The country鈥檚 economists and businesses urged the government to focus on policy and structural changes to attract more foreign direct investment.
They also said that many challenges remain in policy formulation and implementation in the field of investment, and industries still face issues in uninterrupted fuel and energy supply.
They were speaking at different seminars on Wednesday, the third day of the Bangladesh Investment Summit.
In a seminar, commerce adviser Sheikh Bashir Uddin said that Bangladesh was experiencing a change and that they would review the existing policies.
鈥榃e have identified the investment-related risks and challenges and are working to resolve them. We urge the investors to invest more in the various sectors of the country,鈥� he added.
He also said that Bangladesh would become the ninth consumer market in the world by 2030, and it has a strong workforce and investment-friendly policies.
Fahmida Khatun, executive director of the Centre for Policy Dialogue, said that after the LDC graduation, the international market鈥檚 duty-free benefits would decrease.
鈥榃e have to be prepared from now on,鈥� she added, saying that enough preparations have not been made yet.
鈥楾o bring in foreign investment, we have to develop a skilled human resource. The use of renewable energy sources should be started from the industrialisation,鈥� she added.
She also said that political stability is also essential for investment. Moreover, policy coordination between the National Board of Revenue and the Bangladesh Bank is also significant.
Showkat Aziz Russell, president of the Bangladesh Textile Mills Association, said that it was not the right time to graduate from the LDC.
He said that Bangladesh imports yarn duty-free from the United States, which should be continued.
Businesses and economists also said that foreign investors are still reluctant to invest in Bangladesh because they have better alternatives. They said that one of the biggest obstacles to investment in this country is the lack of policy continuity and political stability.
Moreover, investors face challenges, including a lack of coordination between government agencies.
In a seminar, Apex Footwear MD Syed Nasim Manzur said investors have many options, including India, China, and Malaysia.
鈥榃e need policy relevance, consistency and proper implementation to attract buyers. However, our big advantage in terms of investment is that we have a lot of business opportunities due to our geographical strategic location. Because the people of Bangladesh enjoy their work,鈥� he added.
In his speech, president of the Japan Bangladesh Chamber of Commerce and Industry, Tareque Rafi Bhuiyan, said that the government needs to increase its focus on current investors.
鈥楾heir existing benefits should be continued. Through this, it is possible to attract more investors,鈥� he added.
BUILD CEO Ferdous Ara said that the influx of venture capital is very low in Bangladesh.
鈥楾he registration complexity forbids them to invest here. However, BIDA has introduced OSS service and through this, registration has become a bit easier,鈥� she added.
Meanwhile, in the press briefing, BIDA executive chairman Chowdhury Ashik Mahmud Bin Harun said that the participants had given huge responses.
He also said a Chinese government delegate confirmed they will soon visit Bangladesh with a team of around 200 businesses.
The four-day summit will end today.
