The Centre for Policy Dialogue (CPD) revealed in a study that the country’s businesses are facing three major challenges that include corruption, inefficient administration and funding limitations.
The CPD, a think tank, unveiled the research outcome in a press conference on Wednesday at its office in the capital.
Khandaker Golam Moazzem, Research Director of CP, presenting the research paper said that 68 per cent businesses think inefficiency, corruption and funding shortage are the main obstacles for business.
Up to 52 per cent of businesses seem to think that corruption is a big challenge while 100 per cent of small entrepreneurs have to face these challenges together.
The study has been tilted “Bangladesh Business Environment 2021: Findings from Entrepreneurs’ Perception Survey.”
According to the study, the three challenges have become major headaches in expanding the country’s business. Apart from this, tax rate problems, inability to build skilled human resources, healthy working environment and inability to build skilled workers have also emerged as business problems.
The cost of doing business is not the same for everyone. Sixty three per cent of businesses feel that the distribution of incentive packages was weak during the pandemic period, while 42 per cent think that the country’s economy is under pressure.
The Executive Opinion Survey (EOS) covered 10 issues- infrastructure, institutions, safety and security, financial system, trade and investment, competition, business operations, governance and innovation, building human capital, working and employment, and managing the economic recovery and risks.
EOS survey was conducted with lots of difficulty as the second wave of Covid-19 spread out and announced a shutdown in most of the factories.
In the survey number of respondents was 73 high officials from the private companies located in Dhaka, Chattogram, Narayanganj, Gazipur and Faridpur during the period of April to July 2021. The reference period for the survey was January to December 2020.
The survey responses have relevance and are impacted through the Covid-19 pandemic.
Source: United News of Bangladesh