Bangladesh is celebrating its golden jubilee and now enters its 51st year of independence as one of the world’s most desirable destinations for investors.
The country is the 33rd largest economy in the world in nominal terms and 31st largest by purchasing power parity, and is classified among the “Next Eleven” emerging middle-income economies with a frontier market.
Booming Bangladesh is set to move from the Least Developed category to becoming a Developing Economy by 2026, as determined on Nov. 24, 2021 by a resolution adopted by the UN General Assembly.
The gross domestic product of the nation currently stands at $416 billion (nominal 2021), $1.07 trillion (PPP 2021).
The per capita income stands at $2,591 as measured in February 2022.
FASTFACTS
• The country is the 33rd largest economy in the world in nominal terms and 31st largest by purchasing power parity, and is classified among the ‘Next Eleven’ emerging middle-income economies with a frontier market.
• The Bangladesh Bank, or the country’s central bank, has opened its door to all foreign investors seeking efficient services in the country.
Bangladesh’s foreign exchange reserves stood at $41.7 billion in January 2022. The GDP growth rate has reached 6.94 percent in the fiscal year 2020/2021, despite the COVID-19 fallout, which is one of the highest in the world.
The country is inspired by and equipped with articulated planning for becoming a developed country by 2041, keeping its Vision 2041 at the core of its mission.
Branded a “development miracle” and one of the world’s “fastest-growing” economies, Bangladesh is also brimming with investment opportunities.
It has set a target to increase foreign direct investment to 3 percent of GDP by 2031.
The country has created the Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority, Bangladesh Export Promotion Zones Authority, and the Bangladesh Hi-tech Park Authority to ensure adequate investment facilities and a conducive business environment.
It is also transitioning from being perceived as a country with low-skilled workers to one that has skilled professionals, which is the change-maker for investment.
The National Board of Revenue has adopted these policies in tune with the government’s decisions on promoting investment and business.
The Bangladesh Bank, or the country’s central bank, has opened its door to all foreign investors seeking efficient services in the country; with guidance provided by the Foreign Investors’ Chamber of Commerce and Industry.
Bangladesh assures investors of political stability, a large and diversified domestic market, a very low-cost, young, competitive and skilled workforce, and a strategic and competitive position in the value chain of the global economy.
It further provides, among several measures, an economic and legislative environment globally favorable to business, a strategic geographic location as a gateway to Asia-Pacific countries, established infrastructure, attractive general and sector-specific incentives, approved treaties and instruments, and the support of dedicated investment promotion agencies.
Bangladesh offers a range of investment incentives under its industrial policy and export-oriented growth strategy with few formal distinctions between foreign and domestic private investors.
Investors can expect to find opportunities in various priority industries, including pharmaceuticals, electronics, garments, textiles, information and communication technology services, leather and leather goods, light engineering/manufacturing, power and energy, plastics, healthcare, medical equipment, shipbuilding, agro-business and infrastructure.
Bangladesh welcomes every investor with open arms. Come and join us in our development pursuit. Do invest in our country by grabbing the competitive incentive packages and getting a substantial investment return. Let us work together, let us prosper together for a green future.
