In South Asia, when it comes to attracting foreign investment, Bangladesh is only ahead of Afghanistan
In order for Bangladesh’s economic growth to continue in the future, we must first create a business environment that is not just properly regulated, but also open to innovation and change, and adaptive to the various ways in which global business is progressing.
But, in this regard, thanks to the presence of arbitrary regulatory implementations, an overwhelming amount of bureaucratic red tape, and widespread corruption within some of our key public institutions, Bangladesh has continuously driven new businesses and investment away.
This has caused to foreign direct investment into the country to suffer greatly, and while there has been an increase up until recently, FDI fell by 11% last year. The pandemic has undoubtedly been one of the major factors, but there is no denying that, even before the pandemic, Bangladesh was faring poorly in the Ease of Doing Business Index, ranking 168th out of 190 countries, a poor position to be in under any circumstances.
As such, it is not surprising to find that, in South Asia, when it comes to attracting foreign investment, Bangladesh is only ahead of Afghanistan, a war-ravaged nation that has most recently been taken over by the Taliban.
What we lack is any sort of proper legal framework to address disputes that might occur, not to mention regulatory bodies which act based on arbitrary whims and an utter lack of accountability, creating an environment that many foreign investors would find hostile to sustainable growth.
If we are to have any hope regarding our sustainable development in the future, this is one of the key areas we must improve ourselves in order attract investment from foreign shores that will allow our country to keep growing.