The economy of Bangladesh has escalated sharply in the recent years — owing to a surge in foreign investments and marked development in the private sector industry, boosted by the Prime Minister Sheikh Hasina led government.
The country has leapt eight places in the recent World’s Ease of Doing Business, standing at the 168th position among 190 countries.
Salman F Rahman, Prime Minister’s Private Industry and Investment advisor, recently unveiled the report at a press conference in the prime minister’s office, where he emphasised on the double digit improvement target for next year.
According to the report, Bangladesh had implemented the most number of reforms in the past decade, however, it needs to accelerate its pace to improve its competitiveness in the global platform.
The country’s ranking in the ease of doing business index had been plummeting in the last couple of decades, to which Salman F Rahman recently said that this was the first time Bangladesh had improved by eight places on the index. This can be attributed to the country’s significant improvement in areas of starting a business, getting a construction permit, registration of property and getting credit. Bangladesh has also made launching a new business less costly by reducing name clearance, registration fees and scrapping the fee for certifying digital certificates.
Salman F Rahman, who is also one of the most successful businessmen in Bangladesh further described the government’s endeavours to ease the process of doing business in the country and the initiatives it has taken to amend the key laws. “We are focused on practical implementation of the changes so that we can get full marks in future,” he said.
Rahman also added that the amendment of a law could be time-consuming since the government needed to consult all the stakeholders beforehand and keep their concerns into consideration.