Dhaka: The Centre for Policy Dialogue (CPD) has stressed the need for establishing a regulatory reform commission to tackle business-related obstacles and improve the business environment in the country. The private think tank also suggested the creation of a ‘better business forum’ to facilitate discussions on challenges and potential solutions.
According to Bangladesh Sangbad Sangstha, CPD presented several recommendations at a dialogue titled “Business Environment Reform in Bangladesh: Agenda for the Interim Government” held at the BRAC Centre Inn auditorium. The event was graced by Professor Lutfey Siddiqi, Special Envoy on International Affairs to the Chief Adviser of the Interim Government, who served as the chief guest. Chowdhury Ashik Mahmud Bin Harun, Executive Chairman (Senior Secretary) of the Bangladesh Investment Development Authority (BIDA), attended as a special guest.
In his remarks, Lutfey Siddiqi expressed readiness to form a reform commission for the private sector if trade bodies advocat
e for it. He highlighted the absence of such a commission currently and assured that any proposals from trade bodies would be considered and discussed with the chief adviser for potential formation. He acknowledged bureaucratic hurdles in government departments and emphasized the interim government’s efforts to alleviate these challenges.
“Our doors are always open for businesses to share their challenges with us,” Siddiqi stated, proposing that discussions could also be facilitated through virtual means like Zoom calls. He emphasized the need to reform the system to eliminate bureaucratic complexities that hinder business initiation.
The dialogue was attended by prominent figures such as Abdul Awal Mintoo, former President of the FBCCI; Zaved Akhtar, President of FICCI; Fazlee Shamim Ehsan, Executive President of BKMEA; Mirza Nurul Ghani Shovon, President of NASCIB; Ashraf Ahmed, President of DCCI; and Showkat Aziz Russell, President of BTMA. Distinguished discussants included A K M Fahim Mashroor, Executi
ve Officer of Bdjobs.com Limited, and Amrita Islam, Deputy Managing Director of Picard Bangladesh Ltd.
Dr Khondaker Golam Moazzem, CPD’s Research Director, delivered the keynote presentation while Dr Fahmida Khatun, Executive Director of CPD, chaired the event. The CPD also unveiled a survey conducted during Sheikh Hasina’s regime from January to June this year.
According to the survey, approximately 17 percent of businesses identified corruption as their primary challenge for 2024. Other significant challenges included volatility in the exchange rate, inefficient government bureaucracy, inflation, and limited access to finance. Golam Moazzem noted that the business environment during the previous regime saw limited progress, with activities concentrated among a few dominant groups. He advocated for substantial reforms in policies, laws, institutions, and operations to foster a participatory and competitive business environment.
Moazzem also emphasized the importance of developing a clear national developm
ent vision that contributes to economic growth and enhances the investment climate. He underscored the long-term benefits of investing in digitisation and the IT sector.