The Bangladesh government plans to establish a private sector advisory council to guide the interim government on improving the business environment, said Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority (Bida).

Speaking at a discussion organized by the Bangladesh German Chamber of Commerce and Industry (BGCCI) in Dhaka, Harun said the council could be formed by mid-year, following models seen in countries like Singapore.

He also hinted at a potential merger of investment promotion agencies, including Bida, Bangladesh Economic Zones Authority (Beza), Bangladesh Export Processing Zones Authority (Bepza), and Bangladesh Hi-Tech Park Authority, to streamline operations and attract investors.

Md Anwar Hossain, vice-chairman of the Export Promotion Bureau (EPB), highlighted the need for automation at the EPB to enhance transparency and efficiency. He pointed out challenges faced by garment exporters, including high air freight costs, which are significantly higher from Dhaka than from Kolkata.

Hossain also stressed the need to boost agricultural exports from $1 billion to $5 billion by 2030 and called for industry-driven solutions.

BGCCI President M Maksud noted that foreign direct investment in Bangladesh has been declining due to political uncertainties, inflation, energy shortages, and structural challenges. He reiterated Bangladesh’s openness to investment while urging necessary reforms to improve investor confidence.