While briefing the reporters after attending a meeting of the Cabinet Committee on Government Purchase (CCGP), Finance Minister AHM Mustafa Kamal on Thursday rightly stressed the need for attracting more Foreign Direct Investment (FDI) for the betterment of the country.
Foreign direct investment (FDI), the building block of Bangladesh’s economic growth, is considered an important motivator of economic development and a principal avenue for the development finance. It needs no emphasising that FDI has been playing an essential role in maintaining the tempo of the current economic development of Bangladesh.
Over the last several years, FDI has immensely contributed to reinforcing foreign reserves, creating new job opportunities and increasing labour skills in recent times. Needless to say, all these are the consequences of the government’s earnest endeavours and various time-befitting policies to attract investors and to create a congenial atmosphere for fuelling the FDI inflow.
We need to gear up efforts and devise
necessary initiatives to attract more
The government is providing continuous support for increasing FDI inflow and has already completed standard operation measures for providing smooth services to attract more foreign investors. It is worth mentioning that the incumbent government pursues the most liberal investment policy in South Asia which incorporates protection of FDI by law and duty-free import of raw materials.
Though the FDI has been increasing over the years, experts say that yet there is room for further investment in the coming days, especially in the post-corona era. To this end, special attention should be given to ensure better business facilities alongside market diversification to attract more foreign investors. Also, business-friendly environment, taxation reform and long-term policy are needed to attract them.
Following the other Asian countries which have been able to attract massive FDI, Bangladesh should take immediate steps to develop more infrastructures, build more skilled workforce, improve connectivity and encourage high-tech for a sustainable economic growth. It is good to note that considering the country’s prevailing investment-friendly policies and overall development, foreign companies are showing their zeal to invest in Bangladesh. Therefore, we need to gear up efforts and devise necessary initiatives to attract more foreign investments.