Invest in agro-processing, share knowledge Bida urges US

Bangladesh Investment Development Authority (Bida) has invited the US to invest in Bangladesh's agriculture sector and share its knowledge in agro-processing.  

"We want investment in post-harvest infrastructure and management, food processing, cold chain logistics, organic fertiliser, agri-communication etc," said Lokman Hossain Miah, executive chairman of Bida.

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He was addressing a luncheon meeting organised by the American Chamber of Commerce in Bangladesh (AmCham) at Sheraton Dhaka yesterday.

Enhancing agricultural productivity is also very critical for a climate-vulnerable country like Bangladesh which is why agricultural machinery manufacturing industry has been high prioritised in Bangladesh's industrial policy, he said.

"We are promoting mechanisation and the use of smart technology in agricultural operations like planting, weeding, application of fertiliser, harvesting, drying and storage," said Miah.

According to him, the US accounts for the highest amount of foreign investment in Bangladesh or 20 per cent of all coming in from around the world.

The country has traditionally invested in energy, power, banking and insurance sectors, he said.

"We also want US investments to bring smart technologies in healthcare, medical devices, automobile and hospitality. I will also add blue economy sub-sectors, including deep-sea fishing, biotechnology and tourism," said the Bida executive chairman.

Making Bangladesh investment-friendly is a top priority, Miah said, adding that Bangladesh was building better infrastructure, using different technologies and creating friendlier policies.

As an apex investment promotion agency of Bangladesh, Bida is the highest authority for ensuring all necessary facilities, including sustainable policies, he noted.

He also claimed that 99 per cent of Bida's services were online. Investors can get 63 services of 23 service providers, including Bida, and the system is paperless, he said.

Syed Ershad Ahmed, president of AmCham, said the government should invest in improving infrastructure, especially logistics facilities, and human capital.

These are key factors that influence investors' decision to mobilise their hard-earned resources in a country like Bangladesh, he said.

The investors are contributing to the country's economic growth by creating job opportunities and bringing new technologies, he said.

"We would appreciate if these investors are cared much, especially the foreign investors, as they are already here in contrast to the new entrants," said Ahmed.

"…so that they may go for further reinvestment and of course play the role of brand ambassadors for Bangladesh to bring new FDI and innovations," he added.

Good polices in paper and verbal assurance of support by policymakers will not allure foreign investors, said the AmCham president.

Proper implementation of the favourable polices and friendly rules for FDI matters the most, he said.

Ahmed suggested that facilitating more cooperation between the US and Bangladesh may attract more investment enabling export diversification while attention should also be given on knowledge-based high-tech products amid growing challenges.

Business leaders, representatives from the US embassy and other diplomatic missions were present in the meeting.