BIDA chief urges faster reforms to boost investment

Executive Chairman of the Bangladesh Investment Development Authority (BIDA), Chowdhury Ashik Mahmud Bin Harun today said Bangladesh must sharply accelerate reforms and their implementation to attract higher levels of investment and remain competitive globally.

"If we have been running in second gear so far, we actually have to drive a car in fifth gear now; otherwise, it will never be possible for us to bring in global investment by competing with our rival nations," Ashik said.

The BIDA chief made the remarks while speaking at the launch of the UNCTAD Investment Policy Review (IPR) Implementation Report for Bangladesh, held at the BIDA building in the city.

Ashik Chowdhury today stressed that stronger execution and faster action were now critical, noting that many competing countries were moving ahead at a quicker pace, making it increasingly difficult for Bangladesh to catch up.

Highlighting a key challenge, he said the country often prepares plans and produces reports but falls short in implementing agreed recommendations.

"We make many plans, speak a lot, and many beautiful reports are released. But after agreeing, it is seen that we do not actually implement what is said in those reports," he added.

Referring to ongoing global uncertainties, including instability in trade due to the Middle East conflict, he said the international environment remains fragile.

In such a context, he underscored that stability is essential to sustain both domestic and foreign investment.

The BIDA chief said Bangladesh must simultaneously protect existing investments, ensure adequate support for investors, and create new opportunities to attract fresh inflows.

Calling for a second phase of reforms, Ashik Chowdhury emphasized the need for goal-oriented planning, effective implementation, and coordinated initiatives among stakeholders.

He also urged setting ambitious short-term targets, aiming to achieve within the next two to three years progress comparable to that made over the past five years.

Among others, BIDA Executive Member Nahian Rahman Rochi and Deputy Resident Representative of the United Nations Development Programme (UNDP), Sonali Dayaratne, also addressed at the programme, reports UNB.