Experts suggested the authorities to pay attention to critical infrastructure development, lowering high bank interest, proper utilization of land, political stability and policy continuity to enhance Bangladesh's competitiveness in the global arena.
Political stability and an effective parliament are also among factors imperative for smooth run of trade and business that contributes to raising competitiveness on the global plane, they said at a dialogue Thursday.
The speakers also underlined necessary measures from both public and private sectors to create skilled workforce, strong political commitment for reduction of corruption, ensuring uninterrupted supply of gas to industries and quality of healthcare and transparency and accountability in the operations of financial institutions.
The dialogue was organised by Centre for Policy Dialogue (CPD), a partner institution of the World Economic Forum that revealed the Global Competitiveness Report (GCR) 2014-2015 globally on the day.
Held at the Brac Centre Inn in Dhaka on the occasion of releasing the GCR report, the dialogue was titled 'A Recent Update on Business Environment in Bangladesh and Launching Global Competitiveness Report (GCR) 2014-2015'.
Member of CPD's Board of Trustee Syed Manzur Elahi moderated the discussion at the function attended, among others, by Industry Minister Amir Hossain Amu, former Finance Minister M Sayeduzzaman, former commerce minister Amir Khasru Mahmood Chowdhury, BCI (Bangladesh Chamber of Industry) President AK Azad and Apex Footwear Managing Director Nasim Manzur.
They also pinpointed ineffective parliament, burdensome government procedure and improper order of government-business relationship as other key factors hampering country's business competitiveness.
CPD Executive Director Professor Mustafizur Rahman said the GCR is the most referred global report assessing global business environment and it covered about 150 economies comprising 99 per cent of world GDP (gross domestic product).
Over 13,000 business executives participated in the worldwide executive opinion survey and Bangladesh chapter was made based on opinions from 77 local respondents, he said.
In his speech M Syeduzzaman termed the country's exiting tariff structure "anti-business" and suggested the government to look into the matter with serious attention.
He also mentioned that trade volume within the South Asian countries still remained much lower, less then 5.0 per cent, compared to 30-35 per cent of the ASEAN countries.
M Syeduzzaman, a former commerce minister, also stressed the importance of political governance, saying that the ACC (Anti-Corruption Commission) should be allowed to function properly to reduce corruption, which is one of the key hindrances that hampered the country's business competitiveness.
Speaking on the occasion, Nasim Manzur laid topmost priority on development of infrastructure and ensuring higher productivity with flexible labour market for enhancing the country's business competitiveness.
Industries Minister Amir Hossain Amu said despite having some political disturbances, the country made certain progress in the perception index.
"Bangladesh's ranking in the GCR could have been better had there been no political volatility," he told the meet.
BCI President AK Azad focused on ethical standards of the politicians, saying that if the politicians were accountable to the people, things would change automatically in accordance with the expectation.
Meanwhile, Bangladesh ranked 109th in the Global Competitiveness Index 2014-2015, up by one step from that of the previous year as it made positive changes in seven out of 12 pillars on the basic of scores.
In the perception index, Switzerland secured the top position for six consecutive years followed by Singapore, the United States, Finland, Germany, Japan, Hong Kong, the Netherlands, the United Kingdom and Sweden.
The Global Competitiveness Report 2014-2015 assesses the competitiveness landscape of 144 economies, providing insights into the drivers of their productivity and prosperity.
The different aspects of competitiveness are captured in 12 pillars, which compose the Global Competitiveness Index. This 35th edition emphasizes innovation and skills as the key drivers of economic growth.
The rankings are based on 12 categories that include institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.
In South Asia, India slipped 11 places to 71st and Sri Lanka lost eight positions to end at the 73rd. Pakistan advanced four steps to the 129th, Bhutan gained six to end at 103rd, and Nepal jumped up 15 points to 102nd.
The scale and frequency of weather shocks, combined with long-term economic forecasts of climate change effects and fossil fuel costs, are having a political as well as an economic impact.
Many developing country governments are changing their approach to infrastructure and industrial planning, choosing to design more sustainable, resilient pathways to economic growth.
They are developing comprehensive national investment programmes in clean energy, energy efficiency, water management, climate-resilient agriculture, smart grids and low-carbon transport systems.
This strategic shift has been termed "greening the economy" or making a "green growth" transition.
Currently, significant private investment is not being attracted to these plans due to a range of perceived risks and the relative novelty of the market.
Skilled workforce, low bank interest, adequate gas for industries suggested
FE Report | Published: September 05, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
Share if you like