Six investment promotion and development agencies are set to be unified under a previously taken policy decision, as part of efforts to streamline investment-related services and reduce institutional overlap.
Details of the unification were shared on Monday at a press briefing at the Bangladesh Foreign Service Academy in Dhaka by Ashik Chowdhury, executive chairman of the Bangladesh Investment Development Authority (BIDA).
The agencies to be brought under a single umbrella are the Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zones Authority (BEZA), Bangladesh Export Processing Zones Authority (BEPZA), Bangladesh Hi-Tech Park Authority, Public Private Partnership Authority (PPPA) and Bangladesh Small and Cottage Industries Corporation (BSCIC).
Ashik Chowdhury said the proposal for unification had earlier been placed before the governing board. Following this, an advisory committee was formed comprising, among others, the governor of Bangladesh Bank and the attorney general.
Based on the committee’s recommendations, the unification has since been ratified at the policy level. Implementation, however, will be carried out by the next government, he added.
Explaining how the process will proceed, he said a preliminary decision has been taken to engage an independent third-party consultant to design the new organisational structure. The aim is to ensure that none of the agencies receives preferential treatment or special advantage.
In the same briefing, Ashik Chowdhury said the process for appointing investment banks under a commission-based framework for privatisation of state assets has also been approved.
Although privatisation has long been a key mandate of BIDA, he said there had previously been no clear guideline or process for carrying it out.
He noted that such privatisation exercises are typically handled by investment banks on a commission basis in the private sector. Approval of the full framework will now allow the mechanism to be utilised in future.
The BIDA executive chairman also said a policy decision has already been taken to establish BIDA offices abroad in phases to boost foreign direct investment inflows.
Under the plan, offices will first be set up in China, followed by South Korea and then one country in the European Union.
He said the overseas offices will operate under a performance- or KPI-based structure, with salaries, commissions or variable payments linked directly to investment mobilisation.
Regarding the proposed China office, Ashik Chowdhury said BIDA plans to engage local Chinese professionals. He noted that they are better placed to identify potential investors and address language and market-related challenges that cannot be effectively managed from Bangladesh.
Officials believe that once implemented, the unification could improve coordination in investment services, reduce duplication and strengthen one-stop facilitation for investors.
The overseas presence and performance-based structure are also expected to create stronger, results-oriented momentum for attracting foreign investment.
