Wednesday, November 13, 2019

Ease of doing business ranking matters to investments in Bangladesh: AmCham

  • Senior Correspondent, bdnews24.com
    Published: 2019-10-16 23:08:58 BdST

bdnews24

Ranking in the World Bank’s ease of doing business “matters” to a country to attract investments, the American Chamber of Commerce in Bangladesh or AmCham says.

“Improving the ease of doing business in Bangladesh is a pressing need not only to increase local private investment in the country but also to be able to attract and retain foreign direct investment here,” its President Md Nurul Islam said at their monthly luncheon meeting on Wednesday.

New Executive Chairman of the Bangladesh Investment Development Authority or BIDA Md Sirazul Islam was chief guest in the meeting titled “Improving ease of doing business in Bangladesh: the way forward”.

Bangladesh is ranked 176th on the World Bank’s ease of doing business index. After some desperate measures for reforms by the investment development authority BIDA in the last two years, the World Bank put Bangladesh on the list of the 'Top 20 improvers in Doing Business 2020'.

The new BIDA chairman asked the AmCham leaders to give their opinions on ways to ease the process to do business. “BIDA has been working as a facilitator to the investors,” he said.

The AmCham president said improvements in the ease of doing business index is crucial for retaining the FDI.

“Because what is measured in the ranking of the ease of doing business index does not only mean starting a business, getting location and accessing finance, it also measures dealing with day-to-day operations,” Nurul Islam said, highlighting challenges in Bangladesh.

Those include both regulatory and bureaucratic problems.

“Bangladesh has some good laws, but at the implementation and policy levels, some shows discriminatory attitudes to the foreign investors,” the AmCham president added.