The Chief Adviser of the interim government, Dr. Muhammad Yunus, convened a meeting with key foreign investors, including Kihak Sung, chairman of Youngone Corporation, at the State Guest House Jamuna in Dhaka on Tuesday. During the meeting, Yunus emphasised the need to consolidate all investment promotion agencies into a single entity to streamline processes and attract more investments to the country.
Dr. Yunus instructed relevant authorities to expedite the resolution of land acquisition issues related to the Korean Export Processing Zone (KEPZ), aiming for a solution by early February. Youngone Corporation, recognized as Bangladesh’s largest exporter, has been vocal about the challenges faced by foreign investors and the need for improved investment conditions.
Kihak Sung highlighted the importance of enhancing the investment climate, particularly in terms of shipping operations at Chittagong Port. He pointed out that delays in shipping high-quality and fashion garments deter global brands from placing orders. Sung noted that while the export process should ideally take 10 to 15 days, it often extends to several months in Bangladesh, urging the government to adopt measures similar to those in Vietnam, which has successfully expedited its export processes.
In response, Dr. Yunus assured the investors that his administration is committed to enhancing port efficiency and has tasked his special envoy, Lutfe Siddiqui, with developing strategies to position Chittagong port as a leading hub in the region.
The meeting also highlighted the necessity of unifying investment promotion agencies to provide a cohesive service for foreign investors. Dr. Yunus has directed the Chief of Bangladesh Investment Development Authority (BIDA), Chowdhury Ashiq Mahmud bin Harun, to oversee the merger of five separate investment agencies inherited from the previous administration.
Kihak Sung further announced plans for a large textile institute established by Youngone, which aims to provide training to thousands of Bangladeshi youth. He invited Dr. Yunus to attend the institute’s inauguration, scheduled to commence operations in the next three months.
British investor Mohammad A. Matin called for reforms in labour laws and a net metering system for solar panels in export processing zones, noting the current tax burden on solar panel imports. Dr. Yunus assured that the interim government is actively pursuing labor law reforms.
Javier Carlos Santonja Olcina, head of Inditex in Bangladesh, praised the government’s efforts to improve the business landscape, expressing optimism for a significant increase in exports this year. Paul Anthony Warren, Director of Dewhirst, also participated in the discussions, underscoring the importance of these initiatives for fostering a favorable investment environment in Bangladesh.
