The current financial year’s first three months recorded 46 per cent higher investment proposals, both domestic and foreign, year-on-year in spite of the pandemic, said Bangladesh Investment Development Authority (Bida) yesterday.

General Motors is considering investing more than $4 billion in two Michigan plants to boost its electric vehicle production capacity, according to sources and documents made public on Friday.

The current financial year’s first three months recorded 46 per cent higher investment proposals, both domestic and foreign, year-on-year in spite of the pandemic, said Bangladesh Investment Development Authority (Bida) today.

Foreign Minister AK Abdul Momen yesterday urged foreign entrepreneurs to invest more in Bangladesh considering the increased competition amid the fourth industrial revolution.

Dubai-based multinational logistics company DP World will invest $1 billion in Bangladesh’s supply chain infrastructure, including ports, rail network and inland container terminals.

The Infrastructure Development Company Limited (IDCOL) will finance rooftop solar projects that will generate about 300 megawatts of peak electricity by 2024.

Bangladesh has a favourable business environment for Turkish investors thanks to its congenial policy making and regulatory regimes, according to a 14-member delegation of the Turkey-Bangladesh Business Council.

A comprehensive national logistics development policy is needed to enhance the local transport system and facilitate foreign investment, according to speakers at the International Investment Summit 2021.

A few years ago, Marks & Spencer (M&S) could not find a single factory in Bangladesh that could produce suits in bulk quantity although the country was already one of the largest apparel exporters in the world.

Bangladesh has eventually turned into the largest suits sourcing destination for Marks and Spencer (M&S) as the local suppliers have diversified the garment products and started making high-end items, said Shwapna Bhowmick, country manager of the British retail giant.

Bangladesh’s policy, regulatory regime and overall business environment are congenial for foreign investment, said a visiting delegation from Turkey.

Prime Minister Sheikh Hasina yesterday urged the investors from across the world to invest in Bangladesh, making the best use of the opportunities the government is offering for foreign investment.

Investment opportunities have opened up in Bangladesh for its competitive wages, strategic location, stable policies, exchange rate and political situation, developing infrastructure and huge youth population, said Ahmad Kaikaus, principal secretary to the prime minister.

A Japanese minister has said the socio-economic development of Bangladesh in the last decade has been a miracle but also raised a number of investment issues here.

The International Investment Summit, which begins today, will see a new Bangladesh, said Salman F Rahman, private industry and investment affairs adviser to the prime minister.

Timely adoption of regulatory changes and policy reforms will help attract more foreign direct investment (FDI) and access foreign finances, said Nuzhat Anwar, acting country manager for Bangladesh, Bhutan and Nepal of the International Finance Corporation (IFC).

Olympic Industries Ltd, the maker of popular biscuit brands such as Energy Plus, Tip and Nutty, has announced that it would invest Tk 25.65 crore to expand its production capacity to meet growing demands.

There is a possibility of creating a huge demand for Bangladeshi branded products in Thailand, said Makawadee Sumitmor, Thai ambassador to Dhaka.

Japan will provide $2.66 billion to Bangladesh to support construction of two major mega projects, including building of Dhaka’s first underground metro rail project, said a statement from the finance ministry.

Creating a business-friendly environment as well as simplification of the investment process would help in bringing foreign direct investment, speakers say at a programme.