Commerce minister moves to help BIDA make Bangladesh investment-friendly

Commerce Minister Tofail Ahmed has stepped up his efforts to help the newly formed Bangladesh Investment Development Authority (BIDA) make the country investment-friendly.

On Thursday in a meeting with BIDA Executive Chairman Kazi M Aminul Islam, he said he would call an inter-ministerial meeting in April to discuss the obstacles in the way of doing business in Bangladesh.

Islam called on him at his office to present his reform plans to make Bangladesh look attractive to the investors.

BIDA earlier in January announced major reforms at various levels 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 WB index. But the new state entity, which was formed by merging the Board of Investment and Privatisation Commission, plans to secure a place below 100 by 2021.

BIDA in a statement said Thursday’s meeting with the commerce minister was part of that target.

The executive chairman briefed the commerce minister about his plan. The minister “appreciated” his efforts and assured him of his support.

Tofail said, according to the media statement, he would call all the heads of the relevant agencies and the ministers to the April meeting in an effort to overcome the hurdles.

He said the BIDA’s plan of action to attract foreign investments would also be presented at the European Union-Bangladesh Business Climate Dialogue, a platform for expanding economic relations with the 28-country bloc where all Bangladesh products enjoy duty-free market access.

The World Bank study that ranks the business environment of a country are based on 11 indicators: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labour market regulations.

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