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Textile sector receives highest FDI in FY23

Staff Correspondent
17 Oct 2023 21:57:47 | Update: 17 Oct 2023 21:58:04
Textile sector receives highest FDI in FY23

The country’s textile sector has received the highest foreign direct investment (FDI) of $1,229 million in the fiscal year 2023, according to the Bangladesh Bank data.

The data showed that the textile sector received $435 million in FDI from the Republic of Korea, followed by Hong Kong $174 million, China $112 million, and India $54 million.

In addition, the power sector got $439 million FDI in FY23. Hong Kong brought in $116 million in FDI, followed by China $74 million, Singapore $50 million, and the Netherlands $49 million.

The telecommunications sector received $435 million during this period. Norway and Malta made their investments in this sector where the two countries contributed the lion’s share.

The banking sector of the country got almost $403 million in the last fiscal year with the United Kingdom (UK) investing $239.62 million. 

Besides, the energy sector received $340 million in FDI, including $111 million from the Netherlands and $202 million from the USA.

These countries have also made investment in the sectors of food, trading, leather, chemicals and pharmaceuticals, construction, fertilizer, agriculture and fishing, computer software and information technology, cement and non-banking financial institution.

Talking to The Business Post, Executive Director of Policy Research Institute (PRI) Ahsan H Mansur said, “The inflow of FDI is less than what we expect. The government should take necessary steps to increase the FDI inflow. The textile sector gets the highest FDI because it is a large exporter in the country. On the other hand, the power and energy sectors have received a good amount of investment, though it's low.”