Centre for Policy Dialogue (CPD), a think tank, believes that Bangladesh's economy lags behind Sri Lanka and Nepal, and will face three significant challenges in the next two years.
CPD Research Director Khondkar Golam Mouazzem highlighted the concerns in his keynote presentation during a dialogue titled 'Business Environment Reform in Bangladesh: Interim Government's Agenda' at BRAC Centre at Mohakhali on Sunday.
In addition to economic risks such as inflation, recession, poverty, and inequality, CPD also identified three pressing social risks: unemployment, fuel shortages and the increasing prevalence of chronic health issues like heart disease, cancer and diabetes, which contribute to poor health and social degradation.
UNB reports: Prof Lutfe Siddiqui, Special Envoy of the Chief Adviser on International Affairs, attended the dialogue as the chief guest, while CPD Executive Director Fahmida Khatun presided over the event.
Other notable participants included Chowdhury Ashiq Mahmud Bin Haroon, Executive Chairman of Bangladesh Investment Development Authority (BIDA); former FBCCI President Abdul Awal Mintoo;
FICCI President Javed Akhtar; BKMEA Executive President Fazli Shamim Ehsan; DCCI President Ashraf Ahmed; and BTMA President Shaukat Aziz Russell.
"A decade's worth of data from the services, agriculture, manufacturing, and non-manufacturing sectors has been analysed to prepare this report. It indicates that Bangladesh lags behind Sri Lanka and India in terms of business competitiveness. Compared to its economic growth, Bangladesh is far behind in business competition," Dr Golam Mouazzem said.
BSS adds: The CPD has laid emphasis on forming a regulatory reform commission to identify business-related bottlenecks and find the way-out for ensuring a better business environment in the country. The private think tank also called for forming a 'better business forum' to exchange views on problems and solutions.
Professor Lutfey Siddiqi In his speech said a reform commission for the country's private sector will be formed if the trade bodies want.
"There is no reform commission for the private sector now. If proposals for such a reform commission come from trade bodies, we will discuss it and work with the chief adviser to form one," he added.
Mentioning that there is bureaucratic red tape in various government departments, the special envoy to the chief adviser also said the interim government is working to reduce these.
"We are working with experiences of countries doing well in improving the business environment as a reference. Our doors are always open for businesses to share their challenges with us. We can also have discussions via Zoom call," he said.
"We need to change our system. The bureaucratic complexities of starting a business must be eliminated," he added.
Habibullah N Karim, former President of Bangladesh Association of Software and Information Services (BASIS), called for adoption of more advanced technologies to foster growth in the business sector.
Rubaba Dowla, Country Managing Director for Oracle Bangladesh, Nepal and Bhutan, Fazlee Shamim Ehsan, Executive President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Mirza Nurul Ghani Shovon, President of National Association of Small and Cottage Industries of Bangladesh (NASCIB), voiced similar support for continuity of reforms and providing easier access to resources for SMEs.
