Bangladesh sees less FDI as clearance to start biz takes longer: BIDA

20 Feb '23

2 min read

Pic: The American Chamber of Commerce in Bangladesh (AmCham)

Bangladesh attracts less foreign direct investment (FDI) as it takes comparatively longer time to start a business here compared to competing nations, according to Bangladesh Investment Development Authority (BIDA) executive chairman Lokman Hossain Miah, who recently said a committee led by the prime minister’s principal secretary has been formed to look into the matter.

“We are hopeful about the progress within the next three months," he told the February luncheon meeting on ‘Investment for Smart Bangladesh’ organised by the American Chamber of Commerce in Bangladesh (AmCham).

Vietnam offers all services within 35 days, Indonesia offers in 49 days and India in 60 days, but the same takes about six months in Bangladesh, he lamented.

"Investing in a smart Bangladesh is not just an economic imperative, it is a moral one. By making the right investments in infrastructure, education, technology, energy, and social inclusion, we can build a sustainable better future for Bangladeshis. Let us work together to create a smarter Bangladesh for the generations to come," AmCham president Syed Ershad Ahmed was quoted as saying by Bangladeshi media reports.

"Whatever favourable policies and friendly rules for FDI exist in the country, proper implementation of those matters most. Good policies on paper and a verbal assurance of support by the policymakers will not attract foreign investors," Ershad added.

Fibre2Fashion News Desk (DS)

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