Experts stress legal, regulatory reforms for doing business

Dhaka,  Wed,  20 September 2017
Published : 18 Apr 2017, 21:53:16

Experts stress legal, regulatory reforms for doing business

FE Report

Experts at a technical workshop on 'Doing Business Reform' laid importance on improving Bangladesh's business environment by carrying out legal and regulatory reforms and developing an action plan in this regard.

They said targeted reforms should include measurable actions by responsible agencies and clear timeframes through consultation with the government and the private sector.

Bangladesh Investment Development Authority (BIDA), in partnership with the Trade and Competitiveness (T&C) Global Practice of the World Bank Group, organised the technical workshop in the city last week.

The workshop aimed at presenting detailed methodology of 'Doing Business' and discussing about identified roles and possible reform actions by the implementing agencies, according to a press release issued on Tuesday.

The government has set targets to improve the global 'Doing Business' ranking from 176 to double digit by 2021.

Policymakers and stakeholders from 40 government and selected private sector agencies took part in the discussion and assessed feasibility of the recommended reforms.

Among others,  Ministry of Law, Local Government Division, Registrar of Joint Stock Companies & Firms, National Board of Revenue, Bangladesh Bank, Ministry of Finance, Rajdhani Unnayan Katripakkha, Chittagong Development Authority, Department of Environment, Bangladesh Inland Water Transport Authority, Bangladesh Economic Zones Authority, Bangladesh Export Processing Zones Authority, Chittagong Port Authority, Bangladesh International Arbitration Centre, International Chambers of Commerce, Dhaka Chamber of Commerce and Industry, Foreign Investors' Chamber of Commerce & Industry and Bangladesh Women Chamber of Commerce and Industry took part in the four-day workshop.

The dialogue underlined strengthening of investment competitiveness of the country. It stressed the need for increasing private investment in productive sectors and diversification of export basket for achieving required 7.0-8.0 per cent sustained growth.

Improving 'Doing Business' global rankings will help modernise overall regulatory quality and governance ensuring an investment friendly destination for potential local and foreign investors, the press release added.
Editor : A.H.M Moazzem Hossain
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