156 services under one umbrella to boost investment

by Serajul Islam Quadir in Dhaka;-

The government is set to bring all the 156 services under one umbrella to boost both domestic and foreign investment digitally, which experts say will be a revolutionary step to ease doing business In Bangladesh.

Prime Minister Sheikh Hasina has already asked concerned organisations to bring all these services that are now being provided by 55 government agencies under a single digital platform of the Bangladesh Investment Development Authority (BIDA).

If we give priority for foreign direct investment it would add value to three vital sectors like agriculture processing; digital ecosystems and green capital.
We need to stress on the importance of adopting new technology and developing an efficient value chain in the agriculture and agro-processing sectors to attract foreign direct investment–utilizing the strong agricultural economy of Bangladesh.

It is important for the government strengthen the country’s image by developing infrastructure and abolishing other policy constraints to boost the inflow of foreign direct investment (FDI) in Bangladesh.

Policy makers agree that it is the right decision as the country now has powerful information and communications technology (ICT) infrastructure and it is on the right track to develop communications and transportation infrastructure. We should lay emphasis on issues like enhancing knowledge of the farmers about modern farming technology,, and need to take policies to attract overseas investors and ensure protection of intellectual property rights (IPR).

When contacted,  Salman F. Rahman, the Private Sector Industry and Investment Advisor to the Prime Minister, told newsnextbd.com that Bangladesh has developed an ICT infrastructure by ensuring fiber optic backbone, data center, optical fiber connection at the union level, and has its own Bangabandhu Satellite in space.

“The country is on the right track to develop transport and communication infrastructure with some mega projects like the Padma Bridge, third terminal of the Shahjalal international Airport, metro rail lines, tunnel under the Karnaphuli River, and the deep sea port in Matarbari,” he said.
“There will be no infrastructure constraints, a major component for the FDI, after the completion of these projects,” he added.

He said Prime Minister Sheikh Hasina has announced a zero tolerance policy against corruption, terrorism and drugs as these three basic components for ensuring good governance to smooth investment.
“These initiatives are also helping to boost the image of the country.”
Bangladesh is the eighth largest consumer base country in the world, which is an opportunity for any home or foreign entrepreneurs to invest here.
So potential entrepreneurs should be lured by our policy makers mainly government arms based in different countries with their skilled diplomacy techniques to invest in Bangladesh to explore the large and exponentially rising halal food market across the world.

The economy of Bangladesh maintained a 6% annual average growth in the last decade. The country grew by 5.24 percent in the last fiscal year despite a shrinking world economy.

 But one obstacle in accumulating domestic resources is lower revenue earnings and it is a growing concern for the economy.  The ratio of revenue and gross domestic product (GDP) of Bangladesh is the lowest among all of the South Asian countries. It is even lower than Pakistan and Nepal.

newsnextbd/siq/nq/n/Serajul Islam Quader is the Editor, Trade and Economic Affairs, newsnextbd.com and ex-Bangladesh chief of Reuters.