DHAKA, May 26, 2024 (BSS) - Prime Minister's Private Industry and Investment Adviser Salman F Rahman today laid emphasis on more investment to overcome economic challenges.

“To protect the economy from the ongoing pressure, the most needed thing is investment – both domestic and foreign,” he said.

Salman said this while speaking as the chief guest at the opening of the One Stop Service (OSS) implementation progress review meeting at the Bangladesh Investment Development Authority's (BIDA) headquarters in the city, said a press release.

Salman said that if BIDA’s OSS can be implemented, it will support the increase of domestic and foreign investment.

He mentioned that Bangladesh's economy faces multi-pronged challenges not because of mismanagement on the part of the authorities, but because of global factors.

"The country's economy is now facing many challenges. It is not our fault; these challenges are not due to our mismanagement. This challenge is due to the international situation," he added.

"We tackled Covid efficiently. But after the Russia-Ukraine war outbreak, our problems started," he said.

The adviser said the problem is that the Federal Reserve raised interest rates. This immediately led to an appreciation of the dollar, which put pressure on Bangladesh's reserves, he added.

"Prices of commodities, fertilisers, and fuel increased. The prices of the three things we import have gone up a lot. The pressure on our economy also increased," he said.

After his speech, BIDA Executive Member Mohsina Yasmin presented a report on the implementation and progress of OSS.