Friday, June 21, 2024


Dhaka Tribune

Towards stronger ties with Italy

Bangladesh’s aspirations rely heavily on its ability to attract foreign investment
Update : 14 May 2024, 08:30 AM

We are encouraged by Prime Minister Sheikh Hasina urging Italian businesses to make investment in Bangladesh's special economic zones -- with this having the potential for mutual benefits of both nations.

Indeed, for Bangladesh to truly reach its economic goals, it must do better with regard to attracting foreign investment. While the steps taken in recent years deserve credit, there remain too many barriers for investors to have a seamless experience.

As such, just as we look to strengthen bilateral ties with nations across the world, we must also leave no stone unturned to change the narrative surrounding the investment climate in the country.

Equally encouraging are the words of Italian Ambassador Antonio Alessandro, who noted that Italy wants to assist Bangladesh in technology transfer and modernization in various sectors. With Bangladesh soon to graduate from a least developed country (LDC) it is imperative that it not lag behind in having industries that are fit for an aspiring economy in the 21st century.

With Italy, while Bangladesh should continue to strengthen its trade with regard to RMG products, the potential to diversify should also not be overlooked. industries such as leather, jute, and ceramics present untapped opportunities for Bangladesh to expand its export portfolio to Italy.

It bears repeating that Bangladesh’s aspirations rely heavily on its ability to attract foreign investment. As we move closer to formal graduation, we must continue to honour Bangabandhu Sheikh Mujibur Rahman’s call to offer “friendship to all and malice towards none” and build stronger ties with nations such as Italy. However, we must equally prioritize identifying the perpetual shortcomings in our investment climate and rectify them as soon as possible.

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