Business leaders called on the government to take initiatives in creating a favourable environment for doing business in the country.
They also stressed the need for improving Bangladesh's position in the ease of doing business (EODB) index.
They made the remarks in a discussion meeting on the current reforms in the ease of doing business in Bangladesh and preparedness for the future. The meeting was recently organised by the Dhaka Chamber of Commerce & Industry (DCCI), reads a press release on Tuesday.
Md Sirazul Islam, executive chairman, Bangladesh Investment Development Authority (Bida) joined the programme as the chief guest.
Addressing the discussion, DCCI President Rizwan Rahman said after successful economic graduation in 2026, Bangladesh will lose most of the preferential trade facilities which may hurt our competitive export market.
In this context, the EODB is essential to reduce the cost of business as global trade is getting more competitive.
Rahman said it is high time to redress the bottlenecks, reduce time, process and cost in all criteria of doing business and streamline the entire process towards lifting the indicators of the [EODB] index.
"To make cross-border trade paperless with automated customs clearance for low-cost trade process, we need to fasten the Corrective Action plan (CAP) for implementing Trade Facilitation Agreement (TFA)," Rahman suggested.
Md Sirazul Islam said Bida's main focus is to create a business-friendly environment rather than just trying to scoring in the EODB index.
He called on the private sector to go through the reforms made by the government, in coordination with Bida.
"Company to company land transfer now can be done by 7 days," he informed, adding that there will be separate courts for dispute resolution under enforcing of contracts.
Speaking as a special guest at the discussion, Md Billal Hossain, additional secretary (Executive Member 5) of Bida, said Bangladesh's position in the EODB ranking needs to be improved as investors always want to know the ranking before investing.
Also, he reiterated Sirazul Islams's call for private sector businessmen to know about the reforms that have taken place.
Meanwhile, Jibon Krishna Saha Roy, director of Bida, highlighted the reforms made by the government in a PowerPoint presentation.
"To improve in the ranking, some of the major reforms have been made. For example, the time limit for getting a land transfer, trade license, construction permits, registering property, getting electricity connections, getting credit, time to export have been reduced. Moreover, the number of procedures and costs for the various indexes have been reduced," he said.
Chittagong Stock Exchange Ltd Chairman Asif Ibrahim, DCCI Director Md Rashedul Karim Munna, Former Director Data Magfur, Member MS Siddiqui, and Bangladesh Freight Forwarders Association President Kabir Ahmed took part in the open discussion session.
They said creating an effective business-friendly environment is more important than improving the ranking in the EODB index.
DCCI Senior Vice President NKA Mobin, FCS, FCA gave the vote of thanks at the programme.