The government has set target to reach within a double-digit position in the Ease of Doing Business (EODB) index, although Bangladesh has been almost in the same position over the past few years.
The country was ranked 176 in the index in 2019, 177 in 2018, and 176 in 2017, according to the World Bank (WB), which prepares the ranking for 190 nations.
Bangladesh's ranking was better earlier, as it was ranked 65 in 2006, and 88 in 2007.
The ranking, created by Bulgarian economist Simeion Djankov, indicates business environment of a country. Its high ranking (a low empirical value) means the business environment is favourable, and low ranking (a high empirical value) means that the environment is bad.
"The EODB rating is very important for us. We have prioritised (achieving a better position in) it, and hopefully will be placed within a double-digit ranking by 2020 announcement (for 2021)," said Salman Fazlur Rahman, adviser to the prime minister on private industry and investment affairs.
The adviser was speaking as the chief guest at an orientation programme of the Economic Reporters' Forum (ERF) members on export diversification for economic growth in Bangladesh, held at the ERF office in the city on Tuesday.
He said the WB will release its next ranking sometime in October. "We'll improve in the ranking, and will reach within a double-digit position next year. Better place in the EODB index will help diversify the country's export basket."
He further said a one-stop service will be operational within the next four to five months. It will connect the government agencies like the Bangladesh Economic Zones Authority (BEZA), the Bangladesh Export Processing Zones Authority (BEPZA), the Public Private Partnership (PPP) Authority, the Bangladesh Investment Development Authority (BIDA), and the Bangladesh Hi-Tech Park Authority (BHTPA).
The adviser further said the government will give incentives to non-garment exportable products manufacturing sectors as part of diversifying the country's export basket.
"We usually provide them incentives in other ways, which are not like the garment sector, but now they will also get the benefits."
Mr Rahman opined that Bangladesh's pharmaceutical export will also increase notably in future, as many local drug makers have registered them with the authorities concerned of various export destinations.
An API (active pharmaceutical ingredients) park for producing pharma sector raw materials will also be set up.
The adviser noted that there is a dramatic change in the people's mindset about the country's graduation process from a least developed country (LDC).
"We earlier wanted to remain as a LDC nation to get food aid from abroad. Now all want to see the country's status elevated to a better stage despite many challenges."
He also said the government has taken many initiatives to create more new entrepreneurs in the country.
"We're working through establishing different vocational and training centres at upazila level to create new entrepreneurs," he added.
The ERF president Saiful Islam Dilal presided over the inaugural session, where the WB senior economist Dr Masrur Reaz gave the introductory speech.
Hosna Ferdous Sumi, a private sector specialist of the WB Group, presented a paper on export diversification for economic growth in Bangladesh.
She opined that export diversification of the country is highly required for creating more and better jobs for people.
Ms Sumi suggested selecting sectors with high potentials, reviewing effectiveness and quality of the Export Development Fund (EDF), and simplifying tax regime in the short-term for diversifying the export earning.
She also said in the medium-term, there will be need for adopting a sector-focused five-year action plan to improve environmental and social compliances.
"There is need for green transformation fund in the medium-term."
In the long-term there will be need for improving trade logistics, and adopting a national-level compliance framework to reach the potential export sectors.
"Capacity building of institutions for strengthening market linkages is also necessary," she added.
jasimharoon@yahoo.com