In the realm of official proceedings, a malfunctioning microphone is typically viewed as a disruption. However, in April 2025, at the Hotel InterContinental, Ashik Chowdhury turned this common annoyance into a calculated theatrical moment.
Just as he was set to kick off his keynote address at an investment summit, a “technical difficulty” halted the proceedings, causing a wave of nervous anticipation among the audience. Then, with the precision of a seasoned performer, Chowdhury revealed that the glitch had been intentional. “Any session without a technical hiccup is a waste of time,” he joked. “Apologies, that was planned; we did it to break the ice.”
The room, filled with international dignitaries and local business magnates, erupted in relieved laughter. Even Muhammad Yunus, Chowdhury’s superior and chief adviser, couldn’t help but smile in amusement.
Chowdhury proceeded to paint a futuristic picture for investors, likening it to a scene straight out of the 1985 sci-fi film “Back to the Future.” In this imagined future of 2035, Bangladesh had transformed into a “regional manufacturing powerhouse,” bridging the Himalayas to the Bay of Bengal. His successor would be addressing the 10th investment summit, celebrating a nation seamlessly blending East and West.
It was a polished, high-energy performance characteristic of Chowdhury’s tenure. He weaved in references to emotional moments from the 2024 uprising and even jokingly offered to “throw a Nobel Prize winner” (Yunus) at investors to win their confidence. The narrative was captivating, portraying a nation ready to leap into the league of Asia’s economic giants.
However, as the applause waned, the disparity between Chowdhury’s optimistic vision and the harsh reality of the present began to widen, resembling more of a gap than a bridge.
Chowdhury, an enthusiastic skydiver and former banker, emerged as one of Bangladesh’s most prominent promoters in recent years. Yet, while he painted a rosy picture of 2035, the economic engine in 2025 sputtered, and the Bangladesh Investment Development Authority (BIDA) under his stewardship showed limited progress.
Juggling the roles of CEO of the Public-Private Partnership Authority (PPPA), Chowdhury aimed to revolutionize a contentious port agreement with UAE-based DP World into a logistical transformation centered around the New Mooring Container Terminal (NCT) at Chittagong Port. The initiative, kickstarted under the previous Awami League administration, became a cornerstone of Chowdhury’s agenda.
The plan seemed straightforward and compelling: by pursuing a government-to-government deal with the UAE, the interim administration sought to bypass the complexities of traditional open bidding. However, the agreement eventually crumbled under mounting protests, underscoring the boundaries of Chowdhury’s authority and delivering a harsh lesson to the interim government.
**BLEAK INVESTMENT OUTLOOK**
Data from The Daily Star paints a grim picture: the apparent economic recovery in early 2025 turned out to be a fleeting illusion, followed by another downturn.
The decline had already commenced earlier on. In 2023, foreign direct investment dropped to $1.46 billion from around $1.51 billion the previous year. The trend continued into 2024, with investor confidence waning before the political disturbances in August. In the first half of 2024 (January-June), investments decreased to $675 million. Amid unrest and uncertainty in the second half, inflows dwindled further to $594 million, resulting in a yearly total of just $1.27 billion.
The narrative of 2025 was one of uncertainty. In the first half (January-June), investments nearly doubled to $1.09 billion year-on-year, providing a glimmer of hope for interim stability. The third quarter (July-September) saw investments amounting to $315 million, bringing the total to $1.4 billion so far, based on available data. The performance in the final quarter remained unknown.
More concerning was the collapse in the investment pipeline. According to the Economic Review 2025, registered private investment projects plummeted by 58 percent year-on-year. This trend suggested that the cautious stance in 2024 had solidified into a resolute “look elsewhere” approach in 2025.
Private-sector credit growth also slowed to a four-year low of 6.1 percent, well below the central bank’s target. When local entrepreneurs, who are most familiar with the terrain, hesitate to invest and expand, expecting a surge in foreign investments becomes unrealistic.
“Foreign investors won’t come unless local investors are confident in investing,” remarked Mustafizur Rahman, a distinguished fellow at the Centre for Policy Dialogue.
Foreign direct investment comprises equity capital, reinvested earnings, and intra-company loans. Equity capital, representing fresh funds for expanding operations, serves as a crucial indicator
