Bangladesh lags behind Sri Lanka and India in business competitiveness, prompting the government to focus on ensuring power, gas, and infrastructure for five to ten rapidly implementable economic zones instead of spreading resources thinly across 100 zones. Bangladesh Investment Development Authority (BIDA) Executive Chairman Ashik Chowdhury shared plans to provide a timeline for completing infrastructure development in these zones. Additionally, Special Envoy to the Chief Adviser Lutfe Siddique proposed forming a Business Regulatory Reform Commission to accelerate reforms.
Javed Akhtar of the Foreign Investors’ Chamber of Commerce and Industry (FICCI) emphasized the need for policies safeguarding knowledge and technology brought in by foreign investments, stating, “Foreign investment increases credibility, but protecting technology and expertise is essential. Without such safeguards, investments will falter.” He also criticized frequent tax rate changes, saying such unpredictability deters investors.
BD Jobs CEO Fahim Mashroor highlighted structural barriers, questioning the rationale behind monthly VAT-tax returns for businesses generating an annual revenue of just five lakh BDT. He advocated for reducing bureaucratic hurdles, fostering business-friendly policies, and streamlining regulatory processes to encourage employment creation.
Mashroor further noted, “In 2007, Bangladesh implemented the National ID system. India followed with Aadhaar in 2008, yet they now deliver almost all services via Aadhaar, whereas we have failed to optimize our system.”
These discussions took place during a seminar titled “Reforms in Bangladesh’s Business Competitiveness and Processes” at BRAC Inn Center in Dhaka. The event, moderated by Fahmida Khatun, Executive Director of the Centre for Policy Dialogue (CPD), featured CPD Research Director Khandaker Golam Moazzem presenting key findings.
Distinguished speakers included Fazle Shamim Ehsan, Executive Vice President of BKMEA; Ashraf Ahmed, President of the Dhaka Chamber of Commerce and Industry; former FBCCI President Abdul Awal Mintoo; former NBR Member Almgir Hossain; and Preeti Chakraborty, Chairperson of Universal Medical College Hospital. They collectively underscored the urgent need for structural reforms to improve Bangladesh’s business ecosystem.
