Bangladesh must accelerate reforms and improve implementation to attract higher levels of investment and remain globally competitive, the head of the Bangladesh Investment Development Authority has said.
Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of BIDA, made the remarks on Monday at the launch of the UNCTAD Investment Policy Review Implementation Report for Bangladesh at the BIDA building in Dhaka.
“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,” he said.
He stressed that stronger execution and faster action are now essential, warning that competing countries are progressing more quickly, making it harder for Bangladesh to keep pace.
Highlighting a persistent challenge, he said the country often produces plans and reports but fails to implement 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 global uncertainties, including instability in trade linked to the Middle East conflict, he said the international environment remains fragile. In such conditions, he noted, stability is critical to sustaining both domestic and foreign investment.
Chowdhury Ashik Mahmud Bin Harun said Bangladesh must protect existing investments, ensure adequate support for investors and create new opportunities to attract fresh inflows.
He called for a second phase of reforms focused on clear goals, effective implementation and stronger coordination among stakeholders. He also urged setting ambitious short-term targets, suggesting the country should aim to achieve in the next two to three years progress comparable to that made over the past five years.
BIDA Executive Member Nahian Rahman Rochi and United Nations Development Programme Deputy Resident Representative Sonali Dayaratne also spoke at the event.
