BIDA, BBF join hands to boost FDI

Bangladesh Investment Development Authority (BIDA) has joined hands with Better Bangladesh Foundation (BBF), a non-profit organization, in a bid to attract more foreign direct investment (FDI) into the country.

As their first joint initiative, they will organise a virtual Bangladesh-Italy investment summit in April, aiming to strengthen the bilateral trade relations between the two countries and promote investment.

Besides, the two organisations will continue to implement a wide range of programmes, including roadshows, seminars and conferences in different countries, to encourage more foreign investments in Bangladesh in the coming days under an agreement signed recently.

The two sides signed a Memorandum of Understanding (MoU) at the BIDA headquarters on Wednesday.

Mosharraf Hossain, BIDA Executive Member, and Prof Masud A Khan, Founder Chairman of Better Bangladesh Foundation, inked the MoU on behalf of their respective sides.

BIDA Executive Chairman Md Sirazul Islam, BBF executive director Nahima Aktar and BIDA Executive Members, Directors and BBF officials, among others, were present at the ceremony.

The partnership is expected to utilize the BBF ‘s networks at home and abroad to target high value, hi-technology and high impact investments in different priority sectors including agriculture, ICT, electronics, light engineering, renewable energy, power and health care, said a press release.

The first virtual investment summit in April will showcase the collaboration potential between Bangladesh and Italy and highlight the emerging strategic opportunities.

Policymakers, bureaucrats, entrepreneurs and other professionals from both countries will join the virtual event.

Addressing the event, the BIDA executive chairman said Bangladesh’s vision to become a middle-income country by 2024 and a developed one by 2041 largely depends on foreign investment.

Several of the government investment promotion organizations like BIDA have been working to attract and facilitate investments here, he said.

“I expect the partnership between BIDA and the BBF will play a significant role in attracting more foreign investments. Public-private partnership is more important now as we have set a goal to overcome the challenges of Covid-19 and utilize new opportunities,” he said

BBF Chairman Prof Masud A Khan said, “We have to promote the positive image of Bangladesh in a greater way which will play an important role in attracting foreign investment. We will do our best to attract foreign investment through our BBF Global Network.”