The role of the private sector is important in maintaining economic growth. To help the sector contribute more to the economic development, the country has to encourage foreign investments and industrialisation.
There is no alternative to improving ease of doing business to create an environment where globally competitive industries can sustain.
The latest ease of doing business index published by the World Bank ranked Bangladesh 168th among 190 countries. In the previous index, Bangladesh's position was 176th. The country moved 8 notches up because the cost of starting a business declined and getting power connection has become easier in Dhaka and other cities
Moreover, entrepreneurs get easy access to information about loans and port turnaround time has come down.
Several initiatives taken by the Bangladesh Investment Development Authority (Bida), including one-stop services before the launching of a business, have already proved effective.
Other public departments have also made progress in the last two years. The problem is that businessmen still have not made a connection to these entities. They have not yet figured out how to access the services.
If an entrepreneur submits a proposal to Bida for making an investment, he will also have to get an approval from Bangladesh Economic Zones Authority. So, he will have to run to both the organisations.
Bida is not the sole authority to improve the ease of doing business indicator. For that, three ministries and several departments have to work together and in coordination with each other, a lack of which is what we see all the time.
After getting permission from the city corporation, entrepreneurs have to take the hassle of managing a clearance from Rajdhani Unnayan Kartripakkha (Rajuk).
The problem has to be solved and at the same time businessmen have to be linked up with Bida. The Dhaka Chamber of Commerce and Industry has already taken a move to work with Bida on the same platform.
We are getting connected to Bida online. Other trade organisations should do the same. If everything goes well, we will see a major leap in terms of ease of doing business by the end of this year.
Local industries should get benefits as well while the government creates opportunities for foreign investments.
Corporate tax should be reduced and the taxation system should be made business friendly. If the confidence of the local industries is boosted, foreign companies will be inspired to invest in Bangladesh.
Rizwan Rahman is the president of Dhaka Chamber of Commerce and Industry. He spoke to Abbas Uddin Noyon of TBS over phone