Bangladesh Investment Development Authority (BIDA) has signed separate memorandums of understanding (MoUs) with Sylhet City Corporation, Rangpur City Corporation, Karnaphuli Gas Distribution Company Limited, and Southeast Bank PLC. These agreements introduce seven new services to BIDA’s Online One-Stop Service (OSS) platform, aiming to increase efficiency, transparency, and ease of access for investors, according to a press release on Monday. BIDA Chairman Chowdhury Ashik Mahmud Bin Harun attended the signing as the chief guest. BIDA Executive Member Dr Khandoker Azizul Islam presided over the event and BIDA Director Abdur Rahim gave the welcome address. The new additions bring the total number of services on the OSS platform to 133, provided by 48 institutions, including 23 services from BIDA, it said. Since its inception in 2019, the OSS platform has processed over 170,000 applications with a 99% resolution rate. However, only 5,000 applications have been related to services from other agencies, indicating the need for further adoption and integration of the platform. BIDA collaborates with experts to develop FDI Heatmap for Bangladesh “Ensuring quality service for investors remains our top priority. Through the OSS platform, we aim to make the service delivery process more accessible and efficient. Our long-term plan includes establishing a Single Entry Point, which will enable investors to access services from all IPAs using a single ID. This will eliminate redundancy, improve monitoring, and ensure seamless service delivery. We urge investors to actively utilise the BIDA OSS platform, which will not only save time but also enhance transparency across all partner institutions,” said the BIDA chairman. Dr. Khandoker Azizul Islam, executive member of BIDA, signed the MoU with Southeast Bank PLC, while  Jibon Krishna Saha Roy, director general of BIDA, signed the MoUs with Sylhet City Corporation, Rangpur City Corporation, and Karnaphuli Gas Distribution Company Limited, the release said. Noor Uddin Md Sadek Hossain, managing Director of Southeast Bank PLC; Manjurul Haque, Company Secretary of Karnaphuli Gas Distribution Company Limited; Rezai Rafi Sarkar, CEO of Sylhet City Corporation; and Joyshree Rani Roy, representing Rangpur City Corporation, were also present at the time, among others.

The Bangladesh Investment Development Authority (BIDA), the premier investment promotion agency of the Government of Bangladesh, is partnering with industry leaders to create a Foreign Direct Investment (FDI) Heatmap. This initiative aims to strategically highlight sectors and sub-segments where Bangladesh demonstrates a competitive edge and substantial growth potential. The FDI Heatmap is being developed in collaboration with renowned global and local organisations, private sector specialists, and research institutions. Key stakeholders have been engaged to provide valuable insights and analyses, enabling BIDA to identify priority countries, regions, and anchor investors. Ashik Chowdhury appointed BIDA executive chairman The initiative marks a significant shift from traditional, reactive investment promotion to a more data-driven and strategic approach. “Investment promotion in Bangladesh has historically been reactive. The FDI Heatmap signals a shift towards data-driven, strategic engagement and exemplifies public-private collaboration. BIDA will also regularly update the FDI Heatmap through consultations with key experts and stakeholders, especially from existing and potential FDI source countries,” said Ashik Chowdhury, Executive Chairman of BIDA. The project, spearheaded by Nahian Rahman Rochi, the incoming head of BIDA’s new Business Development team, is set to deliver actionable insights by the end of November. BIDA’s partners in this initiative include the Foreign Investors’ Chamber of Commerce and Industry (FICCI), Dhaka Chamber of Commerce and Industry (DCCI), Hongkong and Shanghai Banking Corporation Limited (HSBC), Standard Chartered Bank (SCB), IDLC, International Finance Corporation (IFC), PricewaterhouseCoopers (PwC), Boston Consulting Group (BCG), Ernst & Young (E&Y), LightCastle Partners, Inspira Advisory and Consulting, Japan External Trade Organisation (JETRO), Japan International Cooperation Agency (JICA), and Korea Trade-Investment Promotion Agency (KOTRA), among others. With this initiative, BIDA aims to position Bangladesh as an attractive destination for foreign investors, fostering sustainable economic growth and enhancing the country's global competitiveness, said a media release on Monday.

Dutch Bangla Chamber of Commerce and Industry (DBCCI), Latin America-Bangladesh Chamber of Commerce and Industry (LABCCI), and  the Bangladesh Investment Development Authority (BIDA) will organise the "Bangladesh Investment B2B (Business to Business) Event in BENELUX and Latin America 2023" during May 6-17 this year. The delegation will be held in Belgium, the Netherlands and Luxembourg in the BENELUX during May 6-12 and Argentina and Brazil from Latin America during May 12-17. Prime Minister's Private Industry and Investment Adviser Salman Fazlur Rahman MP will lead the delegation. LABCCI President Md Anwar Shawkat Afser along with the delegates met with the newly elected President Md Shahabuddin Monday. Afser along with the Standing Committee Chairman of LABCCI and DBCCI shared the potential market in Europe and Latin America said they expect to attract foreign direct investment from the targeted countries.    

If business opportunity is mangoes on a tree, effort is the energy needed to scale it and pluck as much of the sweet fruit as possible. In Bangladesh, these trees are super tall. Notwithstanding the honest efforts of Prime Minister Sheikh Hasina, Bangladesh still remains a difficult country to do business -- entrepreneurs are hobbled by endless adherence to overlapping regulations sans coordination among the various government agencies. To be precise, the devil is in the details. Of the 17 public entities and one private firm enlisted by the Bangladesh Investment Development Authority (BIDA) for providing 57 services under one roof -- called the 'onestop service' (OSS) -- to investors planning to set up shops, only a few are active. Read:Investment proposals grow 46.33 pc in July-September 2021: BIDA The One Stop Service Act, 2017, to provide domestic and foreign investors hassle-free clearances from a single venue came into effect in February 2018. Nearly four years on, 15 government entities, including the National Board of Revenue (NBR), remain inactive to provide services under the OSS. Only the NID service of Bangladesh Election Commission and the e-payment platform of Sonali Bank are providing services properly. Bangladesh’s effort to attract foreign direct investment (FDI) cannot be achieved under such a bureaucratic red tape, according to a top leader of a trade body. However, BIDA chief has refuted the allegations of bureaucratic red tape. His logic is simple -- "the initiative will fructify over time", another bureaucratic alleby. "BIDA is working to provide 57 services online by 18 public and private sector agencies under the OSS, including business registration, land allocation, trade body membership etc. The system is corruption-free and fast," said Md Sirajul Islam, the executive chairman of BIDA. At present, BIDA is providing 18 services under the online initiative where every movement of a file is tracked, he said.

Chinese Ambassador to Bangladesh Li Jiming has recommended Bangladesh as a golden investment destination to potential Chinese investors.