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Investing in Bangladesh: BIDA Aims to Offer 150 Services to Investors
- By Made In bangladesh -- 6 minutes read --
- Aug 01, 23
" BIDA aims to launch a virtual One Stop Service for investors, with recent MoUs signed with prominent organizations to achieve this milestone. "
Bangladesh Investment Development Authority (BIDA), the country's apex investment promotion agency, is taking a major stride in enhancing investor services. This year, BIDA aims to offer an impressive array of 150 services to investors through its virtual One Stop Service (OSS). To achieve this goal, the agency recently signed Memorandums of Understanding (MoUs) with five prominent organizations on a significant Sunday.
BIDA's Online Services Spectrum
The virtual OSS platform will enable investors to access nine different types of services online, streamlining their experience and making the investment process more convenient. The MoUs were signed by the Director-General of BIDA, Jibon Krishna Saha Roy, on behalf of the government, and representatives from the partnering organizations. These organizations include Titas Gas Transmission and Distribution Company Limited, Sundarban Gas Company Limited, Rajshahi Water Supply and Sewerage Authority, Prime Bank Limited, and BRAC Bank Limited.
Increased Growth and Development
Lokman Hossain Miah, the Executive Chairman of BIDA, graced the signing ceremony as the chief guest. Speaking on the occasion, he proudly announced that Bangladesh witnessed a record influx of foreign direct investments amounting to $3.48 billion during the fiscal year 2022–23. He emphasized that Bangladesh has now emerged as one of the safest and most attractive investment destinations for investors. He also highlighted the significant role played by Rajshahi Water Supply and Sewerage Authority, Prime Bank Limited, and BRAC Bank Limited in attracting foreign direct investments to the country. Their efforts have contributed to the overall growth and development of Bangladesh's economy, making it a preferred choice for investors worldwide.
However, he acknowledged that the lengthy duration required to provide various services to investors has been a significant challenge in attracting even more investments to the country. In response to this concern, BIDA has been working tirelessly to implement the virtual OSS platform, aimed at facilitating investments and promoting smooth business operations.
Expanding Services and Setting Ambitious Targets
Currently, BIDA has successfully established MoUs with a total of 48 institutions, including the recent five organizations. As of now, 67 services from 23 different organizations are available to investors through the BIDA OSS. With dedication and determination, BIDA's chief expressed his commitment to achieving a remarkable feat: within the next three months, the OSS will provide 80 percent of the services to investors.
Through this digital platform, BIDA envisions delivering 150 investment-related services to investors this year, providing a seamless and efficient investment experience. The agency's endeavor to enhance the ease of doing business in Bangladesh remains steadfast, and their continuous efforts are supported by the presence of BIDA Executive Member Dr. Khandoker Azizul Islam and top officials from various organizations, all of whom were also present at the signing ceremony.
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