Finance Minister Amir Khosru Mahmud Chowdhury on Wednesday said the incumbent government has identified increasing foreign investment and accelerating economic growth as one of the key priorities of its medium-term economic strategy.
He said the government is implementing the 3-R Strategy - Recovery and Stabilisation, Restoration and Reconstruction for Acceleration - to achieve this objective.
Under the strategy, the government has set targets to raise the country’s real GDP growth to 8.5 per cent, increase foreign direct investment (FDI) to 2.7 per cent of GDP, and boost total investment to 40 per cent of GDP by the fiscal year 2030-31.
The finance minister disclosed the information while responding to a starred question tabled by Treasury Bench member Rafiqul Islam Hilali from the Netrokona-3 constituency in Parliament on Wednesday.
He said the government has undertaken legal and institutional reform initiatives after identifying existing barriers to business in order to create a more investment-friendly environment.
These measures are aimed at reducing business uncertainty and costs, improving the ease of doing business, and ensuring investment security, he added.
The minister said the government is also emphasising deregulation to establish an effective, transparent and cost-efficient business environment that encourages both domestic and foreign investment.
To attract investment, the government has already implemented several direct measures, including the launch of the single digital platform BanglaBiz, publication of an FDI heat map covering 19 potential sectors, establishment of new Export Processing Zones (EPZs) in Patuakhali and Jashore, and initiatives to set up new economic zones in Kurigram, Nilphamari, Chandpur and Kushtia.
These projects are expected to create employment opportunities for around 2,50,000 people, he added.
The finance minister further said the government has undertaken initiatives to sign various agreements, including Free Trade Agreements (FTAs), Preferential Trade Agreements (PTAs) and Economic Partnership Agreements (EPAs) with potential partner countries to expand trade and investment cooperation.
Highlighting efforts to diversify exports and reduce dependence on a single product, he said facilities have been provided for duty-free import of raw materials and inputs against bank guarantees for industries such as food processing, light engineering, furniture, electronics, steel products, plastics and leather goods.
In addition, the government has taken steps to extend customs bonded and similar facilities to promising export-oriented sectors.
To strengthen the financial infrastructure supporting foreign investment, the minister said the government is giving priority to developing the capital market, corporate bond market, mutual funds, green bonds, Sukuk and other long-term financing instruments as part of efforts to build an investment-driven economy.
Measures have also been taken to facilitate listing of eligible companies, make disclosure requirements more realistic, and strengthen investor protection, he added.
The finance minister expressed hope that these coordinated initiatives would further strengthen the country’s investment climate and play a significant role in achieving sustainable economic growth.
