Changes are coming by this year to the Companies Act 1994 and the Bankruptcy Act 1997 to earn a better ranking in the ease of doing business index, said the Prime Minister's Private Sector Adviser Salman F Rahman.
He also expressed hope that the changes will significantly improve Bangladesh's performance in the competitive world of business.
Salman F Rahman said this on Monday at a report launching programme of the Policy Research Institute (PRI) – a private think tank – on the "Agile Regulatory Delivery for Improved Investment Competitiveness: Current State and Policy Options'' at a city hotel.
The PRI report said that the Companies Act 1994 and the Patents and Design Act 1911 hamper innovative and efficient service delivery. It also creates a barrier for innovative businesses to enter and operate in the market.
The report also pointed out some challenges to investment opportunities and business growth in the country.
The report further said a complex and cumbersome Government-to-Business (G2B) service delivery and inspections hinder business start-up and its growth.
"Weak coordination between the government and the private sector leads to poor policy formulation, delay in service delivery and high transaction cost," it said, adding that it also leads to ineffective and conflicting regulations that are difficult to implement.
The report stressed that recommendations made by the private sector are poorly reflected while developing or amending any law or regulations.
Inadequate capacity of government officials, low information transparency and non-participatory regulatory practices constraints formulation of effective regulations and their implementations, it said.
However, the PRI report placed a number of recommendations to improve the prevailing situations in doing business in the country.
It suggested for the simplification of the G2B process and the development of a standard operating system as well as an integrated ICT-led service delivery model for G2B services.
The PRI report also recommended that the authorities concerned introduce an online portal incorporating all information relevant to regulatory delivery requirements and procedures.
However, the Prime Minister's Adviser Salman F Rahman said the government has already taken a number of measures to improve the scenario in doing business, and the country will benefit from them from the next year.
In this regard, he emphasised on changing the mind-set of bureaucrats in executing the government steps.
"At the upper level of bureaucracy, everyone is very much positive about the steps to improve the ease of doing business, but the problem lies with the mid and lower levels," he said.
On the country's booming ready-made garments industry, Salman F Rahman said the government's decision of providing back to back letter of credit and bonded warehouse opportunity contributed to the flourish of the sector.
Some sectors, including furniture and jute, also wanted the same facilities but could not avail them because of the careless mind-set of bureaucrats.