There can be little doubt that, despite the many areas of progress and rightfully receiving plaudits from across the world for its rapid growth, Bangladesh has also rightfully been criticized for not doing enough to create a more vibrant business climate and being investment-friendly.
However, in recent times, the authorities concerned certainly deserve credit for doing their part in changing that narrative, and the 100 economic zones that were proposed rank among the most notable decisions taken by the authorities to better our investment climate and create confidence.
To that end, it is encouraging to see these economic zones are continuing to thrive, with Prime Minister Sheikh Hasina recently inaugurating an additional 50 industrial units, projects, and facilities in the economic zones across Bangladesh.
More encouragingly, it appears that these industrial units are already paying dividends as they have been responsible for investments worth hundreds of millions of dollars, with these numbers only set to increase.
Bangladesh's economic zones -- where 97 of the 100 proposed have received approval and 28 are currently in development -- are expected to be a game-changer for the country, not just in terms of attracting investment as a result of investors availing tax holidays as well as duty-free imports of raw materials and machinery, but also for being vital for generating employment in the country.
With these economic zones already attracting FDI from countries like Japan, China, India, Singapore, South Korea, Australia, the Netherlands, Germany, Norway, the United Kingdom, and the United States, there is genuine hope that, as more and more economic zones become functional, Bangladesh can finally shed its reputation of being an unfriendly nation for investment and instead, be known as a haven for investors across the globe.
