Bangladesh enjoying best business environment: Planning minister

Bangladesh now has the most favourable environment for business in its history, making it the best time for investment, Planning Minister MA Mannan has said.

The minister said this as the chief guest at a discussion event, titled ‘Progress of Prosperity-Accelerating Bangladesh’, organised by the Foreign Investors Chamber of Commerce and Industry (FICCI) on Sunday.

The FICCI organised the discussion at Sheraton Hotel in the capital’s Banani on the occasion of 50 years of independence of Bangladesh and the birth centenary of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

“Our capacity has increased a lot, and we have proved the capability of Bangladesh by implementing the Padma Bridge with our funds”, the minister said.

“Besides, the impression of Bangladesh will improve even more through other mega projects, including Rooppur Nuclear Power Plant and Payra deep seaport. In this case, we welcome investors,” he added.

Speaking at the event, Salman F Rahman, private industry and investment adviser to Prime Minister, said, “We need to increase investment in new sectors for a sustainable economy. Among these, agro-processing industry and rural financing should be taken into consideration.”

He also said that the government has created digital infrastructure to ensure the incorporation of technology even more into Bangladesh’s economy.

“This opportunity must be exploited and reach $50 billion export soon,” he said.

State Minister for Foreign Affairs Shahriar Alam said the garment sector is taking the country forward with potential for export to Japan, China and India. At the same time, efforts to get GSP Plus benefits should be continued.”

Executive chairman of Bangladesh Investment Development Authority (BIDA), Sirajul Islam said, further steps have been taken to create an even more investment-friendly environment in the country.

“Although the World Bank will not update its ‘Ease of doing business' report, Bangladesh has been working on environmental development on its own initiative. Investors are being served through the 'One Stop Service Center',” he added.

The report was discontinued by the World Bank on September 16, 2021.

Nihad Kabir, president of the Metropolitan Chamber of Commerce and Industry (MCCI), said the private sector has been playing a significant role in diversifying the industry enabled by favourable policies in Bangladesh.

FICCI President Rupali Chowdhury presided over the discussion. HSBC Bangladesh’s CEO Mahbubur Rahman, Japanese Ambassador Ito Naoki, Assistant Chief of Mission to the Netherlands Paula Rose Skindiler, Korean Ambassador Lee Jang-Keun and others took part in the discussion.