Bangladesh Is Open for Business: PM

Prime Minister Tarique Rahman has said his government is firmly committed to ensuring an investment-friendly environment in Bangladesh, stressing, “Our message is very clear: Bangladesh is open for business.”

Recalling his experience of starting his career in business before entering politics, he said he had learned a simple lesson: investment requires confidence, predictability and the right environment for growth.

The Prime Minister made the remarks at a breakfast meeting with leading Wall Street business leaders and investors at JPMorgan’s headquarters at 270 Park Avenue in Manhattan on Friday morning local time. He is in New York to attend the 81st session of the United Nations General Assembly (UNGA).

Thanking JPMorgan, which hosted the meeting, as well as the participating business leaders and investors, Mr. Tarique said he had come not as a Wall Street figure but as a Bangladeshi and political leader with a responsibility to protect the interests of his country’s people.

He said business leaders and investors work to protect their businesses and investments, while he works to protect the interests of Bangladesh and its people. “Our responsibilities are different, but the fundamental principle is the same—ensuring success,” he said.

Mr. Tarique said he had presented Bangladesh’s priorities to the international community at the UN General Assembly and wanted to directly highlight the opportunities available in Bangladesh for the country’s economy and global businesses.

Bangladesh has more than 180 million people, a young and hardworking workforce, a growing market and a strategically important geographic location, he said.

“Bangladesh is known globally as a major manufacturing and ready-made garment hub. This is an important strength of Bangladesh and it will remain so. But today’s Bangladesh holds far greater potential,” he said.

Highlighting significant investment opportunities in energy, infrastructure, logistics, technology, digital services, climate finance, manufacturing, agriculture and healthcare, the Prime Minister said the government aims to build a $1 trillion economy by 2034 and turn Bangladesh into a hub for globally connected manufacturing, investment and services.

He said the government is working to make Bangladesh easier, more stable and more reliable for investors by simplifying regulatory processes, strengthening investor protection, streamlining regulations, improving tax and VAT administration, facilitating profit repatriation and developing infrastructure.

The Prime Minister said his government wants to deepen Bangladesh’s economic ties with the United States. He also highlighted plans for new economic arrangements with Japan and South Korea, a new partnership initiative with the European Union and stronger economic relations with China.

He said these initiatives are important for establishing closer connections between Bangladesh and the world’s major economies.

Referring to JPMorgan’s role in Bangladesh’s first sovereign bond issuance, Mr. Tarique said it had given international investors a new reference point for Bangladesh and created an opportunity to further connect the country’s capital market with the global financial system.

He said investors ultimately assess a country based on what happens after announcements are made. “How predictable are the regulations? How well protected is investment? How efficiently can capital be transferred? And how easily can profits be repatriated?” he said.

He said the government’s responsibility is to build confidence through policy and, most importantly, effective implementation. The government wants long-term partnerships that create value for both sides rather than short-term transactions, he added.

Calling on Wall Street institutions to invest in Bangladesh, the Prime Minister said the government wants to develop the country into a strong platform from which investors can operate across the wider regional market.

He said Finance Minister Amir Khosru Mahmud Chowdhury and Special Assistant to the Prime Minister for Investment and Capital Market Tanvir Goni would work closely with investors and coordinate their interests and specific concerns with relevant government officials and institutions.

“The government’s goal is very simple—more investment, more trade, more jobs, more technology and a stronger economic partnership between Bangladesh and the United States,” he said.

Urging investors to invest in Bangladesh with confidence and build businesses on a long-term basis, the Prime Minister said, “We are ready to work with you, listen to you and remove obstacles wherever possible. I hope to see many of you in Bangladesh soon.”

Leading Wall Street business leaders, investors and representatives of financial institutions attended the meeting.