Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Monday, June 25, 2018 05:37:06 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Ensure business friendly environment

By
10th-Mar-2018       
Comments
Share your thought
Post a comment »
Read all () »

TENSION runs high among the businessmen as the country enters the election year. The business leaders recently urged the government to form a high-powered monitoring cell to ensure ease of doing business. In the pseudo development climate where economic growth is concentrated into some mesmerizing mega projects, the call for ensuring ease of doing business should be addressed. There are many reasons  for the businesses to worry about.
We saw that due to reasons of lawlessness and chaos that followed  the business environment has  deteriorated since 2013. After five years, the confidence of businesses remains shaky and new investment is slow in coming.
In the meantime, the banking system became an easy game for looters. FDI and remittance inflows also faced a setback, political polarisation sharpened, income gap widened, and the trade gap broadened. We doubt whether the government is really in a position to know how to ensure a business-friendly environment.
Bangladesh achieved 7.28 percent economic growth and the size of its GDP touched $250 billion in 2016-17. Even then the country's rank in the World Bank's Doing Business 2018 Index has gone one notch down to 177 in 2017. The country needs at least $15 billion of annual investment in infrastructure development to attract foreign and local investment. Bangladesh will require $320 billion by 2030 to develop a reliable, sustainable and affordable infrastructure. The Dhaka Chamber of Commerce and Industry (DCCI) said that private investment needs to be scaled up to 29 percent of the gross domestic product from the current 23.1 percent. The export target is $37 billion for the current fiscal year, which will reach $41 billion if the services sector is included, and it will hit $60 billion by 2021.
Bangladesh will lose the Generalized System of Preferences from the European Union -- which contributes 54.2 percent of the country's total export earnings -- as soon as it graduates from being a least developed country. So, Bangladesh needs to take preparation to qualify for the EU's GSP plus facility by complying with core international standards in the areas of human and labour rights, environment and good governance. Because of slow progress, the costs for implementation of mega projects are exponentially increasing. The DCCI proposed forming a high performing authority to accelerate the implementation of mega projects but it may not work.
The country's economy is to be judged by job creation through new investments from outside. Unless the local investors feel confident in the political atmosphere, solid investments will not take place. The government seems to be too busy with chaotic politics. It will not talk to others and it does not believe in political compromises. In short, we have a government that defines its own success.

Tariff
Add Rate

News Archive

Inside The New Nation

Sports »

Members of England's rugby league team celebrate a win over New Zealand by raising the Rugby League Football International Challenge Cup on Saturday in Denver. England won 36-18.


International »

First Russia air strikes hit southern Syria as govt assault looms


AFP, Beirut : Russia bombed rebel-held parts of southern Syria late Saturday for the first time since brokering a ceasefire there nearly a year ago, a monitor group said, as allied regime troops prepare a ground assault.Southern Syria is a strategic prize for local and global players involved in the country's ...

International »

Zimbabwe's President narrowly escapes assassination bid


The Washington Post :Zimbabwe's election campaign season took a worrying turn Saturday afternoon when a crude bombing at a speech delivered by President Emmerson Mnangagwa appeared to be an attempt on his life.Mnangagwa had just finished giving a speech in a stadium in Zimbabwe's second-largest city, Bulawayo, when the blast ...

City »

Newly -appointed Nepalese Ambassador Dr Chop Lal Bhusal called on Prime Minister Sheikh Hasina at her office yesterday.


Editorial »

Fatal accidents are increasing, make roads and highways safe for passengers


TERMING it as the deadliest day, the news media reported that at least 55 people were killed in separate road accidents in different districts across the country on Saturday. Bangladesh Jatri Kallyan Samity said it was the highest number of casualties in a single day in recent times. An 11-member ...

Entertainment »

Richi returns to country tomorrow


Entertainment Report :In last January, popular TV actress Richi Solaiman came to Bangladesh to pass times with her mother and brother by own way. After five months, she is returning to her motherland tomorrow. This time she is coming for several reasons including to celebrate Eid-ul-Azha with her mother, to ...

Editorial »

American people rose against inhumanity of Trump`s immigration policy : Trump remains un-American


US President Donald Trump took an U-turn and changed his own policy amid strong protest by American people.  There are huge criticism and outcry in America over the way undocumented parents and children have been kept forcibly apart. He said he changed his mind by seeing images of children who ...

International »

UN Chief appeals for end to fighting in south Syria


AFP, United Nations :UN Secretary-General Antonio Guterres on Friday called for an immediate end to a military escalation in southwest Syria and a return to ceasefire arrangements agreed by Russia, the United States and Jordan.US Ambassador Nikki Haley separately urged Russia to pressure its Syrian ally to uphold the truce. ...

Football »

Nigeria`s John Obi Mikel (left) and Iceland`s Gylfi Sigurdsson compete for the ball during the group D match between Nigeria and Iceland at the 2018 soccer World Cup at the Volgograd Arena in Volgograd, Russia on Friday.


Football »

Portugal's Ruben Dias talks to journalists during a news conference prior the training session of Portugal at the 2018 soccer World Cup in Kratovo, outskirts Moscow, Russia on Saturday.


City »

Prime Minister and Awami League President Sheikh Hasina inaugurating the newly constructed building of the party's central office by releasing balloons in the city's Bangabandhu Avenue on Saturday.


Entertainment »

Sunny Leone hospitalised


Bollywood star and reality show host Sunny Leone was hospitalised on Thursday. Leone was taken to Brijesh Hospital Kashipur in the Udham Singh Nagar district of Uttarakhand on Thursday after she complained of stomach ache. However, her state was declared satisfactory on Friday morning.The doctor attending her has given the ...

Editorial »

Trump disregards the American core human right values : He is against America`s greatness


The United States withdrew from the United Nations Human Rights Council on Tuesday, condemning the "hypocrisy" of its members and its alleged "unrelenting bias" against Israel vividly face-off US stance in favour of rights violation. National and international news outlets reported that the US ambassador to the UN, Nikki Haley, ...

Entertainment »

Kriti Sanon shares glimpses from her IIFA performance


Actress Kriti Sanon took to social media to share glimpses from her upcoming electrifying performance at the IIFA awards. Kriti Sanon who landed in Bangkok on Thursday morning for IIFA wasted no time as she took to rehearsals for her much-awaited performance. Sharing insights into her performances, Kriti Sanon posted ...

Entertainment »

A fan paints a wall with Nidhhi Agerwal’s graffiti art


An ardent fan of Nidhhi Agerwal took to Twitter to share a Graffiti art of the actress painted on a wall. The fan artist painted a wall with the actress’ image giving showcasing his love for Nidhhi. The artist spent a huge amount of time getting every detail right to ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news