Bangladesh pitches for more investment from Luxembourg, Kyrgyzstan

Executive Chairman of Bangladesh Investment Development Authority (BIDA) Kazi M Aminul Islam has briefed Bangladesh's honorary consuls in Luxembourg and Kyrgyzstan about the new measures it has taken to attract foreign investments.

Honorary Consul in Luxembourg Thierry Reisch and Kyrgyz Consul Temirbek Erkinov met him on Sunday, BIDA said in a statement.

Aminul Islam urged them to spread the message of reform in their countries.

They identified garments, particle board, ceramics, bicycle, and pen as some of the areas of Bangladesh’s business interest with Kyrgyzstan. Financial sector collaboration, particularly in banking, is a major area that Dhaka is looking to explore with Luxembourg.

BIDA, earlier in January, announced major reforms in several sectors as it tries to lure in both local and international investments by doing better in the World Bank’s ‘ease of doing’ business ranking.

Bangladesh ranks 176th among 190 countries on the World Bank index. But the new state entity, which was formed by merging the Board of Investment and Privatisation Commission, plans to secure a place within 100 by 2021.

The BIDA reform initiative has been taken in line with the standards referred in those indicators to improve Bangladesh’s position in the ranking.

From Apr 10 to 13, it organised a workshop with the representatives of 40 government agencies and some private sector representatives on those reform plans.

The executive chairman also inaugurated a 10-day training for the capacity building of the BIDA officials on Sunday.