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  • Published at 11:16 pm February 15th, 2019
world
BIGSTOCK

Bangladesh needs to make its business environment more friendly

There is no doubt that globalization is a decisive factor in growth and prosperity of any nation; it is particularly prevalent in the modern world, as technological advancements continue to bring the world closer together and make more connected with every passing year.

On that front, it is disappointing to see that Bangladesh has failed to improve its ranking in the Global Connectedness Index (GCI) released by DHL, the German logistics company. 

The report, based on trade, flow of capital, and information, showed no change in Bangladesh’s connectivity with other countries for the past two years, remaining at 140th among 169 countries, scoring 34 out of 100. 

There is no doubt that Bangladesh has made incredible strides in the last decade; our GDP growth is higher than it ever has been and continues to grow; we are on the cusp of shedding our LDC tag and reaching middle income status; and we have massive public infrastructure projects in the pipeline which will no doubt have massive positive effects on the country.

However, as our ranking on this index shows, we need to do better. 

There is little alternative to embracing globalization -- among its many virtues, it allows for a better flow of information, increases capital flow, and particularly encourages foreign direct investment -- and Bangladesh, despite all its public projects, is still comparatively lacking in FDI and private investments.

Therefore, Bangladesh needs to make its business environment more friendly, with fewer barriers and greater ease of doing business. Our country is on the verge of a significant turnaround, and we should make sure we do everything within our abilities to realize our vision.

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