Recently, the diplomatic wing of Bangladesh has been delivering one success story after another. In keeping with this upward trajectory, Hungary has recently expressed interest in entering the Bangladeshi market. Both the foreign ministers of Bangladesh and Hungary have signed two MoUs, one on cooperation in the field of training and education of the atomic industry, and another on a diplomatic exchange program.
Due to the stellar work of the authorities in setting up different kinds of plants and enlarging and building different kinds of industries within the country, Bangladesh now seems like a lucrative destination for Foreign Direct Investment (FDI). If we can properly harness these investments, then we can move away from our reliance on the RMG industry and ensure that our economy grows more sustainably and equitably.
A big barrier to entry when it comes to foreign investors is the business and legal environment of Bangladesh. But as more external shareholders express their interest in the local markets, the pressure exerted by these shareholders should work as an incentive for the local authorities to assess the situation carefully, and craft a business and legal environment that is not only good for external stakeholders but which should be helpful for internal stakeholders as well.
Lastly, since Hungary expressed interest in cooperating in clean and renewable energy sectors, this should give us the boost that is necessary to walk away from fossil fuel-based power generations and move towards a more sustainable, climate-friendly future. Bangladesh already has ambitious goals of procuring 40% of all its energy needs from renewable sources from 2041. The MoUs we have signed with Hungary perfectly align with such a prospect.
Kudos to the diplomatic wing for keeping up such a tremendous job. We need to maintain this upward momentum.
