Dhaka: Executive Chairman of Bangladesh Investment Development Authority (BIDA) Chowdhury Ashik Mahmud Bin Harun announced today that BIDA will organize an investment summit in Bangladesh from April 7 to 10, 2025, aiming to attract more investments into the country. CEOs of major foreign companies are expected to attend, providing an opportunity for both startups and established entrepreneurs to engage with them.
According to Bangladesh Sangbad Sangstha, Ashik made this announcement while addressing a seminar hosted by the Economic Reporters' Forum (ERF) on 'Investment Prospects and Challenges' in the capital today. The seminar highlighted critical issues impacting the investment climate in Bangladesh.
Ashik emphasized that the government does not intend to engage in business activities itself and plans to exit certain businesses within the next six months. He hinted that unused areas of closed state-owned industrial factories will be made available to investors, as these locations already have essential infrastructure like gas and electricity connections.
He also underscored the importance of power and energy availability to attract more investments and urged the business community to promote the positive aspects of Bangladesh in their interactions to encourage foreign direct investment (FDI).
Efforts are underway to consolidate various agencies involved in attracting investments into a single entity to offer centralized services to investors. Ashik mentioned the creation of an investment heat map and the appointment of customer relationship managers to streamline processes and deliver results efficiently.
Speakers at the seminar, including former FBCCI president AK Azad, FBCCI administrator Md Hafizur Rahman, LafargeHolcim CEO Iqbal Chowdhury, and former DCCI president Abul Kasem Khan, addressed various challenges facing the investment climate in Bangladesh.
Azad called upon the interim government to leverage its position to implement impactful reforms, suggesting prioritizing industrial growth through enhanced gas and electricity supply. Abul Kasem Khan stressed the need for $50 billion in annual infrastructure investment and proposed reforms to simplify business licensing processes.
Iqbal Chowdhury emphasized protecting existing investments to encourage further domestic and foreign investment, while Md Hafizur Rahman highlighted the difficulties of initiating new businesses due to high VAT and tax rates, advocating for reduced taxes and support for startups.
Nahian Rahman Rochi, Head of Business Development at BIDA, presented a keynote on the 'FDI Heatmap,' noting a reduction in FDI inflow to 0.3% of GDP in the last fiscal year compared to 0.5% in FY2020-21, with only 45% being direct FDI. The inflow has remained between $1.3 billion and $1.7 billion over the past four years.
The event was moderated by ERF Secretary Abul Kashem and chaired by ERF President Doulot Akter Mala.