During a recent trip to the Kingdom of Saudi Arabia (KSA), Salman Fazlur Rahman, Prime Minister’s Advisor on Private Industry and Investment, sought extended credit terms to alleviate Bangladesh's pressing dollar crisis. This request was made to facilitate longer payment periods for fuel imports from Saudi Arabia, a critical concern given the current financial constraints. In a press briefing held on Tuesday (February 06, 2024) at the Bangladesh Investment Development Authority (BIDA) building upon his return, Rahman shared insights from his three-day visit. “Currently, we have a 45-day window to settle payments for fuel imports from Saudi Arabia. Given the dollar scarcity, extending this to a year would greatly benefit us. The Saudi officials have agreed to consider this proposal,” Rahman disclosed. Rahman represented Bangladesh at the Islamic Military Counter Terrorism Coalition (IMCTC) meeting, emphasizing Bangladesh’s firm stance against terrorism and the misuse of Islam to justify such acts. “Terror has no religion, and by fostering cooperation among Islamic nations through the IMCTC, we aim to combat the defamation of Islam by terrorism,” he stated. Read: President urges KSA to invest more in Bangladesh The advisor highlighted the unanimous condemnation of the ongoing crises in Gaza by meeting participants, alongside a collective call for resolution. The plight of the Rohingya refugees in Bangladesh was also addressed, with a commitment to seek solutions. On the economic front, Rahman revealed Saudi investors’ interest in establishing a special economic zone in Bangladesh. “We are keen to allocate an economic zone to Saudi Arabia within Bangladesh. Their investment minister has shown enthusiasm for this project,” Rahman noted. Additionally, plans are underway to bolster Bangladesh’s agricultural sector through the joint establishment of a urea fertilizer plant in Saudi Arabia. “This collaboration aims to ensure a steady supply of fertilizers, enhancing our agricultural output. The proposal has been warmly received, with a feasibility study due to conclude by March,” he explained, highlighting the opportunity for private sector involvement alongside government-to-government initiatives. Read more: KSA's Majlish E Shura Council President Abdullah arrives in Dhaka

Prime Minister Sheikh Hasina on Wednesday (September 13, 2023) invited investors from the Commonwealth countries to come to Bangladesh in a bigger way. “Geographically, Bangladesh is at the center of a market of 3 billion people. We have 170 million people of our own. By 2030, the affluent population of Bangladesh will stand at 35 million. Therefore, Bangladesh will become the third largest market globally, leaving behind Germany and the United Kingdom,” she said. The prime minister said this while addressing the two-day "Commonwealth trade and investment forum Bangladesh-2023" at Bangabandhu International Conference Center (BICC). The Commonwealth Enterprise and Investment Council, which is the Commonwealth's accredited business network, Bangladesh Investment Development Authority (Bida), the Ministry of Foreign Affairs and Zi Foundation, a family-run foundation that offers support to vulnerable people, jointly organised the event. End the Ukraine war thru negotiations: PM Hasina tells Russian foreign minister The aim is to promote innovation, trade, investment and economic growth, enhance partnerships and explore ways towards sustainable and inclusive economic development for Bangladesh. The PM said that Bangladesh needs development partners for reaching its goal. “We need more high-quality and sustainable investment to accelerate the economic progress of Bangladesh,” she said. She mentioned that as a prerequisite for Biniyog Bikash, or investment promotion, her government has prioritised organisational reforms, the formation of the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Economic Zones Authority (BEZA), which offering attractive facilities for investors, and ensuring post-investment services. Hasina said that almost all sectors are open for investment in Bangladesh. ‘Why would you call yourselves minority?’: PM to Hindu community But among those, she said, more investment is encouraged in agricultural goods and food processing, leather and leather goods processing, medical equipment, automobiles and shipbuilding, and ICT. “There are promising investment facilities in these sectors, including the easy process of taking back dividends or benefits to your home country,” she said. The premier said that some 70 percent of Bangladesh's foreign direct investment comes from reinvestment, which is a proof of the excellent investment environment that Bangladesh offers to investors. She mentioned that BIDA has started a one-stop fast-track delivery service to facilitate investors with the services of various departments of the government and through this one-stop service, 78 services from 26 departments can be received through one platform. PM Hasina offers land to Japanese businesses to set up industries Mentioning that the pre-requisite for investment is the development of infrastructure, she said that the government has established 100 economic zones, 109 hi-tech and software technology parks, and IT training and incubation centres across the country with attractive incentive packages to promote foreign investors. “We are developing our land, rail, and air connectivity. Almost all highways in the country have been elevated to four or more lanes,” she said. In this connection, she said that the Padma Bridge has connected 21 south-western districts of Bangladesh directly with Dhaka and other parts of the country. “There will be rail connectivity through the Padma Bridge between Dhaka and Khulna soon," she said. Read more: Dhaka, London plan to sign MoUs on economic cooperation, cyber security She said that soon the government will inaugurate the Karnaphuli underwater tunnel, the first such infrastructure not only in Bangladesh but in South Asia. “Work on establishing rail link between Chattogram and tourism town Cox’s Bazar is progressing fast.” Sheikh Hasina said that after winning the election in 2008 and forming the government in 2009, the government has started building the country based on short-, middle-, and long-term programmes. “A democratic environment, political stability, continuity of government, and, above all, structured development programs have helped in the quick socio-economic development of Bangladesh," she stated The prime minister said that the government is working to build a Smart Bangladesh, which will be realised by building the pillars of smart government, smart citizens, a smart economy, and a smart society. “Our goal now is to become a knowledge-based and Developed Smart Country by 2041 and a Prosperous Delta by 2100. We are working relentlessly towards that goal through the Perspective Plan, the Five-Year Plan, and the Delta Plan 2100.” Prime minister's private industry and investment adviser Salman Fazlur Rahman, Foreign Minister AK Abdul Momen, Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Lokman Hossain Miah, Strategic Advisor (Bangladesh) Of CWEIC Zillur Hussain And Commonwealth Enterprise and Investment Council (CWEIC) Chairman Lord Marland also spoke at the programme. PM Hasina also handed over Commonwealth Bangabandhu Sheikh Mujibur Rahman Green Investment Award to Eco Brixs from Uganda. A video documentary was screened in the programme. Read more: Russian foreign minister’s recent comment in Dhaka is ‘not the most self-aware’: US State Dept Spokesperson

Prime Minister Sheikh Hasina on Wednesday (August 23, 2023) invited South African entrepreneurs to make investments in Bangladesh that seeks to become a trillion-dollar economy and a fully developed smart nation by 2041.“Bangladesh progresses toward prosperity. We want you to join our journey of development. Do invest in Bangladesh; we are confident that your investment will be primed for success, and we are fully prepared for a sustainable partnership,” she said.The prime minister was speaking at the Bangladesh Trade & Business Summit in South Africa jointly organised by Bangladesh Securities and Exchange Commission (BSEC) and Bangladesh Investment Development Authority (BIDA) at the Radisson Blu Hotel and Convention Center.“I have a dream; the 170 million people of Bangladesh have a dream. And that is to become a trillion-dollar economy and a fully developed smart nation by 2041,” she added. Read: PM Hasina reaches Johannesburg to attend BRICS summitHasina assured that investment in Bangladesh is secure due to consistently high returns.“Moreover, our government ensures a business-friendly and stable atmosphere that guarantees your investment’s success," said the PM.She confidently stated that Bangladesh promises a secure and prosperous future for global investors.Currently, she mentioned, Bangladesh has the most open Foreign Direct Investment policies in South Asia which include a liberalised industrial policy, one-stop service, an allowance for 100 per cent foreign ownership, an easy exit policy, a 15-year tax exemption, a VAT exemption for imported machinery, streamlined services, and more. Read: Bangladesh progressing well overcoming natural, manmade disasters: PM“We welcome investors worldwide, particularly from South Africa, to explore the numerous investment prospects within Bangladesh. This is the perfect time to acquaint yourselves with what Bangladesh offers. This is the time to know Bangladesh better and to invest in its future,” she said.The prime minister said that over the last five decades, Bangladesh and South Africa have built a strong and friendly relationship based on mutual respect, shared values, cultural ties, and common beliefs.She said that this bond has been strengthened by growing trade connections. Both countries have similar paths of development, making collaboration and growth feasible.But, she mentioned that despite the significant potentials, the bilateral trade between Bangladesh and South Africa was only USD 316.83 million last year, falling short of its full potentials.“This presents a promising opportunity for collaboration, given the export and import potential of both nations,” she said.PM Hasina said that she is confident that ample collaboration opportunities exist for both nations, involving business communities and trade organisations. Read: I want to make everyone’s life meaningful, declares PM Hasina after launching Universal Pension Scheme“Beyond existing bilateral mechanisms, we're enthusiastic about establishing a 'Joint Committee on Trade and Investment' and negotiating a 'Double Taxation Avoidance Agreement with South Africa'.”She said that Bangladesh offers opportunities across sectors like ICT, electronics, infrastructure, textiles, tourism, heavy industry, and small industries.“Our government is committed to facilitating smooth business operations. Bangladesh is ready to welcome prospective South African investors," she told the conference.She said that organisations like the Bangladesh Investment Development Authority, Bangladesh Economic Zone Authority, Bangladesh Export Processing Zone Authority, Bangladesh High Tech Park Authority, and Bangladesh Securities and Exchange Commission, all support foreign investors for optimal returns.She said that as the growing economy, Bangladesh is poised for substantial long-term financing. Amid the 4th Industrial Revolution, AI, and Venture Capital, Bangladesh is pursuing "Financial Connectivity" globally, prioritizing "Investment Banking" over traditional Consumer Banking. Read: Some foreign powers are taking interest in Bangladesh's election to hinder progress: PM HasinaIn this connection, she said that the Bangladesh Securities and Exchange Commission (BSEC) is elevating the capital market for essential long-term financing. In 2020, the stock markets outperformed regional peers, with USD 61 billion in market capitalisation, or 16.8 per cent of GDP.For financial progress, Sheikh Hasina said, we have expanded our bond market, introducing Sukuk, Green Bonds, ETFs, Venture Capital, Private Equity, and Impact Funds, diversifying investment opportunities. Soon, we are going to include derivative products in our capital markets, which will help minimize investment risks through hedging.Portfolio investments have also been made flawless through enhanced facilities for repatriation of the principal and returns without any kind of approval, she added. Read: PM Hasina places wreaths, offers prayers to pay homage to Bangabandhu in TungiparaShe said that the significant Bangladeshi population in South Africa forms a strong base.“Thanks to expatriates for contributing to our economy. We urge you to invest more in our growth," she said.She also said that a joint business forum between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the South African Chamber is also planned.The prime minister said that the robust private sector of Bangladesh will keep providing a great range of opportunities for those who invest in country’s economy.“We are confident that we are heading full speed forward on the path of the 4th industrial revolution.”Terming people of the country as the heart of strength, she said that about 55 million youth with the requisite skills are committed to accomplishing the task ahead. Read: PM to inaugurate Karnaphuli Tunnel on Oct 28: Quader“Our fortunate position is enhanced by connections on both regional and global levels. Additionally, a growing domestic market and an expanding consumer class further strengthen this demographic benefit," she said.She said, with a population exceeding 1.5 billion, South Africa is currently experiencing rapid urbanisation and economic growth.“This provides favorable opportunities for Bangladesh to expand its exports, particularly in sectors like textiles, ready-made garments (RMG), pharmaceuticals, and agricultural products.”She mentioned that in the past decade, Bangladesh has shifted its focus towards untapped markets in Africa. Both government officials and business leaders in Bangladesh recognise the potential of African economies and the benefits of stronger trade relationships.“With a growing middle class, an increasing population, and rising consumer demands, Africa becomes an attractive market for Bangladeshi exports," she stated.Hasina said that to fortify its diplomatic connections and pave the way for future economic openings, Bangladesh has formally adopted the 'Look Africa' policy. Read: UK keen to boost trade and investment with Bangladesh: Sarah Cooke tells PM Hasina“Simultaneously, Bangladesh is actively exploring avenues to procure essential natural resources and raw materials from African nations," she said.This category includes the requisite raw materials for Bangladesh's growing industries, spanning minerals, petroleum products, cotton, agricultural products, and more, she said. The Prime Minister said that the government is establishing 100 Special Economic Zones, 109 Hi-Tech and Software Technology Parks, and IT Training and Incubation Centres across the country to facilitate commerce and industrialisation. Read: PM Hasina writes to US President Biden expressing deep sadness over Maui wildfire devastation “The recent inauguration of the Padma Bridge and Matarbari Deep Sea port will further amplify both external connectivity and internal trade, thus acting as catalysts for growth.” Minister of Public Works and Infrastructure, South Africa Sihle Zikalala spoke at the event.Foreign Minister Dr AK Abdul Momen and Prime Minister's Private Investment and Industries Affairs Adviser Salman Fazlur Rahman were, among others, present at the venue. BIDA Executive Chairman (Senior Secretary) Lokmn Hossain Miah was also present while Chairman (Senior Secretary) of Bangladesh Securities and Exchange Commission (BSEC) Professor Shibli Rubayat-Ul-Islam gave brief descriptions about Bangladesh's economy and the government's efforts to expedite  foreign direct investment in Bangladesh.

Bangladesh's Prime Minister Sheikh Hasina today (March 11, 2023) asked the business community leaders to find ways to bring commodity prices to a normal level.  “Considering public suffering, the business community leaders will have to find ways to bring prices of essentials to a normal level. Otherwise, you will lose your markets,” she said. The premier said this while inaugurating Bangladesh Business Summit-2023 at Bangabandhu International Conference Centre in the city. Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), in partnership with Ministry of Foreign Affairs, Commerce Ministry and Bangladesh Investment Development Authority (BIDA), is arranging the three-day summit. Read More: If people don’t buy in excess, there will be no price hike of essentials ahead of Ramadan: Tipu Munshi Sheikh Hasina said people are going through a very difficult time due to high prices of essentials and inflationary pressure. She said developing countries like Bangladesh as well as developed countries are facing severe problems due to price hike of essentials and high inflation caused by the Russia-Ukraine war, economic sanctions and counter-sanctions following the Covid-19 pandemic. Ministers from seven countries including the United Kingdom, the Kingdom of Saudi Arabia, China, Bhutan and the United Arab Emirates, CEOs of 12 multinational companies, and more than 200 foreign investors and business leaders from 17 countries are participating in the business summit. Read more: 'Business Summit to help brand Bangladesh's identity, manufacturing prowess to foreign investors' Foreign Minister Dr AK Abdul Momen, Commerce Minister Tipu Munshi, PM's Private Industry and Investment Affairs Adviser Salman Fazlur Rahman, Saudi Arabian Minister of Commerce Dr. Majid bin Abdullah Al-kassabi, Bhutanese Minister of Commerce and Employment Karma Dorjia and Deputy Director General of World Trade Organisation (WTO) Xiangchen Zhang spoke at the opening function, while FBCCI President Md Jashim Uddin delivered the welcome speech. The Business Summit is being organized as a part of the FBCCI's 50th founding anniversary celebrations with the aim of creating new opportunities for trade and investment by showcasing the country's economic potential before a global audience. The Business Summit will showcase dynamic investment opportunities and improvements to the local business climate while also giving insights into investment priorities of global investors to improve policymaking. Read more: PM to inaugurate Bangladesh Business Summit on Saturday

International Labour Organization (ILO) and Bangladesh Investment Development Authority (BIDA) have signed an agreement to promote, simplify and harmonize the one-stop service (OSS) of BIDA. Under the agreement signed on Tuesday, ILO will support the integration of safety licenses of four national regulators to BIDA-OSS. Over the course of a year, ILO will provide necessary support to Bangladesh Fire Service and Civil Defence Department (BFSCD), Chattogram Development Authority (CDA), Department of Inspection for Factories and Establishments (DIFE) and Rajdhani Unnayan Kartripakkha (RAJUK) to integrate and operate their licensing systems to BIDA OSS. Also read: Youth unemployment rate in Bangladesh stands at 10.6pc: ILO Additionally, ILO will facilitate the simplification of application and payment process in BIDA-OSS, and support an awareness campaign to promote the system among investors. These activities will be conducted under the remit of ILO’s RMG programme funded by Canada and Netherlands. The programme would also provide essential technical and financial support to BFSCD, CDA, DIFE and RAJUK to interconnect their safety licencing systems to BIDA-OSS. Speaking at the signing ceremony, Country Director of ILO Bangladesh Tuomo Poutiainen said investment in workplace safety protects businesses from occupational hazards and improves the brand image of Bangladesh. “We hope integrating relevant safety licencing systems in the BIDA-OSS and simplification of the OSS process is a necessary step to attract more local and foreign investors to apply for safety permits,” Poutiainen said. Also read: UNDP, Grameenphone, BIDA join hands to create economic opportunities for youth Executive Chairman of BIDA Md Sirazul Islam said BIDA is pleased to collaborate with the ILO to streamline one-stop service system. “We believe the harmonization and simplification of BIDA-OSS will help investors save time and cost for setting up their businesses,” he said.

The United Nations Development Programme (UNDP), Bangladesh Investment Development Authority (BIDA) and Grameenphone on Sunday jointly launched graduate employment in the private sector programme under an alliance called "FutureNation" to create economic opportunities for all by 2041. Future Nation, an alliance of the private, public and development sectors, is created to accelerate the nation's future economic growth by enhancing the skills and potential of youth by identifying opportunities for development, employment, entrepreneurship, and investment in the post-pandemic situation. Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister; Zunaid Ahmed Palak, State Minister for ICT; Md Sirazul Islam, Executive Chairman, BIDA; Radwan Mujib Siddiq, Strategic Advisor, UNDP;  Mohsina Yasmin, Executive Member, International Investment Promotion, BIDA Sudipto Mukerjee, Resident Representative, UNDP; and Yasir Azman, CEO, Grameenphone; joined the launching ceremony held in the city. While speaking at the event as the chief guest Salman Rahman said after realizing a ‘Digital Bangladesh’, the government is now working to establish a ‘Smart Bangladesh’ to be successfully involved in the 4IR, engaging to create youth employment through various ICT initiatives, a pre-condition for sustaining Bangladesh’s prosperity. “I wholeheartedly applaud this initiative, ‘FutureNation by Grameenphone, UNDP and BIDA,” he said. Read: UNDP to work with BRAC for accelerating pace of poverty reduction Palak said Bangladesh is uniquely positioned to potentially benefi­t from a demographic dividend but to reap the benefits of a demographic dividend stable employment opportunities and equipping the youth with digital competencies is pivotal. “We must collaborate to reduce the disparity between the urban and rural areas by transforming the country into a digitally connected society. FutureNation is one of this co-creation,” he said. Radwan Mujib in a video message shared his vision about FutureNation and said FutureNation with its advanced grooming method and more realistic assessment procedure, will help endow the youth with employable skills. “I am delighted to see this coalition support the very critical area of building skills through their technology and innovation. Such an initiative will be impactful to upskill the youth and prepare them for real work,” he said. Sudipto Mukerjee said the global job market is consistently evolving and they must ensure that youth is prepared for the new reality presented by the fast-paced economic and technological evolutions. “The blessings of a demographic dividend do not last forever. The private, public and development sectors have to work hand in hand and accelerate efforts to achieve the Sustainable Development Goals by 2030,” he said. Read: Citi, UNDP support young entrepreneurs to achieve SDGs in Bangladesh Jorgen C. Arentz Rostrup, EVP, Head of Asia, Telenor, in his video message said creating opportunities for youth is fundamental for any nation and it is crucial for Bangladesh, more so due to its great national ambitions and is one of the fastest growing economies. “Grameenphone has been creating employment opportunities for the last 25 years. At Telenor, we believe strong partnerships create a stronger impact and this alliance is exemplary of that. Time is now to create new opportunities for the youth of Bangladesh.” Yasir Azman, CEO, Grameenphone, said at Grameenphone, they always take a youth-first approach through our tech, innovation and social impact projects.   “Today I am delighted to be a part of this collective effort- a step towards realigning the existing talent with emerging technologies, making them more cyber smart, and ultimately enabling better job opportunities and future proofing the youth of Bangladesh for the digital world."

The annual performance agreements (APAs) 2022-23 were signed between the prime minister's office and its attached seven agencies including Ashrayan-2 project on Thursday. PMO senior secretary Tofazzel Hossain Miah and the heads of the agencies inked the agreements on behalf of their respective sides at the PMO. In the APAs, the seven agencies made different commitments over their performances for the fiscal year of 2022-23. Also read: Increase oxygen supply, Corona beds: PMO Prime Minister’s Principal Secretary Ahmad Kaikaus and Principal Coordinator for SDG Affairs at the PMO Zuena Aziz spoke at the signing event presided over by Tofazzel Hossain Miah. The seven agencies are Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zone Authority (BEZA), Bangladesh Export Processing Zone Authority (BEPZA), National Skills Development Authority (NSDA), Public Private Partnership (PPP) Authority, NGO Affairs Bureau and Ashrayan-2 Project. The APA is a result-based working plan to reach the desired goal through increasing the efficiency and accountability of the public servant. In the 2014-15 fiscal year, the Awami League government introduced the APA method in a bid to get better performance from all the ministries and divisions. In the process, all the subordinate departments, agencies or offices also sign the APAs with their respective ministries, divisions or higher offices.

Executive Chairman of Bangladesh Investment Development Authority (BIDA) Md. Sirazul Islam urged private sector entrepreneurs to proactively use One Stop Service (OSS) portal to get 58 services. At one point of time, it was the private sector who demanded for a single window from where they could get all relevant services to start or run a business and currently 58 different services are being provided through OSS, he said. Speaking as the chief guest Sirazul said this in a discussion on the use of OSS, arranged by Dhaka Chamber of Commerce & Industry (DCCI) on April 20, 2022. He also said that BIDA’s registration and RJSC’s name clearance can now be taken within 24 hours through OSS. In three years of time OSS has been able to provide about 60,000 services and at present, 90 percent of BIDA’s services are being provided in time, he added. BIDA Chairman requested the private sector to access these digital facilities online with a view to reduce the cost of doing business. “If private sector shows keen interest to avail services from OSS then hundreds of more services will be added to the board, then the cost of business will automatically come down,” he added. Dhaka Chamber President Rizwan Rahman said, “We need to change our mindset to use the OSS.” READ: Investment proposals grow 46.33 pc in July-September 2021: BIDA He also said that DCCI will work to disseminate the positive features of OSS to its members as well as to the business community to make it familiar. Rizwan also requested BIDA to develop a promotional video tutorial on OSS and upload that to social media for better reach. Senior Vice President of DCCI  Arman Haque, Executive Member of BIDA Mohsina Yasmin, DCCI Vice President Monowar Hossain, and other members of DCCI were present on the occasion.

The investment proposals registered by Bangladesh Investment Development Authority (BIDA) grew by 46.33 per cent in July-September 2021. This has been a marked improvement from July- September period of 2020 when the investment inflow fell due to worsening Covid-19 pandemic situation. BIDA, an entity attached with the Prime Minister Office, provided registration to 189 companies with investment proposals of Tk20463 crore in the three months (July-September) this year. A total 177 domestic companies have taken registration in July-September 2021 period with investment proposals of Tk18586 crore. Read: 184 industrial establishments get BIDA registration in 3 months In the similar period 7 foreign nationals-owned companies and 5-joint venture companies have taken registration with investment proposals of Tk 1877crore. The investors have preferred the agriculture based industries to textile, services and engineering sector to invest money. If the proposed investment is executed, the jobs opportunity of 28850 would be created. Bangladesh, growing rapidly over a decade, is on its way to becoming the next Asian Tiger. Economic and political stability are driving its journey towards the future. Currently the world’s 41st largest economy, Bangladesh will be the 25th largest economy by 2035, according to BIDA. Read: BIDA, BBF join hands to boost FDI BIDA is working to accelerate industrialization and employment. The entity has been providing transparent investor services of different organizations all in one place.  

A total of 184 industrial establishments got registered with the Bangladesh Investment Development Authority (BIDA) in three months, from April to June this year. The total amount of the proposed investments of the establishments is some Tk14,128 crore, which is much higher than the investment proposal of Tk5,684 crore in the same period of 2020. Also read: BIDA, DCCI sign MoU for integrating services with OSS Only 46 industrial establishments got registered with the BIDA during April-June 2020 due to the fallout from the Covid-19 pandemic, according to the Press Information Department. The BIDA, the principal private investment promotion agency, provides diversified promotional and facilitating services to accelerate the country's industrial development. Also read: Bangladesh to continue to grow over next 30 yrs: BIDA