Yunus urges Malaysians to invest in Bangladesh

Chief Adviser Prof Muhammad Yunus yesterday urged Malaysian investors to invest in Bangladesh, saying that the interim government had taken a series of measures to create a business-friendly environment.

"Business did not proceed in Bangladesh in the past the way I thought was possible," he said, insisting that many things are emerging in a "new" Bangladesh, and one of those is business possibilities.

He made the remarks while addressing a business forum on trade and investment opportunities between Bangladesh and Malaysia in Kuala Lumpur, the Chief Adviser's Office said in a statement.

"Bangladesh is trying to become business-friendly in every possible way… I found an unlimited prospect in changing Bangladesh," he said.

"Bangladesh offers young people, creative people," said Yunus, urging investors to take advantage of the young Bangladeshi diaspora in many countries.

Referring to young Bangladeshis living abroad, he said they always have the hunger to do something for Bangladesh.

Chowdhury Ashik Mahmud Bin Harun, executive chairman of Bangladesh Investment Development Authority (Bida) and Bangladesh Economic Zones Authority (Beza), explained the competitive advantages Bangladesh offers to investors and the interim government's efforts to lift tariff and non-tariff barriers.

Vivek Sood, Axiata Group CEO and managing director and the primary shareholder of cellular operator Robi, also gave a presentation on the 28 years of growth, partnerships and shared success of Axiata in Bangladesh.

The chief adviser urged Axiata to roll out 5G services in Bangladesh and invest in the country's data centres.

He stressed that Bangladesh needs high-speed internet for its growing economy and to attract investment from global companies eager to tap into its digital economy.

The chief adviser said the interim government was streamlining licensing regimes to create a more business-friendly environment for top telecommunications operators.

Vivek Sood said the company had conducted a 5G trial in Bangladesh but noted that the expansion of the country's fibre optic network was essential for full 5G deployment.

Sood said Robi had invested around $200 million annually in Bangladesh in recent years and remains open to investing in 5G services.

However, he cited costly spectrum fees and a fragmented licensing regime as factors weighing on foreign operators' investment decisions.

He added that Axiata was also interested in joint venture partnerships for data centres in Bangladesh.