A high-level Regulatory Reform Committee will be set up by the government for streamlining businesses through updating the regulatory framework that governs the private sector, reports UNB.
Chief Adviser Dr Fakhruddin Ahmed stated this Wednesday while unveiling a four-point agenda for promoting private sector development.
He told a high-profile business audience that the watchdog body would examine laws and regulations for their simplification through eliminating "redundant or irrelevant provisions, as the caretaker government plans to set trade, business and economy in proper parameters."
"We will initiate far-reaching regulatory reforms to reduce the hassles, costs and uncertainties the businesses face in the regulatory interface with government, while ensuring that the businesses behave in a manner that meets the expectations of society," he told the business dialogue that continued for about four hours from 10:10am on the day.
The business-regulatory approach is the prime focus of a four-point recipe set forth by the head of caretaker government at the function to give a boost to the private sector, which appears to have felt certain shocks in recent times for pressing the brake in the changed times.
Second on the list of new approaches is forming 'Bangladesh Better Business Forum' to be chaired by the Chief Adviser himself for greater participation of private sector in the formulation of policies and regulations which affect the business community. The top-level panel comprises top brasses from public and private sectors.
"Problems identified in the meetings of this forum will be systematically addressed by relevant government agencies. We will not allow this forum to become a talking shop. We shall rather emphasise result-oriented decisions and output. Elaborate mechanisms will be put in place to monitor the implementation of our decisions," he observed.
"We shall put in place a mechanism to obtain systematic feedback from the private sector and other stakeholders on issues and problems confronting them, including those emanating from government policies and actions," he further said.
The third one the government will undertake is capacity-building initiative in selected government institutions like Board of Investment (BOI), Bangladesh Export Processing Zones Authority (BEPZA) and Export Promotion Bureau (EPB) to make those able to provide better service to private sector.
Under the fourth initiative, the government will judge its efforts by actual results and, to this end, the government will improve statistical base and put in place an effective monitoring and evaluation framework related to private-sector development. "We are planning to initiate a quarterly Survey of Business Confidence as is done in many countries so that we can constantly feel the pulse of the private sector."
He mentioned that the World Bank's Doing Business-2007 Survey ranks Bangladesh at 88 out of 168 countries and third among the South Asian nations in terms of ease of doing business. "We would like to see Bangladesh's position improve by at least 15 places in global rankings when the 2009 Doing Business Indicators are published."
The head of interim regime came up with the major new plans for strengthening the business sector while addressing the function titled 'Dialogue on Bangladesh Economy and Future Perspective', jointly organised by the government and private sector at Radisson Water Garden Hotel.
This business dialogue is the first-ever high-profile interactions between business community and government where leaders of country's trade bodies, Advisers of the caretaker government, Chiefs of three services of the armed forces, political leaders, diplomats, senior civil and military officials, distinguished personalities and civil-society members were among others present.
BSS adds: The chief Adviser told the meeting eradication of corruption and mismanagement at Chittagong port "has enhanced private sector's efficiency significantly while the government is working to make the country's stock market efficient and profitable."
Besides, he said, the government is exploring options for greater private sector involvement in the development of infrastructure and other civic facilities as well as establishing an SME Foundation for easy flow of capital to small and medium enterprises.
The Chief Adviser said a silent revolution is taking place in agriculture sector as farmers are switching to new crops and adopting new techniques to grow more crops.
Regarding export, he said the country's exports are still overwhelmingly dominated by garments and this has to be changed as possibilities are opening up for new sectors like pharmaceuticals.
About many bottlenecks and bureaucratic hurdles faced by entrepreneurs in Bangladesh , he said the government is aware about the problems and it has a plan to address these issues in a systematic manner.
In this context, he said the government has reduced, removed or rationalised custom duties on several items to put downward pressure on the prices and continue constructive dialogue with industrial sector on environment and labour related issues.
"The governmental efforts to support private sector development will have to take these societal expectations into account," he added.
The Chief Adviser said the society expects the private sector to generate jobs and supply good quality products at affordable prices in the market and carrying out business in an environment-friendly manner where employees are treated fairly and work places are safe.
BSS further adds: Addressing the gathering, Chief of Army Staff General Moeen U Ahmed called upon the business community to conduct businesses without fear and support the emergence of a new social contract in Bangladesh, which is for all of us to live by and look for in terms of existential reality.
The Army Chief also floated an 11-point cardinal formula and requested the government to look into it to study and apply judgement to intensify economic activities in the country.
The Ministry of Commerce and trade bodies, including FBCCI, DCCI, ICC, BGMEA, CCCI, BKMEA, BTMA, BPRF, BVORVMA, Prime Bank Ltd and Exim Bank Ltd, jointly organised the dialogue.
Responding to some questions from the business leaders after his speech, the Army Chief hoped that his 11-point cardinal formula, which is expected to be implemented from the next month, would intensify economic activities and the business community would get benefit.
Referring to the ongoing drives against corruption, he said the honest businessmen have nothing to be feared as the number of corrupts is only a few.
Gen Moeen said the government has taken steps to increase power production and the entrepreneurs will get necessary supply soon.
He suggested forming a 'disaster fund' to cope with damage by the floods frequently.
In his 11-point formula, the Army Chief focused on various ways of development, including formation of an 'interim development fund', to speed up development projects.
The 11-point formula of General Moeen include proposals for an Interim Development Fund to speed up development projects. He suggested that individuals, who deposited unaccounted money out of court settlement or "Plea Bargain" , should be invested on people- oriented projects.
He also suggested formation of a body styled" Bangladesh Economic Development Committee" to oversee and implement all economic activities under joint initiatives of the finance adviser and business community.
Other suggestions included disinvesting of all government's shares and foreign company shares , generating economic activities at grass root level, lowering bank interest and tax cut for people below poverty line for credit financing and expansion of tax network and utilisation of NGOs to further substantiate sustained growth of people living below poverty mark.
General Moeen also suggested avoidance of harassing business community by increasing better emolument to tax, anti corruption and police departments, export of skilled and semi-skilled human resources abroad, especially to Middle eastern countries, ensuring investment of expatriate community by holding an International Conference of Expatriates as well as implementation of all pending projects.
The Army Chief suggested introduction of a financial dividend scheme for all private sector or self-employed persons to cover post- retirement benefit.
While urging the government to look into his proposals, the General Moeen said today it has become an indispensable condition for the survival of our people to erase our questionable level of corruption to a degree of conscience of purity. " To meet requirement of knowledge based economy, we will need a paradigm shift in the immediate policies and strategies on medium term economic goals", he added.
He also suggested constituting a 'Bangladesh economic development committee' responsible to the finance adviser and the business community to implement projects and fortnightly meet to oversee all activities of the economy.
The formula also recommended to avoid harassment of the business community by increasing better emolument to tax, anti-corruption and police department.
Gen Moeen said the dialogue is an initiative of the businessmen, who are one of the forerunners to contribute to the national development. The conference will help pave the way to handle the economy prudently, he hoped.
bdnews24.com adds: Army chief General Moeen U Ahmed Wednesday told businessmen at the high-profile meeting that they would not be unnecessarily harassed.
Businessmen called upon the government to ensure a congenial environment so that the businesses can carry out their activities without fear:
They said bringing confidence back to the minds of the businessmen was important to rein in the soaring prices of essentials-a concern that matters most for the interim administration.
They also voiced concern over what they said was the government's excessive adherence to the prescriptions of lending agencies.
Business leaders said they wished to leave the meeting with a sense of security about the future of their enterprises.
FBCCI director MA Rouf Chowdhury said the businessmen can play a big role in curbing the prices of essentials.
Former BGMEA president Annisul Huq said: "The businessmen are the backbone of the nation."
"If they pass their days in a sense of panic, the economy can't perform well," he said.
"We must bring back confidence in the businessmen to rein in the prices of essentials," he said.
President of the International Chamber of Commence (ICC), Bangladesh Mahbubur Rahman said the conditions of the lending agencies such as IMF and the World Bank should not be fulfilled without any scrutiny.
"We have to consider our benefits before fulfilling their conditions," he said.
Finance adviser AB Mirza Azizul Islam told the gathering that the government was determined to take measures to contain inflation.
He cited various reasons for the soaring prices of essentials and said the price hikes in the global market was one of the main reasons.
"We need a joint effort to curb prices. If the government and the businessmen work together, it will be easily possible to contain inflation," he said. (More on Page 9)
Govt assuages fear of businesses, requests to support emergence of new 'social contract'
FE Team | Published: September 06, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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