Graft was biggest hurdle in drawing FDI over last 15yrs

Corruption and policy inconsistencies have posed significant challenges to attracting foreign direct investment (FDI) in Bangladesh over the past 15 years, said Ashik Chowdhury, the first private-sector leader to head the government's key investment promotion agencies.

"Countries such as India and Vietnam have successfully attracted FDI by shifting away from protective policies," the new executive chairman of the Bangladesh Investment Development Authority (BIDA) and Bangladesh Economic Zones Authority (BEZA) said.

"In Bangladesh, the gap between policy and execution will be bridged by promoting a results-driven, investor-focused approach," he said in an interview with The Daily Star.

Strengthening the financial sector, especially foreign currency management, alongside reforms in infrastructure and energy, will support business expansion and attract large-scale investments. A clearer path for ownership and profit transfer is also crucial for foreign investors, he added.

Chowdhury said he is adopting a multipronged approach to improve ease of doing business, with digitalisation at the centre. "We are streamlining processes, improving land access and ensuring policy consistency," he said.

One of the key initiatives will be the launch of the D-Nothi (digital file management system) in November to simplify approval processes and improve coordination with other government agencies to deliver a more integrated investor experience, he said.

BIDA, the government's apex investment promotion agency, has been ramping up efforts to attract FDI through targeted sectoral promotion and direct engagement with industry leaders, according to him.

"We are building a positive narrative by showcasing success stories and competitive advantages. We're using digital engagement platforms to facilitate virtual investment opportunities and organise site visits tailored to investor interests. Our facilitation goal is to build direct connections between high-value businesses and decision-makers.

"We are working closely with international chambers of commerce and industry associations to address concerns and offer customised solutions. We are also enhancing our communication channels to deliver timely and accurate information to investors," he said.

In the coming days, BIDA and BEZA will focus on enhancing capacity and leveraging private-sector expertise, he said. "We want to be the top government agency for investment in the next year by providing a positive experience that inspires people to become ambassadors for Bangladesh."

In order to ensure accountability, BIDA is enhancing its monitoring and evaluation systems and collaborating closely with other government agencies to expedite critical processes such as land acquisition, environmental clearances, and utility connections.

He believes together, these efforts, along with a stable policy framework, will create an environment more conducive to private sector investment, and promote sustainable economic growth.

Chowdhury was an investment banker at HSBC Singapore, specialising in infrastructure and sustainable finance.

He began his banking career at Standard Chartered and headed finance at American Airlines, covering Europe and Asia. He has also advised the Grameen Telecom Trust.

Chowdhury has an MSc in finance from the London Business School. He got his BBA in finance and economics from the Institute of Business Administration at Dhaka University.

A chartered financial analyst, Chowdhury is a certified skydiver and holds the Guinness World Record for the longest freefall with a flag. He is also a private pilot licensed in the UK.