B Mirror Report: Sujan Secretary Badiul Alam Majumdar has said that the distinction between local and foreign companies has become increasingly unclear, raising concerns over regulatory transparency and governance.

He made the remarks on Tuesday (19 May) while speaking at a roundtable titled “Prioritising Domestic Investment in Strategic Sectors” held at a hotel in the capital. The event was organised by the private research organisation Center for Strategic Research (CSR).

Referring to major business groups such as S Alam and Summit, he questioned whether they should be classified as local or foreign entities. “S Alam Group are they domestic or foreign? Is Summit domestic or foreign? It is not clear,” he said.

He added that these entities often position themselves as local when seeking advantages, but may be treated as foreign when it serves their interests.

Badiul Alam Majumdar said the confusion surrounding domestic and foreign investment stems largely from corruption, money laundering, regulatory weaknesses and poor law enforcement.

Referring to Bangladesh’s power agreement with India’s Adani Group, he alleged that contractual documents were prepared externally and local officials were only required to sign them.

He also claimed that there have been past incidents of bank takeovers with support from special forces.

The Sujan secretary stressed that foreign investment should be linked to the development of local industrial capacity. Citing Taiwan as an example, he said the country initially allowed full import of components but later gradually made local sourcing mandatory, helping build its technological strength.

He further warned that without ensuring good governance, rule of law, an independent judiciary and professional administration, Bangladesh would not be able to create a favourable investment environment.

He concluded that corruption and plundering have become deeply embedded in the system, calling it one of the country’s biggest challenges if not addressed effectively.