'Corruption biggest challenge in Bangladesh for doing business'

Sun Online Desk

25th July, 2015 11:37:43 printer

'Corruption biggest challenge in Bangladesh for doing business'

Corruption is the main barrier in Bangladesh for doing business though the country has huge business opportunities, said the government of the United Kingdom.


The statement came out on Thursday in a guideline paper published by the UK government titled, ‘Doing Business in Bangladesh: Bangladesh Trade and Export Guide’.


The guideline for UK companies said, “One of the biggest challenges facing UK companies in Bangladesh is how to avoid paying ‘speed money.”


Indicating economic potentiality, it said Bangladesh relies more than most developing countries on its human resources. About 20% of the total population (around 29 million people) are students.


It added corruption affects many aspects of daily life in Bangladesh and is often cited as a barrier to private sector development.


It also said Bangladesh is 173rd in the World Bank’s ease of doing business ranking, 145th in Transparency International’s Corruption Perceptions Index.


It also gave a cautionary statement for the foreign investors that the Bangladesh market is extremely price sensitive with low price goods from India and China dominating many sectors.


Earlier in another report from UK Trade & Investment and the Foreign & Commonwealth Office, it includes economic and political risks, human rights issues, bribery and corruption, terrorism, intellectual property and organised crime.