Notwithstanding the economic downturn on account of the COVID-19 pandemic, Bangladesh, living up to its image of a favourite place for global investors, will continue to attract foreign direct investments (FDI).
This is something that could be inferred from a new report released by the US Department of State, claimed media reports.
Titled ‘2021 Investment Climate Statements’, the report which analyses investment climate in more than 170 global economies that are current or potential markets for US companies and released recently by the US Department of State, reportedly, underlined that the country (Bangladesh) has sustained economic growth over the past decade, and has a presence of a vibrant private sector; large, young and hard-working workforce; and located strategically between large South and Southeast Asian markets even as it went on to add the Government’s efforts to improve the business environment in recent years show promise but implementation is yet to materialise.
The report further, reportedly, added that slow adoption of alternative dispute resolution mechanisms and sluggish judicial processes impede the enforcement of contracts and the resolution of business disputes although Bangladesh has made gradual progress in reducing some constraints on investment (including taking steps to better ensure reliable electricity), but underlined that bureaucratic delays, inadequate infrastructure, lax enforcement of labour laws, limited financing instruments and corruption continue to hinder foreign investment.