Bangladesh Investment Climate Improvement Program

Vision:
Make Smart BIDA towards Smart Investment

Mission:
Simplification of investment services is very important in building smart investment. BIDA is working to improve the business climate by making BICIP digital platform. BIDA has a mandate to provide 100% digital services to all relevant stakeholders.

Background:
The role of both domestic and foreign investments is crucial in the economic development of the country. Foreign Direct Investment (FDI) is indispensable for the direct economic progress of Bangladesh. To position Bangladesh as an investment destination, developing a conducive investment-friendly infrastructure is essential. Bangladesh currently presents an immense investment potential. Countries that can provide easy services through technology and attract investments through simple incentives are experiencing rapid economic growth.

The competition among countries to attract investments is intense globally. The more a country can provide services easily through technology and attract investments through straightforward incentives, the more it prospers economically. In the global race for investment attraction, countries are constantly researching and surveying through investment indices to find new destinations. The ease of doing business index has been crucial in determining the status of doing business in various countries.

According to reports published by the World Bank in 2018 and 2020, discrepancies and inconsistencies were found in the information, leading to the postponement of the release of the Doing Business report on September 16, 2021. Business and investment environment evaluation will take on a new direction based on the World Bank’s Business Ready initiative.

In light of the World Bank’s indicators and perceptions, countries seeking foreign investments are analyzing the capacity for investment-friendly opportunities and the investment environment of their own countries. In this context, the National Committee for Implementation of Doing Business (NCMIDB) held its 9th meeting on October 14, 2021, under the chairmanship of the Secretary of the Cabinet Division. During the meeting, discussions were held on the relevant action plan for the ‘Investment Environment Development in Bangladesh’ proposed by BIDA.

This plan includes proposals under seven pillars, with a total of 110 initiatives, to be implemented. To monitor and review progress at the implementation level, a National Steering Committee has been formed under the chairmanship of the Honorable Finance Minister. A Monitoring Committee has also been formed, with the Secretary of the Cabinet Division as the chairperson, to oversee progress at the ministerial level.

In Bangladesh, efforts have been made to digitize and streamline investment services through the Digital Bangladesh initiative. The BIDA’s BICIP digital platform is a crucial online platform for receiving 111 services from government departments/institutions providing investment services, and it has integrated 37 ministries/departments/organizations/business associations offering investment services through this process. The BIDA’s BICIP digital platform is working to provide a comprehensive and important part of online services in conjunction with other departments/agencies involved in the platform through the same API (Application Programming Interface).

This initiative is a crucial step towards digitizing investment services in Bangladesh and aims to create an advanced, technology-dependent, and smart Bangladesh for investment environment development.