DHAKA, Feb 01, 2017 (BSS) - The process of doing business in Bangladesh will be simplified from today as the government has set an action plan for taking the Bangladesh's rank in double digit in the World Bank's Global Doing Business Report by 2021.
"We have been discussed with the 26 lead ministries and agencies and the private sector representatives to the chambers to make a declaration incorporating the plan that each ministry and agency has taken," said Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi M Aminul Islam.
He was addressing a press conference yesterday on "Improving the Business Climate for Increased Private Investment in Bangladesh" at a city hotel here.
Aminul Islam said the government has taken the initiatives to bring down the country's position in doing business ranking to below 100 from the existing 176 within five-year through reforming the rules and regulations.
The ease of doing business index is an index created by the World Bank Group. The index is based on the average of 10 sub-indices - starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
Bangladesh has advanced two notches to 176th, among 189 countries, from the revised 178th position of Doing Business-2017 of the World Bank Group.
The BIDA chief said, all process of starting business will be completed by seven days in place of 19.5 days and RAJUK will give necessary approval of construction permits within 60 days in place of 268 days.
Investors will get electricity by 28 working days in place of 404 days, he said adding that certified copy of a registered deed would be made available right at the time of registration and a copy of the dead would be sent to Assistant Commissioner (AC) land for mutation immediately after registration.
Amendment of Companies Act, 1994 will also be proposed to accommodate the minority interest, Aminul Islam said adding, National Board of Revenue (NBR) would reduce further the process, time and cost of paying tax in line with the international practice.
He said NBR and Commerce and Shipping ministries have taken necessary steps to reduce the export and import process, time and cost. He also said insolvency related legislation is being reviewed in the light of global best practices and updated and associated courts will be consulted.
Among others, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Abdul Matlub Ahmed and Dhaka Chamber of Commerce and Industry (DCCI) President Abul Kasem Khan were present.
Source: Bangladesh Sangbad Sangstha (BSS)