TL;DR
- – Ashik Chowdhury, appointed as BIDA’s Executive Chairman, left his life in Singapore to serve Bangladesh, driven by a call from Professor Yunus.
- – He has been working 18-hour days, speaking with around 250 business leaders to solve investment challenges and attract new foreign investments.
- – Chowdhury likened his role to that of Bangladesh’s “Chief Marketing Officer,” acknowledging the high expectations and the need to learn from mistakes.
- – Despite criticism, he remains committed to improving the country’s investment climate, collaborating with key stakeholders like FICCI.
Ashik Chowdhury, the newly appointed Executive Chairman of the Bangladesh Investment Development Authority (BIDA), has taken on a pivotal role in driving foreign investment into Bangladesh, leaving behind a successful career in Singapore. In a recent social media post, Chowdhury reflected on his first month in office, emphasizing the immense responsibility he feels to contribute to the country’s economic growth.
Ashik, who was personally invited by Nobel laureate Professor Muhammad Yunus to return to Bangladesh, expressed his commitment to addressing the challenges faced by business leaders and investors. “I have spoken with nearly 250 CEOs and business leaders to understand their problems and find solutions,” he wrote, highlighting his efforts to bring new investments into the country.
Ashik’s decision to leave behind a luxurious life in Singapore was made without hesitation, driven by a deep sense of duty to serve his homeland. He described his whirlwind transition back to Bangladesh in a matter of seconds during a brief WhatsApp call. “In 59 seconds, we left behind our life in Singapore and set out for home,” he recounted.
Since assuming his position at BIDA, Chowdhury has been working tirelessly—often 18 hours a day, including weekends—to navigate the complexities of attracting foreign direct investment (FDI). His role has been likened to that of a “Chief Marketing Officer” for Bangladesh by his peers, as he works to promote the country as an attractive destination for international investors.
Despite the long hours and high expectations from both the government and the public, Chowdhury remains optimistic about the future. Drawing an analogy to Bangladesh’s national cricket team, he acknowledged that while not every decision or action would be perfect, it is essential to learn from mistakes and continue improving. “We will make mistakes. Then we will correct them,” he stated, underscoring his belief that the country is on the right path toward progress.
Ashik also touched on the importance of freedom of speech in a democratic society. Reflecting on criticism from various quarters, including social media and even his own family, he remarked: “When I open Facebook at the end of a tiring day and feel like my wife is part of the opposition party, I remind myself: this is what freedom of speech looks like.”
The challenges facing BIDA are significant. Bangladesh’s foreign investment inflows have been declining due to factors such as exchange rate volatility and difficulties in repatriating earnings. Net FDI inflow dropped by 8.37% year-on-year in the first nine months of fiscal year 2023-24. In addition, political instability and credit rating downgrades have further complicated efforts to attract new investments.
However, Chowdhury remains undeterred. BIDA has been actively working with key stakeholders such as the Foreign Investors Chamber of Commerce and Industry (FICCI) to overcome barriers to investment and improve the business environment. During a recent meeting between BIDA and FICCI representatives, both parties reaffirmed their commitment to collaborating on structural reforms aimed at making Bangladesh a more attractive destination for international capital.
As Ashik continues his mission at BIDA, he is determined not only to bring in new investments but also to ensure that Bangladesh’s economy grows steadily through careful planning and execution. His leadership will be crucial as the country navigates its current economic challenges and seeks to position itself as a premier hub for foreign investment in South Asia.
With unwavering dedication and a clear vision for the future, Ashik Chowdhury is poised to play a transformative role in shaping Bangladesh’s investment landscape for years to come.
