Timely adoption of regulatory changes and policy reforms will help attract more foreign direct investment (FDI) and access foreign finances, said Nuzhat Anwar, acting country manager for Bangladesh, Bhutan and Nepal of the International Finance Corporation (IFC).

"There is a need to have a better coordination among various ministries, and support for FDI needs to come from all levels of the government, not just from the top level," she said.
For all latest news, follow The Daily Star's Google News channel.

Anwar was giving an online interview to The Daily Star recently when the focus was a two-day international investment summit beginning today at the Radisson Blu Dhaka Water Garden.

The IFC is a sponsor of the event, which is being organised by the Bangladesh Investment Development Authority (Bida) to shine the spotlight on developing the country's investment scenario.

The summit aims to attract investors from various countries to 11 thriving sectors promoting Bangladesh as one of the lucrative destinations for private sector investment.

Focus will be on the sectors most promising for the FDI, including agribusiness, transport, transmission, logistics, and financial services.

The IFC has been working with the Bida since its establishment in 2016 to accelerate private sector growth in the country.

"We all agree that Bangladesh has achieved its current growth with own resources till now, but to move to the next level of development, Bangladesh needs to have a diversified source of capital," said Anwar.

She also said initiatives such as this summit and establishment of economic zones by the government were steps in the right direction.

Anwar said these events help build the Bangladesh brand, showcasing the country's remarkable achievements and opportunities before the world to attract new investments critical for achieving sustainable growth.

"This is a pivotal time for Bangladesh's development journey, and the summit can help Bangladesh adopt policies to cater to the needs of new investors," said Anwar.

"We need to remain competitive and provide a comparative advantage as an investment destination when investors are deciding where to invest," she noted.

According to Anwar, Bangladesh needs to be fully welcoming, open and adaptive to the needs of foreign investors and provide support similar to that enabled for the garments sector at its nascent stage.

"There should be a clear mandate on this to attract new investments."

Bangladesh also needs to scale up bankable projects in the areas like power logistics, transmission, city development and renewable energy for investors while ensuring environmental and social standards that are at an international level, she suggested.

"The private and public sectors need to work together to develop and maintain a robust and effective public-private partnership framework."