Prime Minister Sheikh Hasina's call to US investors to come with more investments in Bangladesh in potential and productive sectors is a timely call to signal that Bangladesh is indeed open for business.
In the past, Bangladesh has rightfully been criticized for its less-than-ideal investment climate; inconsistencies in registering, unnecessary bureaucratic red tape, and petty corruption all contributed to investors and entrepreneurs both local and foreign being discouraged from thinking about investing.
While it is true that many of those issues still persist, what cannot be denied is that Bangladesh is actively trying to rewrite the narrative regarding its ease of doing business and overall business climate, and the PM herself is certainly doing her part to reassure potential investors that the times are truly changing for Bangladesh.
With that in mind, we can appreciate the steps taken, which include but are not limited to one-stop services, an allowance for 100% foreign ownership, an easy exit policy, a 15-year tax exemption, and a VAT exemption for imported machinery, not to mention the establishing of 100 special economic zones, 109 hi-tech and software technology parks, and numerous IT training and incubation centres across the country.
However, while we may now have the policies in place and the infrastructural support, what is required above all else is implementation, and for the authorities concerned to truly crack down on the issues that, while reduced, still plague investors and cause untold frustration.
To that end, we hope to see political will and a zero tolerance approach to investment irregularities. Bangladesh will not fulfil its ambitious goals without investment and as such, the entire nation must align and prioritize improving our investment climate.
