Bangladesh Economic Review 2021

CHAPTER FOURTEEN
PRIVATE SECTOR DEVELOPMENT

The private sector is one of the driving forces of the country's economy. Along with the
government, the private sector has been playing an important role in the expansion of industry,
expansion of export sector and creation of employment. In order to achieve sustainable
development goals (SDG), it is necessary to invest in economic sector especially in industrial and
productive projects. The government is working for the overall development of investment
environment for the purpose of increasing domestic and foreign investment which relates to
development activities. Now, the government is implementing different development projects under
Public-Private Partnership (PPP) model along with individual projects under government and
private sector. In FY 2019-20 the investment proposal for 905 private projects were of Tk.
10,52,26.00 crore. On the other hand, in the first eight months of FY 2020-21 (till February 2021),
the proposal stood at Tk. 4,49,38.00 crore for 805 private projects. In 2020 (January-December),
the total foreign investment inflow stood at US$ 2,563.58 million, compared to US$ 2,873.95
million in 2019. Private sector is also working for bringing 100 percent populations under
electricity coverage by 2021. In the first seven months of FY 2020-21 (up to January 2021), a total
of 44,439 million kilowatt-hours of electricity was produced, out of which 45.76 percent had been
generated by private sectors. Bangladesh has achieved stable credit rating by Moody's (Ba3) for
the eleventh consecutive time and S&P (BB-) for the tenth consecutive time. The government
undertakes the schemes for the development of information and communication technology and
provides proper support both to the public and private sector in this regard. The government has
undertaken various development projects and program in order to ensure the use and application
of information and communication technology by increasing digital literacy at all walks of life.
The government is working relentlessly to form modern and developed Bangladesh by creating
employment of youths through introducing e-governance and e-commerce in knowledge and
technology-based industries.

In maintaining the trend of socio-economic (BIDA) as well as undertaken extensive reform

development and high growth in Bangladesh, the
private sector is playing a very positive and
important role along with the government. In FY
2020-21, the total investment of GDP was 29.92
percent, out of which 21.25 percent was from
private sector. The government is mainly
executing the public investment including the
infrastructure sectors through the Annual
Development Program (ADP), also play an
important role in private development. However,
private investment is very much necessary for
sustaining the economic growth and providing
services to the doorsteps of the people. For this
reason, now the government has established
Bangladesh Investment Development Authority
program to create congenial environment for
private sector investment. BIDA is working to
achieve overall economic growth encouraging
domestic and foreign investment in the private
sector. For that purpose, BIDA is providing
necessary facilities and assistance to set up and
development of industries, infrastructure, agro-
based industries and services including
administrative coordination and business-friendly
environment for use of government industrial or
commercial enterprises and their unused land in
more useful economic activities.

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Investment Climate
Doing Business report jointly published by the
World Bank and IFC mainly reflects the
investment environment of the countries of the
world. This report exhibits information regarding
position of business, protection of investors, ease
of getting loan, ease of starting a business,
taxation system of different countries.
Bangladesh has been named as one of the top 20
countries by the World Bank in 2020 in
reforming the Ease of Doing Business indicators.
Bangladesh advanced 8 notches in global Ease of
Doing Business ranking to 168th from 176th
position in reforms initiatives out of 190
countries according to the Doing Business Report
2020 of World Bank. Among the individual
indicators Bangladesh ranked 72th in terms of
protecting investors, ranked 119th in getting
credit, 131th and 151th in starting a business and
paying taxes respectively.
The One Stop Service (OSS) is an online
facilitation mechanism that brings relevant
government agencies together to provide efficient
and transparent services to domestic and foreign
investors. Investors, both local and foreign, can
obtain necessary licenses and permits required
for investment in the country through this
automated, paperless, and cashless system. As
the prerequisite of the OSS Act, 2018, the “One
Stop Service (Bangladesh Investment
Development Authority) Rules, 2020” has been
published on 10th May 2020 with the aim to
provide more than 154 services of more than 35
organizations. BIDA started the OSS portal
system from 24 February 2019. Now a total of 41
services of 11 organizations (including BIDA)
have been integrated with BIDA online OSS
system through a total of 25 MoU‟s signed with
25 organizations.
In order to bring Bangladesh's position in the
Ease of Doing Business Index below 100 by
2021, the concerned Ministries and
Departments/Agencies have initiated their
activities on each Indicator and the reform
proposal has been implemented. In this regard, a
National Steering Committee and a Ministry-
level Task Force have been formulated. The
reforms initiated to improve the investment
environment in pursuit of the goal of the Prime
Minister‟s special initiative „Investment
Development‟ is continuing to be implemented.
On the way to accelerate economic growth, the
country‟s economy and investment environment
are facing challenges due to the global pandemic
caused by the novel Coronavirus (COVID-19).
With the onset of Coronavirus in the country, the
government has taken various decisions to
encourage investment in tackling the crisis.
Sovereign Credit Rating
Two famous international credit rating
organisations, Standard and Poor‟s (S&P) and
Moody‟s included Bangladesh for the first time
in their sovereign credit rating in 2010. In 2010
Bangladesh has achieved Ba3 rating by Moody's
and BB- rating by S&P. The two organisations re-
evaluate the ratings every year. Bangladesh has
achieved stable credit rating by Moody's (Ba3) for
the eleventh consecutive time and S&P (BB-) for
the tenth consecutive time. Another credit rating
institution, Fitch Ratings, has provided BB-
rating in eighth consecutive years which indicates
stable economic growth and strong external
sector of the economy.
Actual Investment (Local and Foreign)
Actual Foreign Direct Investment - FDI
The actual FDI Inflow statistics are collected and
compiled by Bangladesh Bank through half-
yearly Enterprise Survey. In 2020 (January-
December), the total foreign investment inflow
amount of US$ 2,563.58 million. Of this, the
equity is US$ 842.29 million, the reinvestment is
US$ 1,566.12 million and The Intra-Company
Borrowing is US$ 155.17 million. Major
components of Foreign Direct Investment (FDI)
are presented in the Table 14.1. Figure 14.1
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Bangladesh Economic Review 2021

shows the trend in FDI inflows from 2011 to 2020.

Table 14.1: FDI Inflow to Bangladesh by Components
(In Million US$ )
Components 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020*
Equity 431.85 497.63 541.06 280.30 696.67 911.38 538.90 1124.10 803.70 842.29

Reinvestment 489.63 587.53 697.11 988.81 1144.74 1215.39 1279.42 1309.10 1467.35 1566.12
Intra-Company 214.90 207.40 360.99 282.17 393.98 205.95 333.24 1180.10 602.90 155.17
Borrowing
Total 1136.38 1292.56 1599.16 1551.28 2235.39 2332.72 2151.56 3613.30 2873.95 2563.58

Source: Statistics Department, Bangladesh bank. *Provitional up to December 2020.

Figure 14.1: Trend in FDI Inflow in Bangladesh (In million US$)

4000
3613
3500

3000 2874
2564
2500 2235 2333
2152
2000
1599 1527
1500 1293
1136
1000

500

0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020*

Source: Statistics Department, Bangladesh Bank.

*data upto Decomeber 2020

Actual Local Investment Imports of Capital Machinery

Actual local investment can be identified from
import of machineries, raw materials and
increase of investment in the existing projects.
Nearly 65 percent of local investment
recommendations have been implemented or are
at different stages of implementation.
The trend of capital machinery import is
considered as one of the major indicators of
industrialisation in near future. Capital equipment
worth US$ 2,225 million has been imported in the
FY 2020-21 (up to February 2021). In FY 2019-
20 this amount was US$ 3,581 million. The Figure
14.2 shows the trend of capital equipment import
from FY 2011-12 to FY 2020-21.

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Bangladesh Economic Review 2021

Figure 14.2: Trend in Capital Machinery Import (In million US$)

6000
5462 5413

5000

4000 3817
3556 3581
3321
3000
2332 2225
2005
1835
2000

1000

0
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21

Source: Statistics Department, Bangladesh Bank.* Up to February 2021

Joint Venture Investment Registration (Local foreign were registered with BIDA and the
and Foreign) amount of these investment was Tk. 10,52,26
crore. In FY 2020-21 (up to February 2021) a
The primary step of any investment is to get
total of 805 projects worth Tk. 4,49,38 crore have
registered with the concerned authority which
been registered with BIDA. Private investment
examines the possibility of the project. In FY
proposals registered with BIDA during FY 2011-
2019-20 a total of 905 project both local and
12 to FY 2020-21 are presented in Table 14.2.
Table 14.2: Private Investment Proposals Registered with BIDA.
Fiscal Local Investment Foreign /JV Investment Total Investment Growth in
Year Proposals Registered Proposals Registered Proposals Registered Project
Projects Project Value Projects Project Value Projects Project Value
Value
(%)
(Crore Taka) (Crore Taka) (Crore Taka)
2011-12 1735 53476 221 34416 1956 87893 (-) 10.00
2012-13 1457 44615 219 22072 1676 66687 (-) 24.00
2013-14 1308 49759 124 18531 1432 68291 (+) 2.40
2014-15 1309 91273 120 8061 1429 99334 (+) 45.46
2015-16 1511 94585 151 15576 1662 110161 (+) 9.86
2016-17 1578 99672 167 85589 1745 185261 (+) 68.17
2017-18 1483 125799 160 81493 1643 207292 (+)11.89
2018-19 1198 70696 170 43399 1368 114095 (-)44.96
2019-20 739 63993 166 41233 905 105226 (-)11.84
2020-21* 733 37160 72 7778 805 44938 -
Source: Monthly Report (2020-21), Policy Advocacy, BIDA * up to February 2021

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 Bangladesh Economic Review 2021

Local Investment Registration FY 2020-21 (up to February 2021). Table 14.3

presents the recent trend in annual statistics on
In FY 2012-13, the registered amount of local
the local investment registration projects
investment with the BIDA was Tk. 4,46,148.59
registered with BIDA.
million. This stood at Tk. 3,71,601.84 million in
Table 14.3: Sector wise Distribution of Local Investment Projects
(In million Taka)
Sector 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21*
Agro based 54654.15 75105.26 113820.25 106571.14 66986.78 81774.23 45608.37 31339.27 69871.99
Food & 8837.51 18083.01 42792.26 26196.47 77723.35 37168.72 33121.37 23244.74 24390.90
Allied
Textile 172803.62 82296.51 176473.34 169117.05 189705.88 257792.52 137364.8 58935.98 25288.11
Printing & 5156.99 4300.75 7907.83 7049.74 26107.62 11618.38 24618.37 22286.88 6674.80
Publishing
Tannery & 2907.65 7161.60 5551.81 15052.40 15068.19 19385.05 19976.36 14417.60 14735.48
Leather
Chemical 75048.98 78685.29 230843.43 318240.64 229911.70 389925.40 223361.2 83364.95 129200.06
Glass & 1852.80 7735.63 19254.62 7650.48 23808.50 16405.96 26980.37 9820.99 15166.62
Ceramics
Engineering 31902.48 61294.17 89897.25 133847.14 160009.57 135287.24 94184.11 87062.76 53133.85
Service 87267.93 158683.22 209654.23 107512.75 134187.89 295403.67 98128.92 303048.55 30533.20
NEC 5716.49 4294.04 16535.70 54616.23 72695.12 13230.50 3497.16 6410.25 2606.79
Total 446148.59 497593.25 912730.71 945854.04 996725.75 1257991.67 706959.86 639932.02 371601.84

Source: BIDA * up to February 2021

It is observed that in FY 2020-21 (up to February Engineering (14%) and Service (8%). Figure 14.3
2021), chemical is the largest sector in the list discloses information on registered local
accounting for 35 percent investment. Other investment with the BIDA in FY 2020-21.
major sectors are Agro Industry (19%),
Figure 14.3: Sector-wise Local Investment Projects Registered with BIDA in FY 2020-21

Service 8.22% NEC 0.70%

Agro based 18.80%

Engineering 14.30%

Food & Allied

Glass & Ceramics 6.56%
4.08%
Textile 6.81%
Chemical Printing &
34.77% Publishing 1.80%
Tannery &
Leather 3.97%

Source: BIDA, * Up to February 2021.

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Bangladesh Economic Review 2021

Foreign and Joint Venture Investment been registered with BIDA amounting to Tk.
Registration 77,782 million. The highest number of projects
was registered in service sector. Table 14.4
In FY 2020-21 (up to February 2021), a total of
presents the sector wise distribution of foreign
72 foreign and joint venture new projects have
and joint venture investment projects.
Table 14.4: Registration of Foreign and Joint Venture Investment Projects
(In Million US$)
Sector Name 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21*

Agro based 75.25 29.68 38.19 33.56 27.36 1160.33 27.32 1.96
Food & Aid 4.70 0.13 6.80 14.49 175.09 34.55 30.90 6.02
Textile 62.66 8.35 16.10 0.45 127.53 183.71 5.36 1.25
Printing & 0.00 0.00 1.85 - 7.17 0
5.14 1.54
Publishing
Tannery & Leather 32.55 17.49 11.36 3.33 55.25 16.64 89.50 2.50
Chemical 20.50 63.29 51.52 16.75 6065.22 72.90 26.44 28.59
Glass & Ceramics 0.79 0.20 7.00 12.76 0.00 - - 28.32
Engineering 237.74 244.04 222.24 2535.28 268.95 216.16 2971.64 104.04
Service 1687.08 54.38 107.98 7515.02 1349.78 213.45 122.32 660.28
Misc. 7.13 5.13 51.98 245.99 1667.98 3126.15 237.98 4.98
Total 2128.32 422.69 515.02 10377.63 9742.30 5025.44 3518.64 837.94
Source: BIDA. * up to February 2021.

It is observed that in FY 2020-21 (up to February (4%) and Glass and Ceramic (3%). Figure 14.4
2021), Service (79%) was the largest sector discloses information on registered Foreign and
registered during this period and other major Joint Venture Investment Projects with the BIDA
sector included Engineering (12%), Chemical in FY 2020-21

Figure- 14.4: Sector-wise Distribution of Foreign and Joint Venture Projects in FY 2020-
21

NEC Agro based

0.59% 0.00
Food & Allied
0.72%
Textile
0.15%
Printing & Publishing
Service 78.80% 0.00%
Tannery & Leather
0.30%
Chemical
3.41%

Glass & Ceramics

3.38%

Engineering 12.42%

Source: BIDA, * up to February 2021.

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Bangladesh Economic Review 2021

Country wise Joint Venture and Foreign Employment Opportunities

Investment
The source of foreign and joint venture projects
registered in FY 2020-21 (up to February 2021)
were mostly from countries of European regions.
The source-wise distribution of the BIDA
registered new Foreign and Joint Venture
investment projects from FY 2012-13 to FY
2020-21 is presented in the Annex 14.1 at the end
of the chapter.
Creating ample opportunities of employment
through industrialisation is a major objective of
the National Strategy for Economic Development
and Accelerated Poverty Reduction. A large
number of managerial, technical, supervisory and
skilled-unskilled job opportunities are generated
through investment in the industrial sector. In FY
2020-21 (July-February) a total of 1,20,942 job
opportunities were created in the registered
projects of BIDA. Figure 14.5 shows employment
opportunities by the BIDA registered projects
from FY 2012-13 to FY 2020-21.

Figure- 14.5: Employment Opportunities by the BIDA-Registered Projects

350000 309709
287546
300000 266492
250000 224943 226411
191909
200000 166157
138177
150000 120942
100000
50000
0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21*

Source : Bangladesh Investment Development Authority BIDA, * up to February 2021

Approval of Foreign Loan Table 14.5: Foreign Loan Approval from

In response to the application of the investors, FY 2009-10 to FY 2020-21 (July-
Bangladesh Investment Development Authority February).
has approved foreign loan proposals through the Financial Approved Loan Approved
decision of Scrutiny Committee. Table 14.5 year Appraisal Loan Amount
presents the details of Foreign loan approved (Million US$)
from FY 2009-10 to FY 2020-21 (July- 2009-10 16 175.93
February). 2010-11 26 431.46
2011-12 35 1047.93
2012-13 88 1795.28
2013-14 106 1453.38
2014-15 153 2295.51
2015-16 127 887.69

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Bangladesh Economic Review 2021

Financial Approved Loan Approved facilitating foreign and local investment in the
year Appraisal Loan Amount Export Processing Zones of the country. At
(Million US$) present, there are 8 EPZs in Bangladesh. These
2009-10 16 175.93 are Dhaka, Chattogram, Mongla, Cumilla,
2016-17 153 1600.17
Ishwardi, Uttara (Nilphamari), Adamjee and
Karnaphuli. Apart from that, BEPZA is setting up
2017-18 116 2112.13
an economic zone on 1,150 acres of land at
2018-19 99 4115.43 Mirsarai upazila under Chattogram district.
2019-20 46 2527.38
539 industrial plots will be constructed under the
2020-21* 26 636.86 project. In the first phase, from April 2021, 140
Total 991 19079.05 industrial plots are expected to be allotted to
Source: BIDA. *up to February 2021. domestic and foreign investors. The 350
industrial units in the economic zone have the
Approval of Foreign Commercial Office
potential to invest 4.5 billion and create
As per application of investors inter-ministerial employment for 5 lakh Bangladeshis. Besides,
committee of the Bangladesh Investment conversion of 1,819 acres land of Rangpur Sugar
Development Authority approved Branch Office, Mills into EPZ and set up of an EPZ in Jashore
Liaison Office, Representative Office and and near Payra seaport are under process.
extension of same offices in Bangladesh. Table
As on February 2021, the amount of cumulative
14.6 describes the recent trend in approval of
investment in the EPZs is US$ 5,516.45 million.
Branch, Liaison and Representative Offices (new
In the first 8 months of FY 2020-21, the amount
and extension) from FY2014-15 to FY 2020-21.
of actual investment stands at US$ 226.58
Table 14.6: Recent Trend in Approval of million.
Branch, Liaison and Representative Office As on February 2021, the amount of cumulative
Financial Branch Liaison Representati export from the EPZs is US$ 84.81 billion. In the
Year Office Office ve Office first 8 months of FY 2020-21, the amount of
(New & (New & (New & export from the EPZs stands at US$ 4,202.99
Extension) Extension) Extension) million. It may be mentioned here that the export
2014-15 120 249 11
made from EPZ during the financial year 2019-20
2015-16 102 222 15
contributed about 19.27 percent of national
2016-17 120 211 11
export.
2017-18 184 257 14
2018-19 146 212 18 Upto February 2021, a total of 4,23,501
2019-20 153 216 11 Bangladeshi nationals have been employed in the
2020-21* 125 162 15 enterprises in the EPZs, out of which 66 percent
Total 950 1529 95 is female.
Source: BIDA. * up to February 2021
Bangladesh Economic Zones Authority
Investment Scenario of Bangladesh Export (BEZA)
Promotion Zone (EPZ) Bangladesh Economic Zone Authority (BEZA)
In order to accelerate the development of the has been set up to establish economic zones to
industrial sector, the Bangladesh Export encourage rapid economic development, planned
Processing Zones Authority (BEPZA) has been industrialisation, employment generation,
providing overall cooperation in attracting and production, enhance and diversification of

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export. BEZA has adopted a plan to establish 100
Economic Zones on about 30,000 hectares of
land by 2030 to facilitate investors to set up
industries. With the establishment of these
economic zones, it would be possible to create
employment opportunities for about one crore
people directly and indirectly and to produce and
export goods and services worth an additional
US$ 40 billion.
BEZA Governing Board has already approved the
location and area of land in 97 economic zones,
of which 68 are public economic zones and 29
are private economic zones. Among these
economic zones, there are 2 public-private
partnership economic zones, 4 G2G economic
zones and 3 tourism parks. So far, more than
7,000 acres of land has been allotted for lease in
favor of 168 investors in five economic zones
(Bangabandhu Sheikh Mujib Industrial Area,
Maheshkhali, Shrihatta, Jamalpur Economic
Zone and Sabrang Tourism Park) with a
proposed investment of about 23.97 billion
dollar.
In addition, about 3.1 billion dollar investment
proposal has been approved in private economic
zones. As a result, the total investment proposal
stands at 27.07 billion dollar. The proposed
investment will create employment opportunities
for about 1 million people. Already, export-
oriented products are being produced with direct
employment of about 38,000 people in the
economic zones.
Products of the industrial enterprises of private
economic zones including Jumbo bags,
Carbonated Beverages, Noodles, Palm Oil,
Soybean Oil, Tissue Paper, NCR Paper, Hangers
etc. are now being exported to different countries
of the world such as France, Belgium,
Netherlands, United States, Qatar, India, Nepal,
Korea, Australia, Germany, China, Myanmar,
Vietnam.
The number of online services provided at the
One Stop Service Center of BEZA has increased
to 48. 11 new services were added online at the
One Stop Service Center on 22/10/2020. The
process of adding 6 more services online is
progressing fast. At present about 125 types of
services are being provided from BEZA OSS
Center. In this way, an investor can start
production by completing all the formalities
within a maximum of 100 days.
Economic zones are being set up on 436 acres of
land in Jamalpur district, on 352 acres in Srihatta
in Moulvibazar district and on about 3,000 acres
in Maheshkhali in Cox's Bazar district. This will
connect the backward areas of the country with
the highway of economic development. Besides,
three tourism parks are being set up in Cox's
Bazar district of the country under the
supervision of BEZA to enrich the tourism sector.
To continue the trend of Japanese and Chinese
investment and to encourage technology transfer,
the Japanese Economic Zone at Narayanganj and
the Chinese Economic & Industrial Zone at
Chittagong are being built. Besides, Indian
Economic Zone is being constructed in
Bangabandhu Sheikh Mujib Industrial City for
Indian investors.
BEZA provides comprehensive incentives and
support to investors on a variety of financial
issues. In this context, in order to expedite the
disbursement of loan facilities from banks and
financial institutions, a joint collaboration
between BEZA and Bangladesh Bank has
introduced mortgage facility against leasehold
right of land for leasehold investors in the
economic zones.
Public Private Partnership (PPP)
In order to fulfill the basic needs of the people of
Bangladesh and to improve the quality of their
lives, to promote socio-economic development,
to ensure comprehensive investment in
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Bangladesh Economic Review 2021

infrastructure sectors, to ensure private Small and Medium Enterprise (SME)

participation along with government and to
The importance of Small and Medium
include in the world economy, PPP Authority has
Enterprises (SMEs) as a potential sector is
been established to attract investment of local
indispensable in expediting the pace of
and foreign investors to ensure development. One
industrialization of the country, ensuring
of the key strategies of the government is to
everyone‟s active participation in the mainstream
develop projects based on Public Private
of the economy and solving unemployment
Partnership, especially the modern, dynamic
problem through generation of new quality
physical infrastructure development and building
employment. This sector has been playing a
an infrastructure capable of providing
significant role in achieving economic growth
uninterrupted service. By ensuring reliable and
and earning foreign currency by encouraging and
sustainable infrastructure the main focus of PPP
expanding the business activities. For the
is to create an environment for increased
expansion and development of the sector
investment maintaining economic growth. The
including various initiatives in loan disbursement
new development model is working to improve
to enhance the standard of lifestyle of low
the optimum utilisation of limited resources by
income people and ensure women empowerment
tapping the expertise of the private sector.
to diminish gender discrimination, Bangladesh
„Procurement Guideline for PPP Projects, 2018‟
Bank has been continuing its refinancing
was formulated to increase the confidence of
facilities in the year 2020 for Banks and Non-
private investors and capacity building of the
Bank Financial Institutions (NBFIs) against their
institution. Financial incentives are being given
financing to SMEs.
in this sector to encourage private investment in
In this regard, „Refinancing Scheme for Agro-
the infrastructure sector. “Rules for Viability Gap
based Product Processing Industry in Rural
for PPP Project, 2018” was issued to facilitate
Area‟; „Refinancing Scheme for Small
financial integration process through the
Enterprise‟; „Refinancing Fund for New
government. Under this policy, Viability Gap
Entrepreneurs in Cottage, Micro and Small
Fund (VGF) of Tk.400 crore has been allocated.
Industry‟; „Refinancing Fund against Islamic
The process of increasing the capacity of the
Shariah-based Financing in „Agro-based
implementing agencies in the planning and
Industries‟, „Small Enterprises (including women
management of the project is continuing. These
led SMEs)‟ and „New entrepreneurs in Cottage,
measures are expected to make visible progress
Micro and Small Enterprise‟ Sector‟; COVID-19
in building the country‟s infrastructure.
refinance scheme, Revolving Fund Account of
For implementation through PPP, 79 projects in JICA assisted Financial Sector Project for the
12 sectors have got in principle approval. An Development of SME (FSPDSME) Fund, JICA
estimated US$ 29.20 billion will be invested if assisted Urban Building Safety Project (UBSP),
these projects are implemented. Among these 79 Program to Support Safety Retrofits and
projects, agreements with private partners have Environmental Upgrades in the Bangladeshi
been signed for implementation of 16 projects Ready-Made Garment (RMG) Sector Project
with an estimated project cost of US$ 5 billion. (SREUP) have been active.
Apart from these, 13 projects are under tendering Banks and NBFIs have come forward for financing
process and 27 projects are in the feasibility and the development of SMEs sector under close
stage. The PPP projects that have already been monitoring and supervision of Bangladesh Bank.
approved are presented in the Annex 14.2 at the Total net outstanding loans & advances in SME
end of the chapter. sector at the end of September, 2020 is Tk.

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Bangladesh Economic Review 2021
1,90,969.83 crore. In year 2020 (up to September),
Banks and NBFIs altogether have disbursed an
amount of Tk. 1,04,515.17 crore against 5,17,250
SMEs. On the other hand, 43,636 women led SME
enterprises received financing of Tk. 3,553.47
crore during the same time period.
‘The National SME Policy 2019‟ has been
formulated with emphasis on increasing the
contribution of SME sector in the industry and
creating equal opportunities for all in this sector
and increasing women's participation through
economic empowerment.
However, due to the Coronavirus, local small and
cottage industries are facing a crisis. In order to
address this crisis, emphasis has been laid on
cluster based development in the SME sector. To
combat the economic impact of COVID-19, the
government is expanding low-interest credit
facilities to poor farmers, recently repatriated
overseas workers and skilled but unemployed
youths in rural areas to enable them to take up
self-employment ventures in sectors like
agricultural production, agro-based service, small
business, cottage industries, SMEs, etc. Under
this program, Tk. 2,000 crore will be distributed
with low interest rate through three specialised
banks, namely Palli Sanchay Bank, Probashi
Kallyan Bank, Karmasangsthan Bank and one
specialised institution, namely Palli Karma
Sahayak Foundation (PKSF), with each receiving
Tk. 500 crore in FY 2020-21.
Again, to facilitate economic recovery of cottage,
micro, small and midium enterprises, the
government has provided a stimulus package of
Tk. 20,000 crore to be distributed by banks at a
low interest (4%) with interest subsidies of 5
percent provided by the government. To
encourage banks to provided loans to micro,
cottage and small enterprises, Bangladesh Bank
has initiated a credit guarantee schieme of Tk.
2,000 crore. About Tk. 2,497.16 crore has
already been allocated upto February 2021.
Private Sector Development Activities of Some
Selected Sectors
ICT Sector
Hi-Tech Park
Bangladesh High-Tech Park Authority has been
established under „Bangladesh High-Tech Park
Authority Act-2010‟ in order to development of
hi-tech industries and information technology-
based industries in the country. Bangladesh Hi-
tech Park Authority has been working for socio-
economic development of the country by
ensuring the employment of huge youths of the
country through set up hi-tech park/ software
technology park in different places of the
country. In the first phase, Bangladesh High-
Tech Park Authority is currently working to
establish 39 Hi-tech park across the country.
Meanwhile, construction of 13.15 lakh sq ft
space have been completed in various parks
including „Bangabandhu Hi-Tech City‟ in
Kaliakair, „Sheikh Hasina Software Technology
Park in Jessore‟, „Sheikh Kamal IT Incubation
and Training Center‟ in Natore and „Janata
Tower Software Technology Park‟ in Dhaka.
Among the ready places 7.58 lakh sq ft has been
allocated. 120 local and foreign companies have
received allotment in the various parks
established by Bangladesh Hi-tech Park
Authority. They have already invested 50 million
dollars of the proposed 1,200 million dollar.
Telecommunication Sector
Private sector has a significant role in the
development of telecommunication sector.
Private sector investment has brought a
revolutionary change to the telecommunication
sector. In 2004, there was a total number of 40
lakh users of mobile phone, whereas the number
exceeded 17.33 crore in February 2021. The
total number of internet subscribers has crossed
11.27 crore at this time. As a result of the
business-friendly policy, many domestic
entrepreneurs have invested in the
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Bangladesh Economic Review 2021
telecommunications sector in the last few years.
In February 2018, Bangladesh entered the world
of 4G mobile technology. Steps have been taken
for introducing 5G services for the development
and expansion of information technology. The
mobile phone sector is generating huge revenue,
which is playing a huge role in increasing the
total revenue of the country. Mobile network has
also been constructed in three hill-districts.
Power Sector
With a view to attain the target of Vision- 2021
and Vision-2041 , the government has planned to
generate 24,000 MW electricity by 2021, 40,000
MW electricity by 2030 and 60,000 MW
electricity by 2041. It is a pledge of the
government to bring all the people within
electricity connectivity by 2021. In order to fulfill
this commitment, the government has taken
different initiatives not only to boost power
generation but also to expand distribution and
transmission lines.
At present 99 percent population of the country
has access to power including renewable energy.
In FY 2020-21 (up to February 2021) total grid
based installed capacity was 21,778 MW
including 9,990 MW in Public Sector, 1244 MW
in JV, 9,384 MW in Private Sector and 1,160 MW
power imported from India. Including captive
and renewable energy, total installed capacity is
24,982 MW. A total of 44,439 million kwh net
electricity including public, private and import
were produced up to January 2021. Out of this,
45.76 percent was generated by the private
sector. On the contrary, 38.69 percent was
produced from public sector. The rest 4.94
percent from JV power plants and 10.59 percent
from power import.
Education Sector
Like the government, private sector is also
working for the development of education at all
levels. In order to attract private investment in
education sector the government provides
different types of incentives and opportunities.
The „Private University Act 2010‟ has been
enacted to improve the standard of education in
the private universities. As a result, 103 private
universities have been established in the country.
According to „the Private Universities Act-2010‟,
the International Quality Assurance Cell (IQAC)
has been formed to ensure the quality of higher
education in every private university. Initiatives
have been taken to set up Bangladesh Research
and Education Network (BdREN) to enhance the
technical skills of students and teachers of
universities and to connect foreign universities
and research institutes with local universities.
The modern laboratories, research centers and
institutes of the universities are being
consolidated and modernised.
Health Sector
Medical and health services are gradually
increasing through participation of the private
sector. To encourage the private sector, the
government provides grants from revenue budget
to hospitals/clinics and organisations. At present,
there are 70 Medical Colleges, 12 Dental
Colleges, 14 dental units, 13 post graduate
institute, 200 Medical Assistant Training
Institutions and 97 Institute of Health
Technology in private sector.
At present, special activities worth Tk. 5,500
crore is being implemented under the Health
Services Division to address COVID-19. In
addition, Tk. 10,000 crore has been allocated to
meet any urgent need to address COVID-19 in FY
2020-21 and it has been proposed to allocate Tk.
10,000 crore in FY2021-22. It has been proposed
to set up an Integrated Health-Science Research
and Development Fund of Tk. 100 crore for the
development of research in the field of health
education and science and technology.
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Bangladesh Economic Review 2021

Tourism country recovers from the severe loss that it

Private sector along with the public sector is
working for the development of the tourism in
Bangladesh. For this reason, the government has
declared different special facilities for inspiring
private entrepreneurs to invest in tourism. Private
sectors participation in tourism generates lots of
employment in this sector which ultimately leads
to the poverty alleviation.
The government is taking various steps to
develop and enrich the tourism industry as an
economic sector. For example, plans have been
made to establish exclusive tourism areas for
foreign tourists in locations that have high
tourism potentials, develop eco-tourism parks
keeping the natural beauty intact, build island-
based tourism parks and hotels, and establish
international standard tourism centers with all
facilities for incoming tourists. Besides, projects
have been taken up for modernisation and
capacity enhancement of existing establishments
of Bangladesh Tourism Corporation, and for
expanding modern tourism facilities in new
locations. The government will put on sincere
efforts to ensure that the tourism industry of the
suffered due to the outbreak of COVID-19
pandemic.
Insurance Sector
Insurance sector of Bangladesh is working
persistently to reduce the risk of business and
also to ensure financial security of the people.
There are 77 private insurance companies
operating in Bangladesh, in addition to the two
state owned enterprise „Jiban Bima Corporation‟
and „Shadharan Bima Corporation‟. Out of these,
45 are private general insurance and 32 are
private life insurance companies. In recent times,
insurance sector has shown remarkable success in
terms of growth and development. But Covid-19
epidemic economic recession has also affected
the insurance sector in Bangladesh. The gross
premium income of state owned and private non-
life insurance companies was Tk. 4,718.84 crore
in 2019. In 2020 the gross premium income
decreased to Tk. 4,366.00 crore. The rate of fall
was -7.48 percent for Covid-19 epidemic. Table
14.7 shows the status of premium income from
state owned and private insurance companies.

Table 14.7: Premium Income from Non-life Insurance Sector

(In Crore Taka)
Year Total Premium Growth Rate
Public Sector Private Total Public Private Public Private Total
Shadharan Sector’s Sector Sector Sector Sector’s (%)
Bima Non-life (%) (%) Shadharan Non-life
Corporation Insurance Bima Insurance
Companies Corporation Companies
(%) (%)
2011 231.41 1735.96 1967.37 11.76 88.24 39.41 16.39 18.69
2012 218.92 1948.35 2167.27 10.10 89.90 -5.40 12.23 10.16
2013 190.96 2101.84 2292.80 8.33 91.67 -12.77 7.88 5.79
2014 176.11 2269.60 2445.71 7.20 92.80 -7.77 7.98 6.67
2015 207.31 2435.70 2643.01 7.84 92.16 17.71 7.32 8.07
2016 223.49 2549.38 2772.88 8.06 91.94 7.81 4.67 4.91
2017 238.66 2742.77 2981.43 8.00 92.00 6.78 7.59 7.52
2018 348.90 3041.89 3390.79 10.29 89.71 46.19 10.91 13.73
2019 1300.17 3418.67 4718.84 27.55 72.45 272.65 12.39 39.17
2020* 1017.55 3348.45 4366.00 23.31 76.69 -21.74 -2.05 -7.48
Source: Insurance Development and Regulatory Authority.*provisional.

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Bangladesh Economic Review 2021

On the other hand, gross premium income of previous year. The rate of reduction was 1.50
„Jiban Bima Corporation‟ and 32 private life percent for Covid-19 epidemic. Table 14.8 shows
insurance companies was Tk. 9,455.45 crore in the status of premium income from state owned
2020, which is Tk. 144.18 crore less than the and private life insurance companies.

Table 14.8: Premium Income from Life Insurance Sector

(In Crore Taka)
Year Total Premium Growth Rate
Public Sector Private Total Public Private Public Private Total
Shadharan Sector’s Sector Sector Sector Sector’s (%)
Bima Life (%) (%) Shadharan Life
Corporation Insurance Bima Insurance
Companies Corporation Companies
(%) (%)
2011 307.88 5946.85 6254.74 4.92 95.08 -9.95 8.26 7.19
2012 343.20 6243.90 6587.10 5.21 94.79 11.47 5.00 5.31
2013 365.11 6474.60 6839.71 5.34 94.66 6.38 3.69 3.83
2014 389.93 6685.58 7075.51 5.51 94.49 6.80 3.26 3.45
2015 403.74 6909.06 7312.80 5.52 94.48 3.54 3.34 3.35
2016 412.51 7170.67 7583.19 5.44 94.56 2.17 3.79 3.70
2017 474.72 7716.25 8190.98 5.80 94.20 15.08 7.61 8.01
2018 513.08 8479.05 8992.13 5.71 94.29 8.08 9.78 9.68
2019 574.12 9025.51 9599.63 5.98 94.02 11.90 6.44 6.76
2020* 599.64 8855.81 9455.45 6.34 93.66 4.44 -1.88 -1.50
Source: Insurance Development and Regulatory Authority .*provisional

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Bangladesh Economic Review 2021

Annex-14.1
Sources of the Foreign and Joint Venture Projects
(In Million US$ )
Source of Joint & 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21*
100% Foreign
Investment
1. Saudi Arabia 0 0 2.363 5.500 2450.076 0.125 0 5.413 8.278
2. USA 110.492 85.005 120.842 17.246 178.680 494.509 643.378 13.476 301.618
3. Thailand 81.484 25.750 18.667 27.673 584.06 6.894 2.277 0.047 0.069
4. India 2120.647 169.623 34.038 33.763 212.911 327.744 40.937 23.128 14.493
5. South Korea 11.359 7.960 4.541 161.542 17.411 115.074 1.761 2.525 0
6. Malaysia 7.260 2.361 8.588 88.389 23.816 1.373 3.852 1200.244 5.294
7. The Netherlands 3.620 0.846 0.608 4.774 19.076 0 1720.402 41.25 1.172
8. China 164.732 1683.322 25.102 70.396 6211.351 416.361 943.647 1934.413 69.978
9. UK 60.679 0 58.157 5.082 3.698 386.224 0.262 6.506 0
10. Pakistan 0.915 0.648 0 0 1.986 0 0 0 0
11. Japan 35.424 16.779 7.223 59.791 15.628 49.752 248.549 18.291 33.471
12. Denmark 3.958 1.062 0.514 0.024 0 0.407 0 14.130 0
13. Sri Lanka 89.926 0.187 0 1.611 0.351 13.603 98.291 0.252 5.028
14. Canada 4.240 1.280 7.198 0.849 0 14.085 0.133 0 0
15. Taiwan 1.503 3.684 16.594 0.822 0.20 1.544 1.157 77.589 0
16. Singapore 16.298 29.328 9.605 1.977 657.853 382.973 1247.426 167.586 301.566
17. Turkey 4.465 0 2.271 0.288 1.096 14.288 0 2.770 0
18. Italy 0.838 2.392 1.127 0 16.376 0 0 0 0
19. Hong Kong 23.674 3.646 8.342 2.886 50.614 17.963 29.910 0.850 0
20. Africa 0 0 3.627 0 0 0 0 0.320 0
Armenia & 0 0 0 0 0 0 0 0
21. 0.239
Russia
22. Bermuda 0 0 0 0 0 0 0 0 0
23. France 2.326 0.806 0 0 3.117 0 0 0 3.934
24. Indonesia 0 0 0 0 0 0 0 0 0
25. Lebanon 46.430 0 1.136 0 0 0 0 0 0
26. Mauritius 0 5.128 54.126 9.653 0 340.000 0 32.545 0.999
27. Philippines 0 0 0 0 0 0 10.274 0 0
28. Sweden 0.086 0 16.276 1.831 1.229 1.551 2.377 0 1.962
29. Switzerland 1.781 0.589 14.824 0 0 0 17.900 0 0.121
30. Finland 0 0 0.556 0 0 0 0 0 0
31. UAE 1.036 52.160 0.301 1.117 15.287 7143.725 0.300 108.944 0
British Virgin 0 0 0 0 0 1.035 0 0
32. 8.988
Island
33. Germany 0.312 2.266 1.345 6.597 18.372 7.003 4.000 4.019 77.195

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Bangladesh Economic Review 2021

Source of Joint & 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21*
100% Foreign
Investment
34. Australia 0 6.182 1.016 1.047 5.763 0 0 2.582 2.133
35. Greece 0 0 0 0 0 0 0 0 0
36. Spain 0.984 0.028 1.696 0 12.014 0 1.71 0.395 0.114
37. Poland 0 0 0.894 0 0 0 0 0 0
38. Belgium 0 0 0 0 0 0 0.35 0 0
39. Egypt 1.151 0 0 0 0 0 0 0 0
40. Hungary 1.221 0 0 0 0 0 0 0 0
41. Norway 0.117 0 0 0 0 5.186 0 0 0
42. Vietnam 0 0 0 0 0 0 0 0 0
43. Jordan 0 0 0 0 0 0 0 0 0
44. Kuwait 0 0 0 0.885 0 0 0 0 0
45. Austria 0 0 0 0 0 0 0 0 0
46. Malta 0 0 0 0 0 0 0 0 0
47. USE 0 0 0 0 0 0 0 0 0
48. Guyana 1.165 0 0 0 0 0 0 0 0
49. Libya 1.167 0 0 0 0 0 0 0 0
50. Serbia 0.196 0 0 0 0 0 0 0 0
51. Yemen 0 27.289 0 0.308 0 0 0 0 0
52. Nigeria 0 0 0.614 0 0 0 0 0 0
53. Iran 0 0 0 1.244 0.592 0 0 0 0
54. Lithuania 0 0 0 0.500 0 0 0 0 0
55. Uzbekistan 0 0 0 0 2.713 0 0 0 0
56. Belarus 0 0 0 0 5.875 0 0 0 0
57. Nepal 0 0 0 0 0 1.347 0 8.14 0
58. Oman 0 0 0 0 0 0 0 0.117 0
59. Ireland 0 0 0 0 0 0 0 0.118 0
60. England 0 0 0 0 0 0 0 1.346 0
61. Korea 0 0 0 0 0 0 0 17.385 9.117
62. Bulgeria 0 0 0 0 0 0 0 0 0.164
63. Kazakhistan 0 0 0 0 0 0 0 0 0.411
Total 2800.11 2128.32 422.69 515.02 10510.92 9742.31 5019.91 3684.480 837.117
Source: Policy Advocacy, BIDA * up to February 2021.

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Annex 14.2
List of PPP Funded Projects
S.L Sector Estimated Cost
(in million US$)
Transport Sector
01. Dhaka-Elevated Expressway. 1243
02. Upgrading of Dhaka Bypass to 4 Lane). 350
03 Improvement of Hatirjheel (Rampura Bridge). 300
04. Flyover from Santinagar to Mawa Road via 4th (New) Bridge over Buriganga River. 300
05. Construction of a New Inland Container Depot (ICD) near Dhirasram Railway Station. 70
06. Build and Construct Khulna Khan Jahan Ali airport and Special Tourism Zone (STZ) in 300
Khulna under PPP Mode.
07. Construction & Operation of Inland Container Terminal (ICT) at Khanpur. 30
08. Dhaka-Chattagram Access Controlled Highway. 3200
09. Comprehensive Non-Intrusive Inspection (NII) Project under PPP 100
10. Gabtoli - Nabinagar PPP Road. 340
11. Circular Railway Line 1000
12. Improvement of Chattogram to Cox's Bazar Highway through PPP 1462
13. 2nd Padma Multipurpose Bridge at Paturia-Goalundo. 1500
14. Mass Rapid Transit (MRT) Line-2 3479
15. Light Rapid Transit system for Narayanganj City 200
16. Multimodal Hub at Kamalapur Railway Station 500
17. Multimodal Hub at Bimanbandar Raiway Station 200
18. Construction of Outer Ring Road. 2705
19. Construction of Bridge on Bhulta-Araihazar-Bancharampur road over the river Meghna 878
20. Improvement of Dhaka (Joydebpur)-Mymensingh Highway (N3) into Expressway 395
Shipping Sector
21. 2 Jetties at Mongla Port through PPP. 53
22. Construction of Laldia Bulk Terminal. 300
23. Bay Terminal 2089
24. Payra Port Dredging 950
25. Payra Port Coal Terminal 660
26. Payra Port Container Terminal 300
Economic Zone Sector
27. Economic Zone 4: Mongla. 12
28. Economic Zone 2: Mirsarai. 735
29. Development of Economic Zone (EZ) at Jamalpur with Private Sector participation. 40
30. IT Village at Mohakhali. 20
31. Central Effluent Treatment Plant at Mirsarai EZ 22
Agricultural Sector
32. Construction of Composite Rice Mills 170
Tourism Sector
33. Development of Integrated Tourism and Entertainment Village at Cox’s Bazar. 100
34. Establishment of 5 Star Hotel with other Facilities at Existing Parjatan Motel Sylhet 20
Compound of BPC Sylhet.
35. Three Star Hotel at BPC land, Pashur, Mongla. 15
36. Establishment of Intl. Standard Tourism Complex at Existing Motel Upal 45
37. Five Star Hotel cum Training Centre at BPC land , Muzgunni, Khulna 30
38. Development of a Five Star Hotel at Zakir Hossen Road in Chattogram 50
Health Sector

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Bangladesh Economic Review 2021

S.L Sector Estimated Cost

(in million US$)
39. Hemodialysis Centre at Chattogram Medical College Hospital. 3
Hemodialysis Centre at National Institute of Kidney Diseases and Urology (NIKDU).
40. Oboshor: Senior Citizen Health Care and Hospitality Complex at Sreemangal, Sylhet 10
Division
41. Modernisation of Chattogram Medical College 30
42. Medical College & Nursing Institute and Modernization Railway Hospital of Kamlapur. 100
43. Medical College and Modernization of Railway Hospital at Saidpur in Nilphamary. 75
44. Medical College and Modernization of Railway Hospital at Paksey in Pabna. 75
45. New Modern Medical College & Hospital of 250 beds on the unused land in Khulna. 100
Social Infrastructure Sector
46. Development of Occupational Diseases Hospital, Labor Welfare Center and 35
Commercial Complexes at Chasara, Narayanganj, PPP Basis.
47. Development of Occupational Diseases Hospital, Labor Welfare Center and 35
Commercial Complexes at Tongi, Gazipur, PPP Basis.
Civil Accommodation and Urban Sector
48. Construction of High-rise Residential Apartment Building for Low- and Middle-Income 1174
Group of People at Jhilmil Residential Project Dhaka.
49. Construction of Satellite Township with Multi-storied Flat Building at Mirpur, Dhaka. 44
50. Development of Market, Residential Apartments and Resort on the Land of „No-view 22
Guesthouse‟ at Chattogram .
51. Construction of multistoried Commercial cum Residential Apartment complex with 200
modern amenities at Nasirabad, Chittagong Under PPP.
52. Construction of High-rise Apartment at Purbachal New Town Project 500
53. Mirpur Integrated Township Development (Phase-ll) 974
Urban Sector
54. Installation of Water Supply, Sewerage, Drainage System & Solid Waste Management 80
System in Purbachal New Town.
55. Development of Shopping Mall with Hotel-cum-Guest House at Bangladesh Railway 6
Land near Chattogram Railway Station, Chattogram.
56. Shopping Mall with Hotel-cum-Guest House on the unused Railway land in Khulna. 30
57. Development of Integrated Wastewater Management System for Gazipur City 64
Corporation
Energy Sector
58. Construction of LPG Import, Storage and Bottling Plant at Kumira Chattogram 50
59. Construction of Matarbari-Banshkhali-Madhunaghat 400k Transmission Line 183
Industry Sector
60. Development of Textile Mill at Demra, Dhaka. 40
61. Development of Textile Mill at Tongi, Gazipur. 50
62. Development of Cotton Mills project in Tangail 150
63. Development of BTMC Textile Mills: R R Textile Mills Limited, Sitakundu 50
64. Development of BTMC Textile Mills: Amin Textile Limited, Chattogram. 50
65. Development of BTMC Textile Mills: Dost Textile Limited, Feni 50
66. Development of BTMC Textile Mills: Rangamati Textile Mills Limited, Rangamati 50
67. Development of BTMC Textile Mills: The Asiatic Cotton Mills Limited, Chattogram. 50
68. Development of BTMC Textile Mills: Jolil Textile Limited, Chattogram. 50
69. Development of BTMC Textile Mills: Bengal Textile Limited, Jessore 50
70. Development of BTMC Textile Mills: Sundarbon Textile Mills Limited, Satkhira 50
71. Development of BTMC Textile Mills: Magura Textile Mills Limited, Magura 50
72. Development of BTMC Textile Mills: Rajshahi Textile Mills Limited, Rajshahi 50
73. Development of BTMC Textile Mills: Dinajpur Textile Mills Limited, Dinajpur 50

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S.L Sector Estimated Cost

(in million US$)
74. Development of BTMC Textile Mills: Daroyani Textile Limited, Nilphamari 50
75. Development of BTMC Textile Mills: Afsor Cotton Mills Limited, Dhaka 50
IT Sector
76. Bangabandhu Hi-Tech City (Block 2 & 5) 210
77. Bangabandhu Hi-Tech City (Block 3) 25
78. Info Sarkar3 120
Education Sector
79. The Innovation & Innovator Cell (IIC) dev66elopment under Public Private Partnership. 10
Total 79 29207
Source: Public Private Partnership Authority.

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