Bangladesh must move from second to fifth gear to boost investment: Bida chief
Ashik Chowdhury said many competing countries were moving faster than Bangladesh, making it difficult for the country to catch up.
Bangladesh Investment Development Authority (Bida) Executive Chairman Chowdhury Ashik Mahmud Bin Harun said Bangladesh must significantly increase the pace of reforms and implementation to attract higher investment.
"If we have been running in second gear so far, we actually have to drive a car in fifth gear now; otherwise, it will never be possible for us to bring in global investment by competing with our rival nations," he said today (27 April).
Speaking at the launch of the report titled UNCTAD Investment Policy Review Implementation Report for Bangladesh at the Bida building in Agargaon, he said stronger execution and quicker action were needed for the country to compete globally.
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Ashik said many competing countries were moving faster than Bangladesh, making it difficult for the country to catch up.
He said Bangladesh often prepared plans and reports but failed to implement agreed recommendations effectively.
"We make many plans, speak a lot, and many beautiful reports are released. But after agreeing, it is seen that we do not actually implement what is said in those reports," he said.
Referring to instability in global trade caused by the Middle East conflict, fuel shortages and disruptions in goods transport, he said the world was passing through a difficult and uncertain period.
He said stability remained essential for public and private investment, both domestic and foreign.
According to him, Bangladesh must protect existing investments, ensure proper support for investors and create new investment opportunities at the same time.
Ashik said Bangladesh had made significant progress since independence, particularly after 2013, but that improvement was not reflected in investment indicators.
He said foreign direct investment and the overall investment rate had remained almost unchanged for a long period.
Calling for a second phase of reforms, he said the focus should now be on goal-based planning, strong implementation and coordinated initiatives.
He also urged setting targets to achieve in the next two to three years, progress comparable to that made over the past five years.
Bida Executive Member Nahian Rahman Rochi and UNDP Deputy Resident Representative Sonali Dayaratne also spoke at the event.
