Investment News

BIDA’s three years

Sep 01, 2019

In 2016, BIDA emerged as the apex investment promotion agency of Bangladesh through the merger of erstwhile Board of Investment and the Privatization Commission. On Sept 1, 2019, BIDA completed three years of its journey. Below are some of the progress it achieved:
 

1. BIDA has drafted a Strategic Roadmap and Corporate Plan (SRCP), which emphasizes on five objectives: i) attract investment, ii) support expansion iii) advocate for better eco-system, iv) provide One-Stop Service, v) Promote investment at the divisional level.   
2. BIDA has targeted several countries for attracting investment, stimulating unprecedented responses from countries like Japan, Singapore and Saudi Arabia.
3. BIDA continually promotes Bangladesh to large global businesses. For example, Mitsubishi Motors has already scaled up operations in Bangladesh.
4. BIDA has launched the online One-Stop Service (OSS), and is working to improve and introduce more services through the platform.
5. Bangladesh has initiated the process to allow ‘single-director companies’ as per BIDA’s recommendation.
6. BIDA has set up ‘Udyokta Unnayan O Biniyog Sohayota Kendra’ in all 64 districts, thereby taking investment services to the district-level, which was previously limited to the administrative divisions.
7. BIDA has launched the Entrepreneurship and Skill Development Project (ESDP) to offer training, mentorship and other facilitations to 24,000 potential entrepreneurs across Bangladesh. Over 100,000 interested persons have already registered for training.
8. BIDA has been working to decentralize investment services by working closely with local, bilateral and multilateral chambers of commerce and has signed several MoUs.