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Evidence suggests that over 23 government agencies are involved in providing investor services in Bangladesh and an investor may need to navigate through as many as 150 regulatory services to start and operate a business, according to the study.
The findings also show that the regulatory framework of Bangladesh is characterised by “non-transparent, poorly coordinated and unpredictable processes and practices”.
Furthermore, poor coordination among government, due to lack of data-sharing and interoperability mechanisms, lead to investors having to duplicate same information in multiple steps.
All these factors result in unpredictability in regulatory service delivery for investors and hinder investments, according to the study conducted by the IFC of the World Bank Group.
Senior Private Sector Specialist Miah Rahmat Ali, Senior Private Sector Specialist Lars Grava, and Senior Economist Masrur Reaz are the authors of the study ‘Agile regulatory delivery for improved investment competitiveness in Bangladesh current state and policy options’ – disseminated on Monday in Dhaka.
Prime Minister’s adviser for private sector Salman F Rahman, senior secretary for law and parliamentary affairs Mohammad Shahidul Haque, Executive Chairman of BIDA Md Sirazul Islam and Head of the DFID Bangladesh Judith Herberston spoke at the event moderated by Executive Director of the Policy Research Institute Ahsan H Mansur.
Bangladesh is ranked 177th on the World Bank’s ease of doing business index. After some desperate measures for reforms by the investment development authority BIDA in the last two years, the World Bank put Bangladesh on the list of the ‘Top 20 improvers in Doing Business 2020’.
Prime ministerial adviser Salman Rahman said a change in mindset is much needed to change the ease of doing business scenario.
“We are now at the top level, everybody is very much glued on ease of doing business ranking which has to be improved. We are ready to do whatever is necessary. It’s (instructions) coming from the prime minister,” he said.
“Problem is at the mid level and low level. That is a serious problem. We have to change the mindset,” he said, requesting the IFC to help him do that.
He said he is ready to work with the IFC through a programmatic manner to change that mindset.
He said the prime minister has hiked the pay of government officials in a way that there is no justification for being corrupt.
“It’s because of greed,” he said about corrupt officials.
“The prime minister has announced zero tolerance on corruption, terrorism and drugs. It’s not just lip-service. It’s happening,” Salman said, referring to the ongoing crackdown on illegal casino business.
He also suggested back to back LC and bonded warehouse facilities to all export-oriented sectors like readymade garments for export diversification.
He said he also sat with the banks to help freelancers to get money easily. They have started registration. He hoped that this registration will be completed by January.
About a million youths are involved in freelancing, the advisor said, but they find it hard to bring that money home through formal channel.
(BDN24)
