Stress on business-friendly environment for investment

Staff Correspondent

28 April, 2021 12:00 AM printer

Bangladesh is working towards creating a business-friendly environment to encourage investment and has already made some reforms, said executive chairman of the country’s investment development authority BIDA.

“We are not only focusing on scores, rather trying to create a business-friendly environment. Ease of doing business is a bigger thing,” said Md. Sirazul Islam, Executive Chairman of Bangladesh Investment Development Authority (BIDA).

He made the remarks at a meeting on the current reforms in the ease of doing business in Bangladesh and preparedness for the future, organized by the Dhaka Chamber of Commerce and Industry (DCCI) on Tuesday.

Presided over by DCCI President Rizwan Rahman, BIDA executive member Md. Billal Hossain and Director Jibon Krishna Saha Roy also spoke on the occasion.

BIDA executive chairman said some of the reforms have already been accomplished by the government in coordination with the BIDA.

 “Company to company land transfer now can be done in seven days. There will be separate courts for dispute resolution under striking contracts. Alternative dispute resolution is also important,” he added.

He also requested the private sector to go through the reforms and reports based on the real facts.

Md. Billal Hossain said investors always want to know the ranking before any investment and in that context Bangladesh needs to improve in the ranking.

He said 48 services are currently being offered through the OSS and the businesspeople can avail the services.

Jibon Krishna Saha Roy said, “Some major reforms have been made to improve in the ranking. Now time has been reduced in land transfer, getting trade license, construction permits, registering property, electricity connections, credit and export process.

DCCI President Rizwan Rahman said after successful economic graduation in 2026, Bangladesh will lose most of the preferential trade facilities which may hurt our competitive export market.

 “In this context, the ease of doing business is essential to reduce the cost of business as global trade is getting more competitive,” he said.

“Given this circumstances, it is the high time to redress the bottlenecks, reduce time, process and cost in all criteria of the doing business and streamline the entire process towards lifting the indicators of the Index,” said Rizwan.

To make cross-border trade paperless with automated customs clearance for low-cost trade process, Bangladesh needs to fasten the Corrective Action plan (CAP) for implementing trade facilitation agreement (TFA).

He said a time-bound reforms and improvement roadmap will be inevitable to take the economy into a new stature aligning with the vision of government in the changing geo-economic order.