On January 29, 2018 BIDA organized a Stakeholder Consultation on its Strategic Roadmap & Corporate Plan 2017-21 bringing together a focused group of private sector CEOs and experts to seek their opinion on the organization’s medium term Strategic Roadmap & Corporate Plan 2017-21.
The BIDA Strategic Roadmap & Corporate Plan 2017-21 is structured by accounting for the following:
- National Development Policies
- Inclusive Engagement
- All-Out Investors Services
- Time Bound Actions and Activities
- Systematic Efforts for Continued Improvement of the Business and Investment Climate
- Drive towards Higher Global Value Chain and Diversification
- Management and Operational Efficiency with IT Enabled Services
Participants applauded BIDA on the formulation of such a comprehensive and necessary plan and they highlighted on how appropriate implementation of the Strategic Roadmap & Corporate Plan 2017-21 will definitely help in achieving the set targets for Foreign Direct Investment (FDI), Domestic Investment and Employment Generation. They also stressed on how, BIDA should work towards developing the country’s image/ nation branding on the global platform.
The audience cordially shared the top challenges they still face in doing business in Bangladesh. They also emphasized on resolving the following macroeconomic issues:
- Under-developed financial and capital markets
- Complex methods for businesses
- Lack coordination among government Ministries, Departments and Agencies (MDAs)
- Effects of Taxation policies
- Growing conservative attitudes towards foreign investment in some areas
Mr. Kazi M. Aminul Islam, Executive Chairman of BIDA stressed on the need for increasing private investment especially since FDI is growing in absolute terms but has a declining trend as a percentage of GDP. As per the 7th Five Year Plan, Bangladesh needs to achieve USD 9.6bn worth of FDI in 2020 to reach upper-middle income status. He also highlighted on how the initiatives of several government MDAs affect the overall business and investment ecosystem in Bangladesh that is why improving the Doing Business ranking is a joint effort. He urged the private sector to support BIDA in developing an effective policy framework.
At the conclusion of the meeting, the participating investors opined that BIDA should be given more authority and resources to push for the establishment of a positive and effective investment climate in Bangladesh