DHAKA: The Bangladesh government set a target to raise its global position in doing-business index to two digits from the current 176th by creating investment-stimulating environment for both local and international investors.
Bangladesh Investment Development Authority (BIDA) fixed the five-year target in making decision on reforming rules and regulations, procedures after two days of brainstorming discussions with all relevant ministries, agencies, chambers and think tanks.
BIDA Executive Chairman Kazi M Aminul Islam expressed the hope of meeting the challenging target, saying that authorities concerned have willingly determined areas of responsibilities and set respective targets for bringing down the ranking below 99.
He said without investment, target of helping the country graduate from least developed country to a middle-income country by 2021 and to developed one 2041 would not be possible.
Admitting that many LDCs or MICs could graduate into next stage after efforts of several decades, the head of BIDA said without ensuring massive and positive investment for business, it is not possible to get to the goal.
Regarding the possibility of achieving the target, the Executive Chairman said different ministries and agencies identified areas of reform as regards 10 indicators of the doing-business ranking, including setting startup time to seven days from 19.5 days, getting construction permits to 60 days from 278 days and electricity in 28 days from present 404 days.
He said the target was set to speed up the process of upgrading the country’s global position as the country has already missed many opportunities like China+1 policy of Japan to attract investment.
According to the reform to ease doing business, Local Government Division (LGD), Bangladesh Bank (BB), Registrar of Joint Stock Companies and Firms (RJSCF), the National Board of Revenue (NBR) proposed to complete process of starting business indicator by seven days from 19.5 days.
Besides, Ministries of Finance, Commerce, Housing and Public Works (MoHPW), Environment and Forest, Land and Home Affairs, Law, Justice and Parliamentary Affairs, Public Administration, Survey and Settlement Department, Bangladesh Supreme Court, Securities Exchange Commission and Banking Division have set their respective reform recipes.
In the WB ranking, Bangladesh stood 176th among 190 countries in its Doing Business 2017 report–two steps up from the ranking of previous years.
The FBCCI president said private sector can solve many problems but needs support of the government in creating business environment in particularly checking undisclosed money, money laundering and non-performing loans.
He also pointed out imperative of maintaining rules for business for a long time to enable the investors to do business.
The DCCI president laid importance on removing bottlenecks in business to tap the country’s opportunities in global business arena.
