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Good for business

  • Published at 06:40 pm May 10th, 2017
  • Last updated at 07:20 pm May 10th, 2017
Good for business

The full potential of our economy could be unleashed, if only we could reduce the cost of doing business in Bangladesh.

With the country well on track to becoming the 28th largest economy within a decade according to analysis conducted by PricewaterhouseCoopers, now is the best time for businesses, both local and foreign, to consider Bangladesh as a potential destination.

We must seize this opportunity.

The government’s recent One-stop Service Act-2017, an initiative that seeks to facilitate certain services to businesses and reduce the cost of doing business in Bangladesh, then, is just what is needed today.

An initiative to take care of the typical logistical hurdles which make starting a business in Bangladesh such a daunting task -- like the setting up of gas, water, power, telephone lines, and internet -- is exactly the sort of measure we need.

Bangladesh currently ranks 176th out of 188 countries in terms of the cost of doing business -- yet another ranking where we’re near the bottom. Now, our country has the chance to break into the top 100, and keep improving.

Let’s be realistic: The taint of corruption is everywhere in Bangladesh, and the project stands the risk of being compromised like anything else.

It is, then, important to work out a system of checks and balances, and hold all parties accountable.

Bangladesh is rapidly climbing up the global business chain, and there is nothing that can stop us now but our own limitations.

To help the country meet its goals in the next few years, the one-stop service is a step in the right direction.