Ease of Doing Business Bangladesh 2021: Doing business still far from easy
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
TUESDAY, MAY 17, 2022
TUESDAY, MAY 17, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Doing business still far from easy

Trade

TBS Report
17 May, 2021, 10:55 pm
Last modified: 18 May, 2021, 12:07 pm

Related News

  • Malaysia touts trade access as US Indo-Pacific plan only a 'good beginning' -trade chief
  • US businesses keen to be part of Bangladesh's development; ink MoU for trade boost
  • IPL's astonishing commercial success result of a clever strategy
  • Every business could use a granfluencer
  • Indonesian envoy: Dhaka-Jakarta trade to cross $2b mark this year

Doing business still far from easy

They also said it costs roughly Tk72,000 for each mutation in Bangladesh although the fixed rate is only around Tk1,100

TBS Report
17 May, 2021, 10:55 pm
Last modified: 18 May, 2021, 12:07 pm
Representational Image. Photo: Collected.
Representational Image. Photo: Collected.

It requires around $250 in various charges on an average to ship a container from the Shenzhen port in China, while it costs $800 at the Chattogram port in Bangladesh.

Despite several initiatives taken up to reduce congestion at the Chattogram port, Bangladeshi traders have to pay almost triple the amount that ports in other countries charge, experts said at a webinar on Monday.

They also said it costs roughly Tk72,000 for each mutation in Bangladesh although the fixed rate is only around Tk1,100.

In the case of some businesses, it requires acquiring 28 licences from several government institutions, which is very time-consuming, they pointed out.

Bangladesh lags behind other countries in several indicators of ease of doing business index because of failure of the government's initiatives, a lack of pace in implementing reforms initiatives, bribery of government officials, said experts and representatives of private-sector entrepreneurs.

Admitting to bribery of government officials, Md Sirazul Islam, executive chairman at the Bangladesh Investment Development Authority (Bida), said Bangladesh will not able to rank below 100 in the World Bank's ease of doing business ranking in 2021 as predefined by the government.

Dr Ahsan H Mansur
Executing promised business reforms must to outdo competitors

The International Business Forum of Bangladesh (IBFB) and the Bangladesh Enterprise Institute (BEI) jointly organised the virtual discussion titled "Ease of doing business: Status of 2021", while Jibon Krishna Saha Roy, director of Bida, presented a keynote paper.

Major General Md Nazrul Islam, executive chairman of the Bangladesh Export Processing Zones Authority (Bepza), and Rear Admiral M Shahjahan, chairman of the Chattogram Port Authority, was also present at the webinar.

Sirazul said only reforms are not enough to ensure an improvement in the ease of doing business index as the World Bank will conduct a survey on business entrepreneurs before preparing its report.

Most entrepreneurs have no idea about indicators of the World Bank's ease of doing business, he added.

Mentioning that bribes are also demanded from foreign businesses, the Bida executive chairman said, "If anyone makes an illegal demand to you, come to us. We will take action," he added.

While presenting the keynote paper, Jibon said the World Bank reviews the score annually based on 11 indicators such as starting a business, employing workers, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency. 

He said there were several successes in reforms last year and the reflection of these reforms will help upgrade the country's position. 

The government is yet to ensure legal reforms in the field like allowing and popularising businesses to open a bank account through the One-Stop Service centre and amending "Imarat Nirman Bidhimala 2008".

Dr Md Abdul Mazid, former secretary and former chairman of the National Board of Revenue, said Bida was established to facilitate private investment in the country. So, they do not need to work only for foreign investment, rather they should work for all kinds of local and foreign investments.

Bida also needs to conduct a survey on how many files are pending in deputy commissioner offices and registrar of joint-stock offices to find out problems in the offices and solve those.

Ease of doing business improving. Coordination missing

Humayun Kabir, former ambassador and vice-president of the Bangladesh Enterprise Institute, said, "The country needs to enhance its ability to absorb investment from local and abroad. In the competitive environment, it is a big challenge for us and we have to think about how we are taking the challenge."

MS Siddiqui, vice-president of IBFB, said Bangladesh needs to sign the World Trade Organization's trade facilitation agreement to make cross-border trade paperless, contactless and faceless. It is linked with the World Bank's two indicators stipulated earlier like paying taxes, trading across borders under the broader aspect of dealing with day-to-day operations.

Hosne Ara Begum, executive director of the Thengamara Mohila Sabuj Sangha, said ease of doing business is like a golden deer for the grassroots businessmen. So, the government and big industries need to think about small and micro entrepreneurs.

Rear Admiral M Shahjahan, chairman of the Chattogram Port Authority, said, "It [Chattogram port] is the cheapest in South Asia. It also ranked 58th in the world in 2020. It was placed 98th in 2019. The rank reflects what we are doing. So, it is not true that our port service is costlier."

Major General Nazrul Islam, executive chairman of Bepza, said there are a few businessmen, who do illegal dealings with government officers for quicker delivery of their goods. But they do not come to top executives with their problems.

Economy / Top News

Doing Business / business / Port Trade / Trade / export-import / Bangladesh Business Index / Business in Bangladesh

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Are banks only gainers from dollar crisis?
    Are banks only gainers from dollar crisis?
  • PK Halder wants to return home
    PK Halder wants to return home
  • Exporters for continuation of 0.5% source tax for 5 years 
    Exporters for continuation of 0.5% source tax for 5 years 

MOST VIEWED

  • Photo: Courtesy
    Ctg Chamber president slams edible oil hoarders
  • Photo: Mohammad Minhaj Uddin/TBS
    NBR to allow more firms easy release of goods from ports
  • Misuse of bond facility: Joint Collection fined Tk95 lakh
    Misuse of bond facility: Joint Collection fined Tk95 lakh
  • Onion imports halted since Eid  
    Onion imports halted since Eid  
  • Export earnings expected to reach $50B this fiscal year 
    Export earnings expected to reach $50B this fiscal year 
  • Photo: Cameron Venti/Unsplash
    Direct freight shipping to UK soon

Related News

  • Malaysia touts trade access as US Indo-Pacific plan only a 'good beginning' -trade chief
  • US businesses keen to be part of Bangladesh's development; ink MoU for trade boost
  • IPL's astonishing commercial success result of a clever strategy
  • Every business could use a granfluencer
  • Indonesian envoy: Dhaka-Jakarta trade to cross $2b mark this year

Features

Bitcoin, by far the largest cryptocurrency, is a terrible substitute for government-issued money. Photo: Reuters

Crypto’s wild week offers a much-needed warning

11h | Panorama
Karst Stone Paper Journal: Write on indestructible stone paper

Karst Stone Paper Journal: Write on indestructible stone paper

12h | Brands
Pesky bugs do not stand a chance against this automatic indoor insect trap

Pesky bugs do not stand a chance against this automatic indoor insect trap

12h | Brands
Wazeenah: Turning furniture into a canvas

Wazeenah: Turning furniture into a canvas

12h | Brands

More Videos from TBS

Finland, Sweden decide to join NATO

Finland, Sweden decide to join NATO

3h | Videos
Where you can swim for Tk5

Where you can swim for Tk5

5h | Videos
Cultural activists pay tribute to Hassan Arif

Cultural activists pay tribute to Hassan Arif

8h | Videos
How PK Halder becomes a scamster

How PK Halder becomes a scamster

8h | Videos

Most Read

1
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

2
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

3
Impact of falling taka against US dollar
Banking

Taka losing more value as global currency market volatility persists

4
Govt tightens belt to relieve reserve
Economy

Govt tightens belt to relieve reserve

5
Union Capital asked to return Tk100cr FDR to BATBC 
Banking

Union Capital asked to return Tk100cr FDR to BATBC 

6
How Bangladesh can achieve edible oil self-sufficiency with local alternatives
Bazaar

How Bangladesh can achieve edible oil self-sufficiency with local alternatives

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab