Saturday, June 15, 2024


Dhaka Tribune

An ally in Australia

Work towards a more favourable and encouraging investment climate
Update : 22 May 2024, 09:22 AM

Australian Foreign Minister Penny Wong’s visit to Bangladesh presents us with an opportunity to deepen relationships with a nation which holds tremendous importance in the Asia-Pacific region, and is one that should be treated with the seriousness it warrants.

Indeed, a stable Indian Ocean region is one that benefits all nations that are within it; Bangladesh, with its location, is a vital nation and as such, it would do well on our part to recognize this geographic advantage and leverage it.

Furthermore, deepening cooperation with Australia, including on trade and investment, helps us as we look to transition from a least developed country (LDC). With many of the trade benefits afforded to LDC set to be lost post graduation, it is imperative that Bangladesh continue to lean on its diplomacy efforts and fortify ties with nations that hold the most promise as trade and investment partners -- of which Australia is certainly one of them.

However, for this relationship, and indeed many of our strategic partnerships with other nations to blossom further, we must work on eliminating the bottlenecks and barriers that Bangladesh has become synonymous with. If we expect nations such as Australia to invest in Bangladesh, then we must work towards a more favourable and encouraging investment climate -- something that we continue to struggle with, as red tape and retrograde bureaucratic procedures continue to be the status quo.

Moving forward, while diplomacy will continue to play a major part in our progress, eliminating red tape and fostering a more favourable investment climate will help us get the most of our diplomatic endeavours, and indeed continue to progress as a nation for decades to come.

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