It is time we reversed this notion that Bangladesh is not a favourable destination to invest in
It is very good news that the Bangladesh Economic Zone Authority (Beza) has launched its much anticipated One Stop Service (OSS) centre, with the hope that this will be a marquee moment for Bangladesh in its journey to become a more investment-friendly economy.
The Beza OSS centre, in partnership with 14 different ministries and departments, offers 107 types of government services, including utility services, licenses, and other paperwork, all for investors to have a smooth experience in completing the official processes -- which earlier used to be mired in inefficiency, bureaucracy, and red tape -- to begin investing into the country’s economic zones.
Initiatives such as these are what Bangladesh requires moving forward, as it reassures both the general public and potential investors that the government is indeed serious about creating a more favourable business climate in the country, one where investors both domestic and foreign will be happy to invest in.
For far too long, Bangladesh has fared extremely poorly in the ease of doing business; it was the lowest ranked South Asian country on the World Bank’s index in 2018.
It is time we reversed this notion that Bangladesh is not a favourable destination to invest in.
To that end, it must be said that the government and respective stakeholders look to be treating the situation with the urgency it demands.
For Bangladesh to continue its upward economic journey, attracting private investment to complement public spending is of paramount importance.
For that to happen, there is no alternative but to make investing easier, and with more services such as Beza’s OSS centre, Bangladesh will be on its way to achieving precisely that.