Over the past decade or so, as Bangladesh has made exponential leaps as an economy, it has been the steady development of the private sector that has had a large impact on the nation’s overall development. Having said that, Bangladesh would do well to know that, as it looks forward to even more ambitious economic goals, it is paramount that the country continues to explore avenues for strengthening the private sector, and indeed, the overall business and investment climate of the country.
To that end, British High Commissioner Robert Chatterton Dickson’s words of assurance, of British International Investment (BII) support to Bangladesh's development ambitions and complementing the work to improve the country’s investment climate is much appreciated and welcomed.
Bangladesh’s investment climate has rightfully come under scrutiny in the past, and experts have often pointed out the barriers to the ease of doing business in the country. However, it is a credit to the authorities concerned that they have not shied away from the issue and have addressed it, formulating policies that would help.
Credit must also be given to engaging foreign investors, both existing and potential investment partner nations, such as the UK; BII currently has a portfolio of over $270 million in Bangladesh, supporting 11 businesses and two funds, across a variety of sectors including financial services, infrastructure, manufacturing, and food processing. There is reason to be hopeful that this portfolio will increase in value, given the words of encouragement by the British high commissioner.
What is important now for Bangladesh is to continue to not only strengthen our existing relationships with partners, but explore new ones, while simultaneously continuing to eliminate the roadblocks that the private sector -- and business and institutions in general -- face when attempting to conduct business, or those that investors face when they intend to invest in Bangladesh.
Bangladesh is on the brink of becoming a middle-income nation, and a favourable climate for foreign investment is simply a prerequisite for any future development.
