Investment protection deal in limbo discouraging Canadian businesses

Business Report :
Finalizing a draft foreign investment protection agreement (Fipa) is stuck in limbo, which is preventing Canadian investment from entering the Bangladesh economy, as well as delaying a bilateral free-trade deal.
The Canadian High Commission in Dhaka has shared with Bangladesh a model of the proposed Fipa that Canada used to conclude with other countries, including some in South Asia.
Bangladesh High Commissioner to Canada Khalilur Rahman in a recent letter to Industries Secretary Zakia Sultana requested expediting the prep work on the proposed Fipa in the interest of attracting Canadian investment.
He wrote that he had recently met Canadian Assistant Deputy Minister Paul Thoppil, in charge of the Asia-Pacific Bureau of Global Affairs Canada, and Ambassador Marie-Louise Hannan, Director General, South Asia Bureau.
Thoppil told him that there was high interest among Canadian investors to invest in Bangladesh.
However, due to the absence of the Fipa between the two countries, the Canadian investors are discouraged from going to Bangladesh, he also said.
The minister of the North American country also linked the Fipa to the discussion on FTA/Cepa, of which there is “a new opportunity we are trying to tap through Canada’s new Indo-Pacific Strategy declared recently”.
Rahman said he was also told that one of the biggest Canadian investors, Canadian Pension Fund, which invested heavily in India, has indicated to Global Affairs Canada that without Fipa with Bangladesh, it would be discouraged from considering the country for any new investment.
Despite sharing a presentation of Bangladesh Investment Development Authority (Bida) promoting Bangladesh as a “lucrative investment destination with all the incentives and tax rebates provided currently in Bangladesh”, the Global Affairs Canada underscored the need for signing Fipa to attract investment.
“I would like to request you to kindly expedite preparing the draft for FIPA and send the same to us and the Canadian High Commission in Dhaka for their consideration, inputs and comments as soon as possible,” wrote Rahman.