Pierre Mayaudon, leader of the visiting European Union (EU) delegation, made the observation on Thursday while addressing the second session of EU-Bangladesh Business Climate dialogue at the auditorium of the Ministry of Commerce.
“If Bangladesh government can successfully address five issues, namely transparency, simplicity, coordination, implementation and non-discrimination, the country’s commerce sector will grow up remarkably,” a ministry source said quoting the EU ambassador at the dialogue.
Commerce Minister Tofail Ahmed chaired the dialogue, the source added, requesting anonymity.
The delegation also assured the meeting of EU’s wholehearted support to Bangladesh to address the five issues with an aim to ensure good governance in the country’s trade and business arenas.
The delegates said to bring transparency in trade and business, a committee should be formed which would resolve trade disputes between two parties.
In addition, one-stop shops should be generalised to ensure simplicity, because cumbersome procedures do not serve any purpose.
Observing that discrepancies are often observed between miniseries and agencies in Bangladesh while dealing with a common issue, the EU delegates said better coordination was the only way to get rid of the bad practice.
Obtaining a good policy is not enough for business growth of a country; even the best policy does not help if it is not implemented properly. Bangladesh must focus on implementation of its business policies, the EU representatives observed.
To become a middle-income country, the government should treat local and foreign companies equally, unless there is a solid ground to justify a difference of treatment, the delegates said.
Imposing tax on foreign banks at a higher rate than local ones will not be fruitful to lure foreign investment, so the country must leave all discriminatory policies in business, they added.