BIDA, FICCI join hands to boost foreign investment

Bangladesh Investment Development Authority (BIDA) and the Foreign Investors' Chamber of Commerce and Industry (FICCI) have agreed to continue working closely to overcome any barriers to investment, ensure the continuity of foreign investment, and explore new opportunities for economic growth in Bangladesh.

They reaffirmed their commitment at a collaborative meeting held at the BIDA headquarters in Dhaka on Tuesday, said a press release.

Lutfey Siddiqi, special envoy of the Chief Adviser on international affairs, was present at the meeting as the chief guest.

Presided over by BIDA Secretary Dr Khandoker Azizul Islam, the meeting focused on fostering stronger partnerships to address the challenges in attracting FDI and enhancing the investment landscape of Bangladesh.

Ashik Chowdhury, the newly appointed Executive Chairman of BIDA, joined the session virtually as the guest of honour while FICCI President Zaved Akhtar was present as a special guest.

In his keynote address, Lutfey Siddiqi underscored the importance of collaboration between BIDA and FICCI to face the challenges that hinder investment flows.

He stressed that by working together, both organisations could open new areas for investment, streamline the investment process, and attract higher levels of foreign capital. He also focused on the necessity of adapting to global economic changes in order to ensure that Bangladesh remains an attractive destination for international investors.

At the meeting, Dr Khandoker Azizul Islam presented a comprehensive overview of the current investment climate in Bangladesh, including the policies, laws, and barriers that need to be addressed to foster more robust foreign investment.

He highlighted BIDA's One-Stop Service (OSS) system, which provides comprehensive services to investors, and urged FICCI to help build a global network that could draw more investors to the country.

"BIDA is always ready to provide maximum support to foreign investors," he said, emphasising the authority's readiness to resolve any issues that arise.

Ashik Chowdhury, in his first official engagement as the Executive Chairman of BIDA, expressed his gratitude to the FICCI representatives for their role in expanding foreign investment in Bangladesh.

He lauded FICCI for acting as ambassadors of Bangladesh to the global community.

"Through your efforts, Bangladesh is promoted abroad, and this helps bring foreign investment into the country," he said.

He also highlighted Bangladesh's reputation as a safe and stable investment destination.

He expressed confidence that the challenges and obstacles hindering investment could be resolved quickly and efficiently through close cooperation between BIDA and FICCI.

Both BIDA and FICCI also presented audiovisuals that highlighted their respective roles in promoting investment and showcased up-to-date information on the current state of foreign investment in the country.

Senior officials from BIDA, FICCI, and the office of the Chief Adviser were present at the meeting.