Bida fosters collaboration to enhance business, investment climate

The Bangladesh Investment Development Authority (Bida) is partnering with the local government division through the Prabriddhi project to enhance the business and investment climate in Bangladesh.

This collaboration will strengthen the implementation of the Bangladesh Investment Climate Improvement (BICI) programme by reaching all municipalities in Bangladesh and collecting data on the business environment nationwide.

Prabriddhi, a local economic development project funded by Switzerland and the Bangladesh governments, aims to support Bida in achieving the objectives of the programme by facilitating the aforesaid collaboration.

To promote intergovernmental cooperation among working group members representing diverse ministries, divisions, and agencies involved with the BICI programme, the Bida hosted a workshop at the Bida office in the capital on Thursday as part of its seven-part series.

Though the World Bank suspended the Ease of Doing Business programme, the National Committee for Monitoring Implementation of Doing Business Reforms decided to prepare an action plan taking into consideration the socio-economic context of Bangladesh.

The committee designed and launched the "Bangladesh Investment Climate Improvement" programme. The programme encompasses 110 identified reforms under seven pillars, with seven working groups formed to oversee each pillar's progress.

Additionally, a taskforce has been established to ensure the effective implementation of the programme.

The collaboration with the local government division will support Bida in developing and integrating the Municipality Competitiveness Index (MCI) into the programme. The MCI will offer municipalities a benchmark to monitor their progress in creating a favourable business environment.

"The BICI programme is all about helping Bangladesh grow. If investment is increased in Bangladesh, so many people will be benefitted," said Lokman Hossain Miah, executive chairman (senior secretary) of Bida.

"Since Bida does not work at the municipal level, MCI will help us gather information on business environments at the municipal level and reform business-friendly and investment-enhancing policies to build municipal competitiveness," said Mohsina Yasmin, executive member of Bida.

"Since Prabriddhi is working in cooperation with the local government division to develop good governance, sector competitiveness, infrastructure, business development services, and skill development at the municipal level, it is extremely encouraging to jointly fulfil the aim of the BICI programme at the national level," said Jibon Krishna Saha Roy, the director general of Bida.

"The inclusion of MCI into the BICI programme underscores our dedication to catalysing local economic development, promoting a better business environment, and increasing investment opportunities in Bangladesh," said Markus Ehman, team leader of Prabriddhi.