BIDA seeks reforms in 24 sectors

“We have got many recommendations, including forming a time-bound action plan, from investors. We will work on those. We are now updating and modernising investment policies. The government is offering all required benefits to boost investments"

Tipu Munshi

Bangladesh Investment Development Authority (BIDA) has laid emphasis on reforms in 24 sectors to ensure high standard business environment for the investors in the country. 

The investment development authority revealed this at a 'Post Event Workshop' on Monday night at a hotel in the city, said a press release on Tuesday. 

The authority organized the workshop for highlighting the implementation of the investment announcements and the recommendations for the development of an investment-friendly environment made at the International Investment Summit 2021 held in November last year. 

Based on the recommendations from investors at the international investment summit, BIDA will send the proposals to the Prime Minister's Office. 

Commerce Minister TipuMunshi was the chief guest at the event, while Prime Minister's Private Industry and Investment Adviser Salman Fazlur Rahman and Prime Minister's Principal Secretary Dr Ahmad Kaikaus were present as special guests. 

In his speech, Tipu said, We have got many recommendations, including forming a time-bound action plan, from investors. We will work on those. We are now updating and modernising investment policies. The government is offering all required benefits to boost investments, he also said. 

BIDA is now providing One Stop Service to investors, he noted. Salman F Rahman said the government has given top priority to domestic and foreign investments. The government has made quick arrangements for Covid-19 vaccination to keep everything normal, he added. He informed that the government announced stimulus packages amounting to a combined fund of more than Taka 1 lakh crore to help local businesses bounce back from pandemic-induced losses. 

Several megaprojects, including the Padma Bridge, are nearing completion, which will further improve the country's investment climate, the PM's adviser noted, adding, The launch of megaprojects will help increase foreign direct investment in our country. 

The government is encouraging private investment in all sectors. In this case, the government is only giving policy support. Some 100 economic zones, both public and private, will provide fertile ground for investment, Salman F Rahman pointed out. 

Many complain that BIDA'S One Stop Service can be made more effective. I also agree with them. For this, it is necessary to strengthen coordination. 

BIDA and other relevant organisations have to come forward, he continued. Institutional capacity needs to be enhanced too. We have sector-based policies. Only some of the existing policies need to be reformed, the PM's adviser said. 

Ahmad Kaikaus said, We will have to face many challenges on the path towards the LDC transition. Fortunately, we have been able to identify those quickly and are acting accordingly. The prime minister has been keeping an eye on it all the time. Among others, BIDA Executive Chairman MdSirazul Islam, Japanese Ambassador to Bangladesh ITO Naoki, Turkish Ambassador to Bangladesh Mustafa Osman Turan and President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) MdJashim Uddin spoke on the occasion.