International Business Forum of Bangladesh on Thursday urged the government to improve the ‘ease of doing business’ conditions and to reduce bank interest rates to encourage foreign and local investments in the country.
Investment- and business-friendly environment is must for ensuring sustainable economic development of the country but it is unfortunate that despite efforts from the government, the country failed to achieve required goals in ‘ease of doing business index’, the IBFB leaders said at a meeting with commerce minister Tipu Munshi in his office.
‘Ease of doing business index’, designed and introduced by World Bank Group, is a ranking of countries that indicates better and simpler regulations for businesses and stronger protections of property rights.
The forum submitted a letter to the minister that included the demands of the organisation.
Humayun Rashid, president of IBFB, said that Bangladesh progressed in many areas of ‘ease of doing business index’, including electricity connection, registration of land and payment of tax but the situation in some issues, namely access to finance, protection of minority entrepreneurs, permission for construction, deteriorated.
He demanded proactive role of the commerce ministry to improve ease of doing business situation saying that local and foreign direct investment were directly connected with the employment generation.
IBFB leaders also demanded incentives from the government for light engineering and electronics industry.
They also sought harmonisation of laws and institutes to avert overlapping to get any license for starting business.
Business leaders demanded strengthening commercial wings in different countries and setting target oriented policies for the missions to increase exports.
Commerce minister assured businesses that the government started works to improve ‘ease of doing business’ conditions.
He said that the commerce ministry would take necessary steps for market and product diversifications to increased exports.
Former presidents of IBFB Hafizur Rahman and Mahmudul Islam Chowdhury and director Lutfunnisa Saudia Khan, among others, attended the meeting.
Earlier, the commerce minister held separate meetings with Japanese ambassador Hiroyasu Izumi, Sweden ambassador Charlotta, Norway ambassador Sidsel Bleken and Denmark ambassador Winnie Estrup Petersen.
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