BBS Receives $9.65 Million from KOICA

A high-level Thai delegation will visit Sabrang Tourism Park in Cox's Bazar today to explore investment opportunities in Bangladesh's tourism sector. This visit aims to assess the potential for investing in the country's first exclusive tourism park. During a recent meeting with the Prime Minister, discussions emphasized enhancing trade, commerce, and cooperation between South Asia and Southeast Asia, and improving coast-to-coast communications between Bangladesh and Thailand.

In 2023, Export Processing Zones (EPZs) in Bangladesh saw their lowest Foreign Direct Investment (FDI) in three years, attracting $390.81 million—down 3.14% from the previous year and 0.86% from 2021, despite incentives like tax holidays and one-stop services. This contributed to a total national FDI of $3 billion, marking a 13.7% year-on-year decline, with EPZs accounting for 13% of net inflows.

Bangladesh and China have strengthened their bilateral ties through the signing of 21 instruments, including the renewal of three Memorandums of Understanding (MoUs) and the announcement of seven new projects. These agreements aim to elevate their relationship from a "strategic partnership" to a "comprehensive strategic cooperative partnership."

Bangladeshi and Chinese companies signed 16 MoUs in Beijing to enhance collaboration across various sectors, including textiles, electric vehicles, solar power, financial technology, and technology. These agreements are part of a summit focused on trade and investment opportunities between the two countries.

Foreign investment in Bangladesh's leading companies has declined sharply following the removal of floor prices in January. Over the nine months through March this year, net foreign portfolio investment registered a negative $89 million, compared to $45 million a year ago. The depreciation of the local currency against the dollar, losing over 38% since the Russia-Ukraine conflict began, exacerbated foreign investors' losses even when stock prices remained stable.

In the fiscal year July-April 2022-23, Bangladesh experienced a slight decline in foreign direct investment (FDI), totaling $3.73 billion compared to $3.85 billion in the previous year, marking a 3.6% decrease. The Bangladesh Bank's release of Balance of Payment statistics for the first five months of the current fiscal year underscores concerns about FDI attraction amidst economic growth.