Govt to form taskforce to cut cost of business

Dhaka,  Sun,  25 June 2017
Published : 20 Apr 2017, 00:19:53
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Govt to form taskforce to cut cost of business

Assurance comes at govt-business consultation on remedies for problems facing economic sectors
FE Report


The government will form a taskforce to ease doing business and facilitate trade through addressing problems businesses raised Wednesday.  

Commerce Minister Tofail Ahmed announced the decision at a government-business consultation aimed at making ways for taking the economy further forward.      

"Every ministry will constitute taskforce to ease doing business and for trade facilitation across the country. Different trade associations will be included in the taskforce. Activities to ease doing business in the country will continue throughout the year," the commerce minister told reporters after the meeting.

The meeting on 'Ease of Doing Business and Trade Facilitation' was held at the ministry's secretariat office with broad-based representation from government agencies concerned and business leaders.

Chairman of the National Board of Revenue (NBR)  Md Nojibur Rahman, secretary of bank and financial institutions division Md. Eunusur Rahman,   Secretary (in charge) of the commerce ministry Shubhashish Bose, secretary of the ministry of civil aviation and tourism S.M. Ghulam Farooque, Executive Chairman of Bangladesh Investment Development Authority (BIDA) Kazi M. Aminul Islam, chairman of Chittagong Port Authority Rear Admiral M Khaled Iqbal,  president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Abdul Matlub Ahmad, President of Dhaka Chamber of Commerce and Industry (DCCI) Abul Kasem Khan, Vice- Chairman of the Export Promotion Bureau (EPB)  Mafruha Sultana and representatives of MCCI, BGMEA and BKMEA were present at the meeting.

"We have to care for our business community so that they do not face any harassment. Besides, we have to take steps to decrease extra cost, processing stages and time for improving further business environment. There is no alternative to strengthening the country's overall economy," said the commerce minister, also a senior leader of the ruling Awami League.

He further noted that the economy is moving forward due to sincere efforts by businesspeople. "We all have to work together to ensure business- friendly environment in the country."

The commerce minister expressed his disagreement with the latest World Bank annual doing-business ratings on Bangladesh.

A number of businessmen at the meeting pointed out that the country's business environment is being hampered due to bureaucratic complexities, and lack of coordination among different state agencies.

"We have to change our attitude for improving overall economy," the NBR Chairman told the meet.

There are massive problems with bank loans. On the other hand, "big loan is a big problem" in the country's banking sector. Besides, there are many reservations of Bangladesh Bank (BB), said the bank and financial institutions division secretary, Mr. Eunusur Rahman.  

The BIDA Chairman told the meeting that the country needs big local and foreign investments in future to take the GDP size up to US$3.0 trillion.

Mr. Matlub Ahmad observed the country is going forward firstly through public and private cooperation. The government is helping country's trade and business through policy support.

The chief of the apex trade body proposed that the government form a taskforce to remove complexities in business level.

Country's trade bodies concerned will have to be drawn into the taskforce, he said.

Businesspeople are mostly getting discouraged due to huge hidden cost in country's business sectors. The government should take steps to remove the problem, he added.

Besides, dialogue between public and private sectors should be arranged in order to expand trade and business activities.

Required facilities will have to be increased for doing busing in the country, businessmen opined in the meeting. They also said additional time, processing complexities and higher cost in doing business have to be addressed.

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