The proactive stance of government agencies and proper coordination among the regulatory bodies can improve the country's financial ecsystem, discussants have said.
The suggestions came on Wednesday at a webinar titled "Covid-19 Pandemic: Impact on Investment in Bangladesh and the way forward" arranged by the Bangladesh Association of Publicly Listed Companies (BAPLC).
BAPLC president Azam J. Chowdhury chaired the webinar, while Salman F. Rahman, private industry and investment adviser to the Prime Minister, was present as the chief guest.
Sirazul Islam, chairman of Bangladesh Investment Development Authority (BIDA), Prof. Shibli Rubayat-Ul-Islam, chairman of Bangladesh Securities and Exchange Commission (BSEC), and Sheikh Fazle Fahim, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), attended the webinar as the special guests.
Salman F. Rahman said the mindsets of the government's senior officials have changed enough because of the strong leadership of the Prime Minister.
"Now businesses can talk with high officials on solving their problems. The job of trade bodies is to proactively pursue resolving different problems, including the legacy complexities," Mr. Rahman said.
He said without raising complaints, the trade bodies should come forward to solve their problems proactively.
"Business community wants privileges. But the responsibilities also lie with privileges," said Mr. Rahman.
He said trade bodies will have to identify the opportunities that can be availed after the LDC graduation.
"Trade bodies should identify the ways of helping the government along with getting their way of business eased."
Referring a recent meeting with the Prime Minister, Mr. Rahman said tax net will have to be expanded using technologies.
"We cannot do depending on customs duty only. We will have to depend on tax and VAT," he added.
The Prime Minister's adviser also laid importance on the signing of free trade area agreements to fill the void that may be created after LDC graduation.
BSEC chairman Prof. Shibli Rubayat Ul Islam said the country needs to get prepared for facing the challenges after the LDC graduation.
"We will have to diversify products and demands along with enhancing the state of accountability," Prof. Islam said.
He said the country's capital market must be expanded ensuring accountability and coordination among the regulatory bodies.
"We need to remove ambiguity in regulations enacted by different authorities," said Mr. Islam.
President of the FBCCI Sheikh Fazle Fahim said regulations easy to comply will facilitate the development of financial ecosystem.
He said the implementation of projects, lower tariffs including corporate tax, customs duties, widening tax net, and integrated and automated tax management framework will advance the financial ecosystem.
"Financial ecosystem will increase tax volume and investment GDP ratio," he said.
The FBCCI is engaged with stakeholders in facilitating the LDG graduation. "As we transition, the financial mindsets of entrepreneurs and land owners need to be changed along with focusing on projects' feasibility," Mr. Fahim said.
Azam J Chowdhury said most of the companies have recovered around 60-70 per cent from the impact of COVID-19.
"We will not be able to bring sufficient FDI (foreign direct investment) if we fail to sort out the problems hindering the opportunities," Mr. Chowdhury said.
He hailed the move of the securities regulator to resolve the ambiguity of corporate governance codes.
"Many companies were worried about some codes of corporate governance enacted by the securities regulator. The present commission has taken an initiative to sort the issue out," Mr. Chowdhury said.
The BIDA chairman said the COVID-19 has given a unique opportunity to work together.
"The country needs to identify potential areas. We have to diversify export baskets to keep the economy vibrant," Mr. Islam said.
He said the government is determined to expand the non-RMG sectors.
The BIDA chief also laid importance on transparency and making the government agencies proactive.
President of the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) Nihad Kabir said legacy problems should be addressed.
"Our economy is very much on the track to recover the impact of COVID-19," Ms. Kabir said.
Tanzeem Chowdhury, a director at East Coast Group, presented the keynote paper at the webinar, moderated by BAPLC vice president Riad Mahmud.
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