Concerted efforts needed to improve ease of doing business index: BIDA Chairman

Economic Reporter :
Bangladesh Investment Development Authority (BIDA) Executive Chairman Md Sirazul Islam has laid emphasis on the concerted efforts to improve in the “Ease of Doing Business” index.
BIDA has started one stop service facility for the investors as part of its effort to make business friendly environment, he said while members of the Board of Directors of Dhaka Chamber of Commerce and Industry (DCCI) called on him at BIDA headquarters on Monday.
Sirazul Islam also stressed on maintaining compliance and sustainability in the industries for the sake of environmental issues.
Terming diversification of goods as most important issue for export competitiveness, BIDA Executive Chairman said, “We have to reform and modernize the existing Company Act in line with the modern technology.”
DCCI President Osama Taseer opined the private investment is needed to be scaled up to 32-35 percent to come out of the stagnant situation caused by the poor ranking in different indexes.
At present the private investment is 23.4 percent despite the FDI to Bangladesh increased to US$ 3.6 billion in 2018 from US$ 2.58 billion.
In order to boost private investment and drive the economic growth, he said Bangladesh needs to improve its position in competitive indices.
Osama Taseer said complex regulations and bureaucratic hurdles increase the transaction costs of doing business in Bangladesh. He requested the BIDA Chairman to establish a window of One Stop Service (OSS) facility to DCCI.
DCCI Senior Vice-President Waqar Ahmad Choudhury, DCCI Directors Ashraf Ahmed, Enamul Haque Patwary, Hossain A Sikder, Md Rashedul Karim Munna and Nuher L. Khan also spoke on the occasion.