BIDA, Prabriddhi join hands to enhance Bangladesh’s investment landscape

Bangladesh Investment Development Authority (BIDA) hosted a three-day workshop on the five pillars related to the Municipality Competitiveness Index (MCI) to address key reform agendas under the Bangladesh Investment Climate Improvement (BICI) Program. 

Held at the Heritage Resort in Narshingdi from May 12-14, the workshop aimed to enhance Bangladesh's business landscape by delving into each pillar's reform agenda in collaboration with relevant ministries, divisions and agencies, says a press release received on Wednesday (May 15).

Representatives from 76 ministries, divisions, and agencies of government and development partners participated in the workshop.

Emphasising MCI's relevance to BICI pillars and local economic development, the workshop outlined reform agendas in areas such as business entry, infrastructure, taxation, dispute resolution, and access to finance.

Continuing from a prior event held in February 2024, the workshop emphasised the significance of tackling business obstacles at the municipal level to cultivate a conducive environment for both domestic and international investors.

Lokman Hossain Miah, Executive Chairman (Senior Secretary) of BIDA, while speaking at the event as the chief guest, expressed confidence that the initiative would significantly contribute to implementing the BICI programme and propel Bangladesh towards becoming a more developed nation with improved investment infrastructure.

While delivering the inaugural speech, Dr Khandoker Azizul Islam, Executive Member (Additional Secretary) BIDA, said, “The essence of the BICI programme lies in fostering Bangladesh's development. Elevated investment in Bangladesh stands to benefit numerous individuals.”

He appreciated the Swiss government and PRABRIDDHI for their invaluable support and role in advancing Bangladesh’s economic prosperity.

Md Kamal Hossain, Project Director of PRABRIDDHI, said, “The government is diligently pursuing the Smart Bangladesh initiative, endeavouring to attract both domestic and foreign investments for a dynamic economy. It is crucial to employ such competitive index not only in major urban cities but also at municipal levels nationwide to propel the nation towards upper-middle-income status.”

Mujibul Cezanne Hasan, Country Director of Swisscontact Bangladesh, said that in the initial phase of MCI formulation, they would implement MCI in the seven municipalities under the PRABRIDDHI project.

He thanked the Switzerland government and Swiss Agency for Development and Cooperation (SDC) for their support towards Bangladesh.

Jibon Krishna Saha Roy, the Director General of BIDA, presented the framework of BICI programme. He opined that the inclusion of MCI into BICI programme underscores BIDA and PRABRIDDHI’s dedication to catalysing local economic development, promoting a better business environment, and increasing investment opportunity in Bangladesh.

While discussing the methodology of the assessment of business climates of the municipalities through MCI, economist Masrur Reaz pointed out that previously, under the World Bank's 'Ease of Doing Business', such type of index was exclusively utilised in only two major cities of Bangladesh.

“However, with the assistance from PRABRIDDHI project, we can now extend the use of this index to the local level. This expansion will lead to a comprehensive understanding of the business and investment landscape across the entire country,” he said.

The release says BIDA had been actively collaborating with different ministries, divisions, and agencies to implement reform proposals aimed at enhancing Bangladesh's position on the World Bank’s Ease of Doing Business Index.

Even though the World Bank suspended the Ease of Doing Business program, the National Committee for Monitoring Implementation of Doing Business Reforms (NCMID), headed by the Cabinet Secretary, launched the BICI program to improve the business environment and increase investment across the country, it points out.

PRABRIDDHI, a Local Economic Development (LED) project funded by the government of Bangladesh and Switzerland, is facilitating collaboration between BIDA and the Local Government Division (LGD) to implement the BICI programme and integrate the MCI into the programme. The collaboration aims to engage municipalities nationwide, leveraging the MCI as a comprehensive tool to assess competitiveness and ease of doing business at the municipal level.