Bangladesh's woes when it comes to creating a favourable business and investment climate have been well documented. However, it must also be said that in recent times, there have been efforts made on the part of the authorities concerned to rectify this, be they by offering tax incentives to potential investors, creating economic zones, or other policy changes to become more investment-friendly.
To that end, news that Investment Minister of the United Kingdom (UK) Lord Dominic Johnson has expressed interest to invest in the recycling industry of Bangladesh's Ready-made garment (RMG) sector while also potentially investing in Bangladesh's agro-processing and other agro-based industries is certainly welcome news, and yet another indication that our strategy of attracting more foreign direct investment (FDI) appears to be paying dividend.
The UK is already the third largest trading partner of Bangladesh, so we already share a strong relationship with it. The exploration of new sectors and industries where it can invest and lead its expertise, be it in the sectors already mentioned or those that will become more and more salient in the future such as renewable energy will thus only deepen the ties shared between the two nations.
It is therefore vital for Bangladesh to do its part and keep its end of the bargain. It must first ensure that conversations between the two parties translate to action, and follow up with assisting potential UK investors however necessary so that they face no bottlenecks or roadblocks. Foreign investment will continue to be extremely important for Bangladesh's next stages of development and we must ensure that we do not mess up any momentum achieved with any potential investor nations.
