Media is well recognized as an agenda setter for the public. Hence, this paper has tried to find out whether newspapers in Bangladesh have any influence on policy formulation, revision and improvement in respect to investment climate. Reviewing two Bengali and two English newspapers for three years, MRDI found that newspapers have strong interest in policy related issues. Still the relationship between newspapers’ role and policy direction is not very strong. So, this paper endeavors to find the answer to one basic question: Why media matters.