Economy
PM Sheikh Hasina Pledges to Transform Bangladesh into a Top Investment Destination
In a recent address during her visit to China, Prime Minister Sheikh Hasina underscored the pivotal role China has played in bolstering Bangladesh’s infrastructure projects, technological advancements, and economic growth. Highlighting the resilience and progress of Bangladesh, she detailed the nation’s remarkable journey, especially during the challenging times of the pandemic.
Bangladesh stands out as one of the few economies that continued to thrive amid the global health crisis. The country is on track to graduate from the UN’s Least Developed Countries (LDC) list in 2026, showcasing its resilience and ability to surmount challenges. Over the past half-decade, Bangladesh has maintained a strategic economic growth average of 6.75%, expanding its economy from USD 102 billion in 2009 to over USD 460 billion in 2023. Just before the pandemic struck, the economy boasted a growth rate of 8.1%.
The Prime Minister highlighted key economic indicators, noting that Bangladesh’s per capita income has reached USD 2,784. The country’s export volume has surpassed the USD 50 billion mark, and it received a net Foreign Direct Investment (FDI) of USD 2.8 billion in 2022. Additionally, Bangladesh is among the top remittance-earning countries globally and ranks as the world’s 33rd largest economy. Projections suggest that by the first half of the 2030s, Bangladesh could ascend to become the 24th largest economy. The nation offers one of the most liberal investment regimes globally, facilitated by the Bangladesh Investment Development Authority (BIDA), which provides comprehensive services to foreign investors under one roof. The government has also implemented significant reforms to create a more business-friendly environment, enhancing the ease of doing business and ensuring a secure and reputable investment landscape.
Prime Minister Hasina stated, “We aim to position Bangladesh as one of the most attractive destinations in the world.” To achieve sustainable economic growth, the government has formulated a logistics policy aimed at boosting domestic and international trade and investment through the construction of a world-class, technology-based, time and cost-efficient, and environmentally friendly logistics system. Significant investments are being made in both digital and physical infrastructure to transform Bangladesh into a comprehensive logistics hub with regional and international connectivity.
Among the megaprojects completed are the Padma Multipurpose Bridge, the Karnaphuli River Tunnel (Bangabandhu Tunnel), the Matarbari Deep Sea Port, the expanded third terminal at Dhaka International Airport, the Rooppur Nuclear Power Plant, and the Dhaka Metro Rail System. These projects are pivotal in strengthening the nation’s infrastructure.
The Prime Minister also emphasized the nationwide coverage of electricity and internet access, highlighting the launch of Bangladesh’s first communication satellite, Bangabandhu-1, as a milestone in technological advancement. Additionally, Bangladesh boasts the world’s second-largest number of registered IT freelancers. The vision is to build a smart Bangladesh by 2041, encompassing a smart citizenry, smart government, smart economy, and smart society. Continuous upgrades to seaports, airports, and land routes are being made to meet international standards, ensuring efficient and seamless logistics.
One of Bangladesh’s greatest assets is its youthful and dynamic workforce, with a median age of around 27 years. This population is characterized by energy, dedication, sincerity, and strong work ethics. The nation’s youth are poised to actively participate in the Fourth Industrial Revolution.
In her address to the Chinese business community, Prime Minister Sheikh Hasina extended a warm invitation to invest in Bangladesh, highlighting the nation’s advantageous pool of skilled and semi-skilled labor, which is both cost-effective and highly capable.
“I encourage the Chinese business community to consider key sectors in Bangladesh. We welcome investments in our infrastructure, energy, renewable energy, and logistics sectors,” she stated. She emphasized opportunities in climate-resilient smart agriculture, agro-processing, and the establishment of a special tourism zone where China can invest in real estate and hospitality. The Prime Minister also urged Chinese investors to explore fruitful ventures in Bangladesh’s capital markets. The Bangladesh Securities and Exchange Commission (BSEC) is actively enhancing the capital market to make it more attractive to foreign investors. Notable progress includes the development of a robust bond market and the introduction of derivatives products, which will diversify and expand financial markets. There are numerous opportunities in renewable energy, pest management, and green technologies. “Investors will find that Bangladesh is committed to ensuring profitable business operations,” she assured.
Bangladesh is eager to increase its exports to China, particularly in textiles, garments, leather goods, jute products, and agricultural items. The country welcomes Chinese investment in export-oriented industries to help diversify its export basket and reduce trade deficits. To enhance business cooperation, the Prime Minister encouraged Chinese companies to form joint ventures with Bangladeshi firms.
“The partnership between Bangladesh and China holds unbounded promise,” she declared. “Our shared vision for economic growth, technological advancement, and sustainable development forms the cornerstone of our bilateral relationship. Together, we can create a prosperous future that benefits both our countries and people.”
Prime Minister Hasina warmly invited the Chinese business community to visit Bangladesh, explore the abundant opportunities, and experience the warmth and hospitality of its people. “Let us work together to build a stronger, more prosperous, and more connected world,” she concluded.
Prime Minister Hasina’s visit to China, under the banner of “The Rise of Bengal Tiger: Summit on Trade, Business, and Investment Opportunities Between Bangladesh & China,” showcased Bangladesh’s immense potential to Chinese businesses, highlighting the synergistic opportunities for growth and collaboration between the two nations.
The event was attended by Salman Fazlur Rahman, the Prime Minister’s Private Industry and Investment Advisor; Abul Hasan Mahmud, the Finance Minister; Md. Atiqul Islam, the Mayor of Dhaka North City Corporation; Nasrul Hamid, the State Minister for Power, Energy, and Mineral Resources; Zunaid Ahmed Palak, the State Minister for Post, Telecommunications, and Information Technology; Ahasanul Islam Titu, the State Minister for Commerce; Mohammad Tofazzal Hossain Miah, the Principal Secretary to the Prime Minister; ambassadors, various institutional and individual investors, and stakeholders.
Other notable speakers at the event included Lokman Hossain Miah, the Executive Chairman of BIDA; Yao Wen, the Chinese Ambassador to Bangladesh; and investors, industrialists, and businesspeople from China and Bangladesh.
Chief Adviser Prof Muhammad Yunus on Thursday paid tribute to the Armed Forces Division by placing a floral wreath at its headquarters.
Prof Yunus, who visited the division as part of his official duties, laid the wreath to honor the sacrifices and dedication of the members of the Armed Forces.
Following the wreath-laying ceremony, he signed the visitor’s book.
Chief Election Commissioner (CEC) Kazi Habibul Awal, along with four other election commissioners, announced their resignation during a press conference today at the Election Commission (EC) building. The resignation follows growing speculation and pressure.
CEC Awal stated, “In this changed situation, I and other commissioners have decided to step down. We’re handing over our resignation letters to the EC Secretary to send it to the President.” After submitting the letters, the CEC and some commissioners quickly left the premises, with no clear explanation for the absence of two election commissioners.
The resignations come amid increasing unrest tied to the registration of political parties such as Nagarik Oikya and Gono Odhikar Parishad. Sources revealed the CEC felt unsafe due to aggressive behavior from activists, prompting the decision to step down.
Protesters outside the EC building hurled shoes at vehicles carrying Election Commissioners Rashida Sultana, Md Alamgir, and Anisur Rahman as they left. Meanwhile, preparations for their exit had already been underway, with the commissioners reportedly relocating personal belongings from their offices.
The commission, appointed in February 2022 for a five-year term, had previously expressed confusion over demands for their resignation, maintaining they had conducted fair elections. However, internal discussions led to the collective decision to resign earlier than expected.
The government will now purchase LNG from the international spot market through open tender instead of negotiation.
Cabinet Committee on Economic Affairs (CCEA) in a meeting on Wednesday in principle approved a proposal in this regard.
Adviser of the interim government for Finance Dr. Salehuddin Ahmed, who presided over the meeting, said that the government will procure LNG through open tender.
The Energy and Mineral Division of the Ministry of Power, Energy and Mineral Resources placed the proposal where it sought approval to import LNG from 23 listed companies in the international spot market.
The adviser said that though such 23 companies were enlisted by the previous Awami League government and signed Master Sales and Purchase Agreement, they will remain unchanged.
He said that instead of applying the Speedy Increase of Energy and Power Supply (Special) Act 2010, the interim government will follow the Public Procurement Rules 2008 to ensure the competitive bidding process.
“We don’t want to change them as we wanted to import LNG quickly, ensuring proper competition among the suppliers,” he told reporters.
Committee also approved another proposal in principle to sign a contract to import urea fertiliser for the 2024-25 fiscal year from Fertiglobe Distribution Limited, UAE, on a G-to-G basis.
Meanwhile, the Cabinet Committee on Government Procurement (CCGP) in a meeting, presided over by the Adviser for Finance, approved 3 proposals for import of lentil and fertiliser.
As per the proposal, the Trading Corporation of Bangladesh will procure 10,000 metric tons (MT) of lentil from local firm Sahara Enterprise at a cost of Tk 98.20 crore with each kg priced at Tk 98.20.
The Commerce Ministry which moved the proposal on behalf of the TCB in the meeting mentioned in the proposal that the supplier firm was selected through open tender.
The CCGP approved two separate proposals of the Industries Ministry under which Bangladesh Chemical Industries Corporation will import 30,000 MT of bulk granular urea fertiliser from Fertiglobe Distribution Limited, UAE, under state to state contract at a cost of Tk 121.48 crore.
Each metric ton of fertiliser will cost $343.17.
Another 30,000 MT of bagged granular urea fertiliser will be procured from the local Karnaphuli Fertilizer Company Limited (Kafco) at a cost of Tk 116.99 crore with each metric ton costing $330.50.
