Bangladesh is planning extensive reforms in the processes of starting a business, dealing with construction permits and registering property with the hope of a big jump ahead in ease of doing business rankings.
The country has already implemented two major reforms in the "Starting a Business" indicator, the Bangladesh Investment Development Authority (Bida) revealed at a workshop in Dhaka on Wednesday.
Bida Director Jibon Krishna Saha Roy showcased Bangladesh's current progress on three indicators through a presentation, adding that parliament has approved the Companies Act amendment, and the Registrar of Joint Stock Companies and Firms is now issuing trade licences in Dhaka and Chattogram in just one day, instead of a week.
"Such moves will boost Bangladesh's position in the 'Starting a Business' indicator from 131st to 115th," Roy said. "More major reforms are underway to improve Bangladesh's position in this particular indicator, and when completed, the country's position will be 15th in it."
Moreover, a number of reforms are underway to improve Bangladesh's position in the "Dealing with Construction Permits" indicator. The country will move up from 135th to fifth after the reforms are completed, the government agency said.
It added that once the ongoing reforms are implemented, Bangladesh's position in the "Registering Property" indicator will also improve from 184th to 100th.
Speaking as the chief guest, Bida's Executive Chairman Sirazul Islam said, "The World Bank publishes an annual report showing every country's ranking on the Ease of Doing Business Index. Bangladesh moved up eight notches and ranked 168th among 190 countries in the 2019 iteration.
"However, the country's progress was not promising enough, so the government has introduced various reforms to ease the process of doing business here, and Bida is working to achieve this goal."
He continued, "Bida is working to improve the country's position in all ten indicators of the Ease of Doing Business Index. To this end, we have recommended amendments of different laws, and our recommendations have been implemented too.
"I am optimistic that Bangladesh will leap to a double digit ranking in this index by 2021."
Bida's Executive Member Billal Hossain, who presided over the event, said, "We have been making a serious effort to bring Bangladesh in a double digit position in the index. We already managed to improve in some indicators and ensure fast and hassle-free services in some sectors.
"We are moving forward with a number of small-term, mid-term and long-term steps," he added.