In officialdom, a microphone malfunction is usually seen as a sign of disorder. Yet in April 2025, at the Hotel InterContinental, Ashik Chowdhury transformed this familiar frustration into a piece of calculated theatre.
Just as he was about to begin his keynote at an investment summit, a “technical difficulty” stalled proceedings long enough to ripple nervous tension through the audience. Then, with the timing of a seasoned showman, Chowdhury revealed the glitch had been deliberate. “Without technical difficulty, any session is a waste of time,” he quipped. “Sorry, that was actually intentional; we did it just to warm you guys up.”
The room, filled with foreign dignitaries and local tycoons, erupted in relieved laughter. Even Muhammad Yunus, the chief adviser and Chowdhury’s superior, smiled in amusement.
Chowdhury then invited investors to imagine a scene straight out of Back to the Future, a 1985 science fiction film. The year, he proposed, was 2035. Bangladesh had shed its image as a struggling delta and emerged as a “regional manufacturing powerhouse,” a bridge connecting the Himalayas to the Bay of Bengal. In this cinematic future, his successor would be addressing the 10th investment summit, celebrating a nation that had seamlessly integrated East and West.
It was a slick, high-energy performance, typical of Chowdhury’s near-empty tenure. There were references to emotional selfies from the 2024 uprising and even a playful promise to “throw a Nobel Prize winner” (Yunus) at investors to secure their confidence. The narrative was intoxicating: a nation energised and ready to leapfrog into the ranks of Asia’s economic giants.
Yet, as the applause faded, the gap between Chowdhury’s overly optimistic vision and the sepia-toned reality began to resemble not a bridge, but a chasm.
Chowdhury -- an avid skydiver and former banker -- has been among the most visible salesmen Bangladesh has fielded in years. Yet, while he spun visions of a 2035 utopia, the economic machinery of 2025 slowed, and the Bangladesh Investment Development Authority (BIDA) under his leadership showed little meaningful progress.
Holding a dual mandate as CEO of the Public-Private Partnership Authority (PPPA), Chowdhury sought to transform a controversial port deal with the UAE-based DP World into a logistical revolution. His focus was on the New Mooring Container Terminal (NCT) at Chittagong Port. The proposal, initiated under the previous Awami League administration, became central to Chowdhury’s own agenda.
The strategy appeared simple and compelling: by pursuing a government-to-government arrangement with the UAE, the interim administration hoped to bypass the complexities and opacity of traditional open bidding. However, the deal ultimately collapsed under mounting protests, exposing the limits of Chowdhury’s authority and offering a bruising lesson to the interim government.
BLEAK INVESTMENT DATA
Data compiled by The Daily Star reveals a sobering reality: the apparent recovery in early 2025 was little more than a mirage, followed by a renewed collapse.
The downturn had begun earlier. In 2023, net foreign direct investment slipped to $1.46 billion from about $1.51 billion the previous year. Then came 2024, another year of decline. Even before the political upheavals of August, investor confidence had weakened significantly. In the first half of 2024 (January-June), inflows fell to $675 million. In the second half, marked by unrest and uncertainty, inflows dropped further to $594 million, leaving the annual total at just $1.27 billion.
The story of 2025 was one of uncertainty. During the first half (January-June), inflows nearly doubled to $1.09 billion year-on-year. This figure became a convenient talking point for the government, suggesting that interim stability was restoring confidence. It provided the “pitchman” with a hopeful narrative. In the third quarter (July-September), inflows touched $315 million, bringing the total to only $1.4 billion so far, according to available data. How Chowdhury performed in the fourth quarter remains to be seen.
Even more troubling was the collapse in the investment pipeline. According to the Economic Review 2025, registered private investment projects dropped by 58 percent year-on-year. This forward-looking indicator suggested that the cautious “wait-and-see” approach of 2024 had hardened into a decisive “go elsewhere” stance by 2025.
Private-sector credit growth also slowed to a four-year low of 6.1 percent, far below the central bank’s target. When domestic entrepreneurs -- who understand the landscape best -- hesitate to borrow and expand, it is unrealistic to expect a surge in foreign investments.
“Unless local investors have the confidence to invest, one cannot expect foreign investors to do so,” said Mustafizur Rahman, a distinguished fellow at the Centre for Policy Dialogue.
Foreign direct investment consists of three components: equity capital, reinvested earnings, and intra-company loans. Equity capital -- the infusion of fresh funds to build factories and expand operations -- is the most critical indicator of long-term commitment. Yet in fiscal 2024-25, this key component weakened. Equity capital fell nearly 17 percent to $554.77 million. A decline in equity signals hesitation among new investors.
“Without a credible medium- to long-term roadmap, investment will remain in low gear well into 2026,” said M Masrur Reaz, chairman and chief executive of Policy Exchange Bangladesh, describing the past year as one of missed opportunities.
REFORMS IN THE SLOW LANE
Chowdhury’s flagship reform, the One Stop Service (OSS), reflects this broader dysfunction. Last year, he promised a “true” OSS, complete with relationship managers who would guide investors much like corporate bankers.
The image was reassuring. The reality, however, resembles a digital façade masking deeper inefficiencies. By Chowdhury’s own admission, of the 194 government-to-business services required to establish and operate a company, only 51 are available online -- and just eight are fully digital.
In practice, the OSS remains a “many-stop” obstacle course. The remaining 143 services require investors to physically navigate ministries and offices, where files often move at a glacial pace. Chowdhury himself acknowledged that manual systems continue to dominate and undermine efficiency. Yet recognition alone does not amount to reform.
For an agency chief to lament the state of digitisation 18 months into his tenure suggests limited political leverage. BIDA was supposed to clear red tape; instead, it is becoming a spectator, curating digital brochures for polished presentations.
In an interview, Chowdhury identified energy shortages as the greatest constraint on growth. “If we can’t guarantee uninterrupted gas and electricity, other reforms won’t matter,” he said.
Perhaps the most damaging issue is Bangladesh’s strategic isolation in global trade. Chowdhury spoke frequently of a “regional market”. In truth, it remained aspirational. The modern global economy operates through networks of preferential trade agreements. Vietnam, for example, has signed more than 60 agreements granting its exporters duty-free access to major markets. Bangladesh has signed none.
Toward the twilight of the interim government, Chowdhury himself sounded frustrated. He noted that foreign investors face a stark choice: Vietnam or Cambodia, where zero tariffs apply, or Bangladesh, where input tariffs range from 12 to 24 percent and other duties remain high. “Why would they come here?” he asked.
Amid this climate of retreat and resistance, one foreign investor offered a rare positive signal. Hong Kong-based Handa Group increased its planned investment in Bangladesh to over $250 million, up from $150 million pledged at the investment summit. The revised plan includes three factories -- two garment units and one knitting and dyeing facility -- expected to create around 25,000 jobs.
Another institutional initiative, however, stalled amid bureaucratic inertia. Chowdhury had proposed merging six investment-related bodies -- BIDA, BEZA, BEPZA, BHTPA, BSCIC, and PPPA -- into a single unified authority. Although the proposal received endorsement from BIDA’s governing body, it failed to progress further.
In April 2025, Chowdhury’s Back to the Future performance entertained his audience, but it missed the film’s essential message. In the movie, the protagonists travel through time to correct present mistakes that threaten their future. BIDA, by contrast, appears content to imagine a prosperous future while leaving the problems of the present unresolved.
The vision of a “regional manufacturing powerhouse” remains little more than a polished slide in a compelling presentation to an audience still waiting for the government machinery to begin working.
