CPD for forming regulatory reform commission for business sector 

CPD for forming regulatory reform commission for business sector 

DHAKA, Nov 17, 2024 (BSS) – The Centre for Policy Dialogue (CPD) has laid emphasis on forming a regulatory reform commission to identify business-related bottlenecks and find the way-out for ensuring a better business environment in the country. 

The private think tank also called for forming a ‘better business forum’ to exchange views on problems and solutions. 

CPD today made a set of recommendations at a dialogue titled “Business Environment Reform in Bangladesh: Agenda for the Interim Government” at the BRAC Centre Inn auditorium in the city. 

Professor Lutfey Siddiqi, Special Envoy on International Affairs to the Chief Adviser of the Interim Government, attended the dialogue as the chief guest while Chowdhury Ashik Mahmud Bin Harun, Executive Chairman (Senior Secretary) of the Bangladesh Investment Development Authority (BIDA), was the special guest.

In his speech, Lutfey Siddiqi said a reform commission for the country’s private sector will be formed if the trade bodies want. 

“There is no reform commission for the private sector now. If proposals for such a reform commission come from trade bodies, we will discuss it and work with the chief adviser to form one,” he added.

Mentioning that there is bureaucratic red tape in various government departments, the special envoy to the chief adviser also said the interim government is working to reduce these. 

“We are working with experiences of countries doing well in improving the business environment as a reference. Our doors are always open for businesses to share their challenges with us. We can also have discussions via Zoom call,” he said. 

“We need to change our system. The bureaucratic complexities of starting a business must be eliminated,” he added.

 Abdul Awal Mintoo, former President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI); Zaved Akhtar, President of the Foreign Investors’ Chamber Of Commerce and Industry (FICCI); Fazlee Shamim Ehsan, Executive President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA); Mirza Nurul Ghani Shovon, President of National Association of Small and Cottage Industries of Bangladesh (NASCIB); Ashraf Ahmed, President of Dhaka Chamber of Commerce and Industry (DCCI), and Showkat Aziz Russell, President of the Bangladesh Textile Mills Association (BTMA), were present as guests of honour.

A K M Fahim Mashroor, Executive Officer, Bdjobs.com Limited and Amrita Islam, Deputy Managing Director of Picard Bangladesh Ltd, were distinguished discussants.

Dr Khondaker Golam Moazzem, Research Director of CPD, delivered the keynote presentation while Dr Fahmida Khatun, Executive Director, CPD, was in the chair.

During the event, the CPD also revealed a survey conducted during Sheikh Hasina’s regime from January to June this year. 

According to the survey, nearly 17 percent of businesses identified corruption as their primary challenge in 2024. 

The businesses in the survey mentioned volatility in the exchange rate as the second biggest challenge, followed by inefficient government bureaucracy, inflation and limited access to finance.

In his presentation, Golam Moazzem said during the tenure of the previous regime, Bangladesh’s business environment saw limited progress as business activities remained concentrated within a few dominant groups.

The absence of substantial reforms in policies, laws, institutions, and operations hinders the development of a participatory and competitive business environment, he added. 

Moazzem called for developing a clear development vision for the country that would contribute to economic growth and improve the investment environment.

“Investing in digitisation and the development of the IT sector brings long-term benefits,” he added.