The incumbent government’s all-round initiatives in the fiscal sector led to the rapid growth of the country’s economy over the last three years. One of the significant reasons for our economic boost is the rise in export items even amid the pandemic.
The government is also working to make the country one of the best electronic device manufacturers in the world and is confident to introduce the country as an electronic goods exporter side by side readymade garment. Foreign companies are now coming to Bangladesh and started manufacturing branded product. This has been possible due to the government’s positive business plan.
As part of the government’s Digital Bangladesh initiative, Xiaomi’s first manufacturing unit in Bangladesh will create more opportunities for the country's youths and establish a world-class electronics manufacturing ecosystem. The mobile sets produced by Xiaomi’s Bangladesh factory will be marketed in the country but also be exported abroad.
Bangladesh has to be quick in gripping
the prospect of improving trade policies
and making them more FDI-friendly
The mobile sets produced by 14 mobile factories in the country are now meeting more than 65 percent of the total demand of the country. Besides, 99 percent of the workers are employed in these factories from this country.
The government needs to provide open, translucent, and reliable circumstances for all kinds of firms, whether foreign or domestic. This includes ease of doing business, relatively flexible labour markets, and protection of property rights. We can also launch a promotional campaign to attract foreign entrepreneurs to invest here.
Bangladesh has to be quick in gripping the prospect of improving trade policies and making them more FDI-friendly. All in all, trade policies are needed to be investment-friendly and the overall investment environment should be enhanced to attract more foreign investments.