The Bangladesh Investment Development Authority (BIDA) looks to deliver high-value services as it has recently assumed the regional directorship of WAIPA, a UN-affiliated global platform to promote investment.
The new role of the country's apex investment-promotion agency or IPA is also expected to help Bangladesh attract more foreign direct investment (FDI) in the coming days.
BIDA, an agency under the Prime Minister's Office, late last month assumed the South Asia regional directorship at the World Association of Investment Promotion Agencies (WAIPA).
"We want to use WAIPA's technical assistance and training to strengthen the capability of our human resources, which is a key factor in delivering high-value IPA services," BIDA Executive Chairman Md Sirazul Islam told the FE.
With the new role in the WAIPA, the Authority wants to organise and systemise match-making between the private sectors of WAIPA members in South Asia and beyond, he said.
"Attracting investment requires long-term relationship building between IPA and investors and systematic exchanges will boost our potential to secure FDI," he added.
Established in 1995, by the United Nations Conference on Trade and Development, the WAIPA acts as a global forum for the IPAs.
Among other objectives, the Geneva-based platform shares country and regional experiences in attracting foreign investment and enhancing outward investments. Besides, it provides networking services and promotes best practices in investment promotion.
The decision to appoint BIDA for the 2021-2023 term was made by the WAIPA Steering Committee on March 28 during a hybrid meeting in Dubai, United Arab Emirates following BIDA's submission for the same earlier.
Through this appointment, Mr Sirazul Islam has become a member of WAIPA's Steering Committee.
"We will build on this success by creating greater awareness of our achievements as an investment destination. At the same time, we want to improve our potential by learning from other IPAs," said Mr Islam.
This new role has significantly raised BIDA's profile in the global community of IPAs, international businesses and development partners, he added.
Focusing on the global investment trend, he said FDI flows are now rebounding unevenly with most inflows heading to developed and developing economies.
Bangladesh as a lower middle-income country needs to step up coordination and efforts to expedite recovery, he said.
"As a member of the Steering Committee, BIDA will be able to actively contribute to WAIPA's plan of activities and propose new initiatives to boost Bangladesh's potential to attract FDI," he said.
Replying to a query, he said current economic scenario and the government's consistent efforts to improve the business climate and overall efforts to simplify the investment process are the reasons behind the WAIPA leadership's decision to appoint BIDA to the Steering Committee.
Prior to this achievement, BIDA's One Stop Service (OSS) portal received an honorary mention at the WAIPA-WBG Strengthening Advocacy Awards in 2021 for significantly improving the investor experience, he noted.
BIDA has been a member of the WAIPA since 2005, when it was known as Board of Investment.
