Bangladesh (Commonwealth Union)_ In a notable address, Prime Minister Sheikh Hasina extended a warm invitation to potential investors hailing from Commonwealth nations, urging them to explore and engage with Bangladesh on a grander scale. She underscored the unique geographical advantage of Bangladesh, positioning it as the epicenter of a vast market encompassing approximately three billion individuals. With its burgeoning population of 170 million and projections foreseeing a surge to 35 million affluent citizens by 2030, Bangladesh is poised to ascend as the third-largest global market, surpassing the nations of Germany and the United Kingdom.
These remarks were delivered during the “Commonwealth Trade and Investment Forum Bangladesh-2023,” a significant two-day event held at the Bangabandhu International Conference Center (BICC). This forum, a collaborative effort orchestrated by the Commonwealth Enterprise and Investment Council, the accredited business network of the Commonwealth, in conjunction with the Bangladesh Investment Development Authority (Bida), the Ministry of Foreign Affairs, and the Zi Foundation, a philanthropic institution dedicated to aiding vulnerable populations, aimed to promote innovation, bolster trade, catalyze investment, foster economic growth, promote partnerships, and chart pathways toward sustainable and inclusive economic development for Bangladesh. She said, “We need more high-quality and sustainable investment to accelerate the economic progress of Bangladesh”.
Prime Minister Hasina articulately conveyed Bangladesh’s requirement for development partners to facilitate the realization of its ambitious goals. In this endeavor, the nation seeks an influx of high-caliber, sustainable investments that can expedite its economic advancement. She emphasized her government’s commitment to instituting essential reforms and constructing a favorable investment climate. Central to this effort has been the establishment of key entities such as Bida (Bangladesh Investment Development Authority) and the Bangladesh Economic Zones Authority (BEZA), both designed to offer enticing incentives to investors and ensure comprehensive post-investment support.
The Prime Minister emphasized that nearly all sectors within Bangladesh are welcoming of foreign investment, with specific encouragement directed towards areas such as agriculture and food processing, leather and leather goods processing, medical equipment, automobile manufacturing, shipbuilding, and the flourishing information and communication technology (ICT) sector. Importantly, she highlighted the promising investment prospects and facilitative mechanisms, including the expeditious repatriation of dividends or profits to investors’ home countries. She said, “There are promising investment facilities in these sectors, including the easy process of taking back dividends or benefits to your home country”. It was also noted that approximately 70 percent of foreign direct investment in Bangladesh stems from reinvestment, a testament to the favorable investment ecosystem that the nation offers to its stakeholders.
Notably, Bida has initiated a one-stop, fast-track delivery service to streamline and expedite investor interactions with various government departments, simplifying administrative processes. The Prime Minister concluded her address with a visionary glimpse into Bangladesh’s future aspirations. She elucidated the government’s steadfast commitment to the creation of a “Smart Bangladesh,” an ambitious vision underpinned by the pillars of a smart government, smart citizens, a smart economy, and a smart society. In embracing this comprehensive vision, Bangladesh seeks to not only foster economic growth but also elevate the quality of life for its citizens, signaling its determination to thrive in the global arena.
