Businesses propose new body to contain cost-time escalation

A business body proposes that a national "high-performing authority" be formed to accelerate implementation of mega infrastructure projects to avert the prevailing practice of time and cost escalations.
Leaders of the Dhaka Chamber of Commerce and Industry (DCCI) unveiled their proposition to reporters after a meeting with Commerce Minister Tofail Ahmed at his Secretariat office Tuesday.
"Implementation cost and time of the mega-projects is increasing due to slow progress of the projects. In order to accelerate the implementation of mega infrastructure projects, we propose forming a high-performing authority named 'National Infrastructure Development and Monitoring Advisory Authority (NIDMAA)'," said DCCI President Abul Kasem Khan.
However, the chamber leaders didn't spell out the format or terms of reference of the proposed national authority on major infrastructure development in the field of which a number of big projects far overran their tenures and costs.
He mentioned that a draft Companies Act is underway now. DCCI would put forward the detailed findings for amendments on behalf of business community to make it more business- friendly.
The commerce minister, during the meeting with the business delegation, said: "The government has set its export target at US$41 billion for the current fiscal. We hope that our export target will be fulfilled this fiscal year."
He said the country is on right track to graduate from the Least Developed Country (LDC) status. Most recently, Global Economic Prospects, a report of the World Bank, mentioned that the economic activity in Bangladesh would be brighter between the fiscal years (FYs) 2018-19 and 2019-2020, benefiting from strong domestic demand and strengthening exports.
"Bangladesh is going to become a developing country. It has fulfilled three criteria for graduation to a developing country according to UN Economic and Social Council," the commerce minister told his audience.
Mr Tofail said an evaluation about Bangladesh would be conducted in March 2018 again. After the evaluation, a decision would be taken about the country's graduation from the LDC status.
"Currently, Bangladesh receives trade benefits in the form of duty-free and quota-free market access for many of its exportable products from many countries. For this, we do not go for free trade agreement (FTA) with other countries. We are negotiating with Turkey and Thailand on FTA issue," he told the meeting with the DCCI team.
The minister expressed the hope that "we will be able to tackle all kinds of situation after getting GSP-plus facility and graduation to developing country from LDC".
He, however, said the government is sincerely working to diversify its products and markets to boost the country's export trade.
Replying to a question on the just-endorsed draft Digital Security Act, which drew some instant reactions, the veteran Awami Leaguer said: "Digital security act was approved by the cabinet Sunday last. The Act would also be sent to parliament and then it would be enacted. The Act has been made with transparency."
The Act has also been taken to save the dignity of parliament members, he mentioned.
Secretary of the ministry of commerce (MoC) Shubhashish Bose and other high officials of MoC and DCCI Board members were present at the meeting.

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