -- all with the goal of creating a favourable business climate for attracting foreign investors.
Indeed, the PM’s point about Bangladesh’s liberal investment policies -- which include protection of foreign investment by law, generous tax holidays, concessionary duty on import of machinery, unrestricted exit policy, and full repatriation of dividend and capital on exit -- ought to be encouraging for investors and very good news for the economy overall.
However, while the myriad initiatives being proposed by the government -- including the development of the 100 Special Economic Zones -- are nothing if not commendable, the work has only just begun.
For far too long, Bangladesh has been criticized for not implementing and delivering on the policies and plans it puts forward; the prevailing corruption that continues to plague the economy remains a massive problem.
In addition, Bangladesh continues to rank unfavourably as far as ease of doing business goes, and, with middle-income status knocking at our door, we must fix this issue once and for all.
Therefore, in order for Bangladesh to truly become a destination which foreign investors will seek out to conduct business with, we must continue our efforts to become more business-friendly, and ensure that all projects, initiatives, and policies proposed are implemented smoothly and on time.