• Thursday, Nov 14, 2019
  • Last Update : 12:24 pm

Taking care of business

  • Published at 12:05 am September 29th, 2019
Hand shake
Photo: BIGTSOCK

Improved trade links and special economic zones are crucial

It is wonderful to see that Bangladesh is one of the top 20 improvers when it comes to the ease of doing business in 2020, according to the World Bank.

This improvement, according to WB, is down to a number of factors, like the country’s efforts to make it easier for entrepreneurs to start a business, obtain electrical connections, and access credit. Bangladesh has also lowered the name clearance fee needed in order to register new companies, abolished digital certificate fees, and reduced registration fee calculations based on share capital.

In order for the Bangladesh economy to move ahead at full speed, few things are more important than improving the ease of doing business, and in this regard, the World Bank’s report is encouraging. However, we must also keep our eye on the ball.

For a long time, our economy has underperformed because of unnecessary and frustrating regulatory barriers to doing business -- while the creativity and hard work of our entrepreneurs have paid off as seen in our admirable growth numbers, there is still much potential that remains untapped.

We can build on the improvement we have already made by increasing the reliability of power connections, getting rid of corruption, and making it easier to enforce contracts by improving the court system, as well as by speeding up registration procedures through digitization.

Improved trade links and special economic zones are crucial to creating a climate conducive to business for foreign investors.

With the right kind of business environment, one that helps rather than hurts the business community, Bangladesh can achieve truly great things.