‘Bangladesh is developing business-friendly industrial policy’
Photo of Dhaka, the bustling capital of Bangladesh. Photo: Sujit Sarker
Bangladesh is in the process of developing a business-friendly industrial policy that will fall in line with the business-first approach the current government of Prime Minister Sheikh Hasina.
“We will discuss with all stakeholders and develop a modern, timely and business-friendly policy,” Industries Minister Nurul Mazid Mahmud Humayun said at a programme of businessmen in Dhaka held on May 21, 2019, says a ministry press release.
“What we are going on with now is the modifications of our 1972 industrial policy. We have taken steps to modernise the industrial policy,” he said. “By 2021, we will implement a new and business-friendly industrial policy that will be discussed with all stakeholders.”
He was conveying the information at a seminar titled ‘The Next Level of Bangladesh’s Industrialisation’, arranged by Bangladesh-German Chamber of Commerce and Industries (BGCCI) at Hotel Westin in Dhaka, Bangladesh.
Among others present in the programme were BGCCI President Omar Sadat, National Board of Revenue (NBR) Chairman Mosharraf Hossain Bhuiyan, and Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi Md Aminul Islam.
WHY THIS IS THE NEED OF THE HOUR
According to stats from January 2019, Bangladesh's ranking on economic freedom moved up seven notches to 121st from 128th, according to the Heritage Foundation, a Washington-based think tank – which is still disappointingly low considering it is a growing economy.
According to the 2019 Index of Economic Freedom released by the organisation, the government’s reforms have improved the freedom of doing business in the country. However, slower implementation of the reforms are undermining economic development.
Insiders and experts say, foreign investments will flood Bangladesh if the government can improve the business climate and make doing business easier. Foreign companies too have complained that it is too difficult to conduct business in Bangladesh.
Now that Bangladesh government is planning to lure tons of foreign investment, especially in its special economic zones (SEZs), it needs to create conductive atmosphere for doing business. Already, several companies have invested in Bangladesh’s power and infrastructure sectors.
READ MORE: Bangladesh pledging security of investment
Institutionally, to consolidate and move forward, Bangladesh needs to rethink its policy towards industrialisation and give highest priority towards security of assets and capital.
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