The government aims to attract global investors and drive sustainable development across various sectors. We have implemented many reforms under the World Bank's Doing Business program and developed BIDA’s Bangladesh Investment Climate Improvement Program to facilitate investors, said Mohsina Yasmin, BIDA.
She insisted the investors use BIDA's online one-stop service portal with 124 services from 41 agencies. In the BICIP, reforms are undertaken in the 7 reform indicators. She was addressing a dialogue on “Thrive in Bangladesh: Actionable insights and solutions for Korean businesses”, organised jointly by Standard Chartered Bank, the Embassy of the Republic of Korea to Bangladesh, Bangladesh Investment Development Authority (BIDA), Bangladesh Bank, and Korea-Bangladesh Chamber of Commerce & Industries (KBCCI) recently. Speaking at the event, Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, as the fourth largest source of Foreign Direct Investment (FDI) for Bangladesh, South Korea makes significant contributions, particularly in trade, investment, landmark infrastructure projects, and manufacturing. Standard Chartered has been a vital stakeholder in the flourishing partnership between our two nations.
Park Young-sik, Ambassador of the Republic of Korea to Bangladesh, stated, Korea aims to establish long-term, strategic relations with Bangladesh, focusing on sustainable gains and realistic commitments.
Current discussions involve projects supported by the Economic Development Cooperation Fund, soft loans from the Korean government, and public-private partnerships. While Bangladesh offers competitive labour costs, technology is increasingly important.
To attract foreign investors, Bangladesh must improve its business climate. Pursuing qualitative economic growth requires transparency, accountability, and collaboration between the government and the private sector.”
Samsoo Kim, Director General, Korea Trade-Investment Promotion Agency (KOTRA), said, “While Korean companies have invested in Bangladesh's textile industry for over 40 years, investment in other manufacturing sectors is still low. Enhancing industrial infrastructure, such as improving the artificial fibre supply chain, is essential for the textile industry”,
He said to attract more Korean investment in manufacturing, it is crucial to simplify public laws, streamline accounting and tax processes, and ensure consistent tax regulation application.
Additionally, reducing delays in licensing, administrative procedures, and customs clearance will make Bangladesh more appealing to investors.
Addressing these issues will foster a favourable business environment, encouraging increased Korean investment and driving growth in Bangladesh's manufacturing sector.
