A master plan to place Bangladesh among the top 100 countries in the World Bank’s 'ease of doing business' rankings within the next five years will be in the public domain this month, according to an official.
Published : 22 Jan 2017, 10:50 PM
Kazi M Aminul Islam, Executive Chairman of Bangladesh Investment Development Authority (BIDA), made the announcement at a press conference at Sonargaon Hotel on Sunday.
The World Bank has placed Bangladesh in the 176th position among 190 countries in its Doing Business 2017 report. Bangladesh was ranked 178 the previous year.
The study analyses the effectiveness of government regulations in promoting a positive business environment.
The study ranks the business environment of a country on the basis of 11 indicator sets: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labour market regulations.
BIDA wants to improve Bangladesh's position among the first 100 countries by the end of the Seventh Five Year Plan in 2020.
"We've decided that we will take Bangladesh into the first 100 countries within the next five years by reforming business rules, practices and laws through our activities," Aminul Islam said.
He let it be known that It would be a 'difficult' job but not an impossible one.
"We are making an action plan considering the changes that should be brought about in the ministries, departments and organisations related to the business environment index in order to improve the overall investment scenario," he said.
The BIDA chief said his organisation would start implementing the plan from Feb 1. "I hope we will be able to make the year-by-year progress we are thinking about.”
Aminul Islam also said Bangladesh was a 'more suitable' place for investment and business than it was before. "It is improving by the day."
At the first meeting of the BIDA board chaired by the Prime Minister on Nov 9, Sheikh Hasina approved a proposal to take Bangladesh forward in the 'ease of doing business' index.
Abul Kalam Azad, chief coordinator for Sustainable Development Goals (SDG) affairs in the PMO, said the effect of his work with the ministries and departments had started showing up on the ground.
He said the government planned to set up 100 economic zones and many high-tech parks to implement 'Vision 2021' and 'Vision 2041'.
"Investments will come only when the (suitable) environment is created. Time, cost, and number of visits are the indicators for this. We'll have to reduce the time, cost and number of visits to do a job," he added.
Azad was hopeful that the master plan to improve Bangladesh's 'ease of doing business ranking' would be finalised by the end of this month.
"We sat with all the ministries around a month ago and showed the relevant people which sectors needed development," he said.
Nojibur Rahman, chairman, National Board of Revenue, was also present at the conference.