Most FDI offers come from China: Bida

Most of foreign direct investment (FDI) proposals had come from China, said Md Sirazul Islam, executive chairman of the Bangladesh Investment Development Authority (Bida). 

He said this while speaking at the signing ceremony of a Memorandum of Understanding (MoU) between Bida and the Bangladesh China Chamber of Commerce and Industry (BCCCI) in the capital on Monday.

Under the agreement, the two organisations will work together to increase foreign investment, especially Chinese investment.

Sirazul said in the 2021-22 fiscal year, China was in the first position in the registration for foreign direct investment (FDI) in Bida.

China registered for an investment of $770 million. Korea has the second-highest at $161 million. 

"We can expect a lot more big investments from China," said Md Sirajul Islam.

Recently, a delegation from China expressed interest to invest in the health sector, he further said.

He, however, said private investment proposals from China at present are not satisfactory. 

"Officially, China is one of the biggest partners in the development of Bangladesh. China has been working directly on many of our government projects," he said. 

Sirazul said, "We need to tell foreigners that the investment environment in Bangladesh has improved over the last 10 years. If foreigners do not know, they will not invest."

Md Sirazul Islam said there was no need to be overwhelmed with the report of the United Nations Conference on Trade and Development (UNCTAD) published on 9 June.

He said the foreign direct investment saw 13% growth in Bangladesh. 

On the other hand, year-on-year FDI increased 43% worldwide, he said.

He said, "Our target is to bring the FDI amount to 3% of our GDP in 2025. It is now below 1%."

Al Mamun Mridha, joint secretary-general of the BCCCI, said more than 700 of their members were working to increase Chinese investment in the country at present.

"We want to hold an investment summit in China with the help of Bida," he said. 

Abhijit Chowdhury, an executive member of Bida, also spoke on the occasion.