Corruption hurting businesses badly

That the country's overall business environment didn't improve in spite of the government's numerous measures and policy support is evident from a survey of Centre for Policy Dialogue (CPD). The CPD survey, conducted in partnership with the World Economic Forum (WEF) and unveiled recently, shows that 68 per cent of businessmen singled out corruption as the main obstacle to the growth of their businesses in the country. The CPD findings, thus, make the government's claim that it is a business-friendly one hollow.
Yes, some business entities close to the powers that be may be making a fortune, but others are being badly affected by corruption in government offices as well as rent-seeking by local political hooligans. Corruption reached an epidemic proportion in our society due to, as CPD rightly points out, "limited effective measures and lack of transparency and accountability."
The survey titled 'Bangladesh Business Environment Study 2023: Findings from the Executive Opinion Survey' shed light on the country's business environment in 2023. As part of their endeavour, CPD interviewed top officials from 71 business entities in Dhaka, Gazipur and Savar in May and June of the previous year. As it turned out, a majority of the respondents said they had to pay huge bribes for licensing, logistics and different service-providing activities of public agencies. The survey quoted a businessman saying that the amount of bribe he was asked for to obtain a certain utility service was as high as the amount he had planned to invest for a project.
Amid this unhealthy investment climate, the CPD survey has found that large investors somehow are managing things by using their influence or by greasing the palms of corrupt officials, but small and medium enterprises are struggling to keep their businesses afloat.
It is, however, no secret that businesses as well as household consumers have long been victims of corruption while trying to get utility services like gas, electricity and water from the agencies concerned. It has been omnipresent and so obvious, and yet overlooked.
Corruption, however, has not been a prerogative of corrupt government officials alone. Professional criminals, some wayward political activists and leaders, and even a section of police personnel are also involved in extortion. Although businessmen are the prime target of this ever-escalating criminality, even small traders running roadside shops are not spared by these lawless elements. Besides, those who construct a building have to face extortionists. In this atmosphere of fear and intimidation, how would businesses thrive, and investors feel secure?
We, however, must not forget that the ultimate victims of corruption are the people, because the investors consider the amount of money they have to spend in giving bribes or extortion payments as the operational cost of their businesses. This is the main reason behind the unreasonably high prices of most of the basic commodities in the market.
Apart from corruption, businesses also point out inefficient bureaucracy and foreign-currency instability as two other most problematic factors creating hurdles for business owners. The severity of these top three problematic factors has increased compared to the previous years, the survey shows.
It is expected that the government would take action based on the findings of the CPD study to curb corruption and address other issues, instead of trashing the survey report as another anti-government propaganda. Inaction, indifference and a culture of impunity will only embolden corruption and discourage business integrity. If corruption becomes so rampant, deep-seated and institutionalised, how will the people build a 'Smart Bangladesh'?

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