Promotion of business and investment activities
Tuesday, 16 September 2008
The government late last year established the Bangladesh Better Business Forum (BBBF) to help foster better public-private partnership for promotion of business activities and acceleration of economic growth. Five working groups, co-chaired by public and private sector representatives, were formed to focus on five broad thematic areas, namely, business finance, infrastructure, macro-economic policy, business entry and operations and skill development. The government also formed the Regulatory Reforms Commission (RRC) almost at the same time to remove the regulatory barriers to business activities. When these two entities came into being, the business confidence was at its lowest ebb because of a lot of factors, anti-graft drive being at the top of those. The businesses were in no mood to pay attention to the government's high-sounding objectives behind the formation of the BBBF and the RRC.
However, the fear factor does no more exist and the normal business activities are back on the track in a relatively relaxed atmosphere. So, the private sector is now prepared to share its thoughts and ideas with the government in making business and investment activities smooth and easy. As a part of that realization, the BBBF and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) last Sunday jointly organized a dialogue on " Public-private partnership for economic development: Bangladesh Perspective" where top government and private sector leaders highlighted the need for joint efforts of all to make the best use of the country's economic potentials. However, deliberations made by the public and private sector leaders at the dialogue were divergent in nature. The government leaders, including the head of the caretaker administration, were rather rhetorical and stereo-typed while the business leaders took a down-to-earth line in highlighting the problems that are being encountered day in, day out.
The business leaders representing different sectors of the economy pointed out how power and gas crises, traffic congestion in Dhaka city and the Dhaka-Chittagong Highway and unabated unrest in the garment sector, non-availability of bank finances for some highly potential agro-processing industries etc., are affecting normal growth of business and economy. What transpired from the deliberations made by the businesses at the dialogue was that infrastructural problems were hurting the businesses more than the policy-related ones. Hence, side by side with the efforts to remove regulatory and bureaucratic barriers, the government must try hard to improve infrastructures, utility services, law and order etc., in order to attain the much-cherished goal of taking the nation to a 'newer height of success.'
Meanwhile, the claims that are being made officially about the success of the BBBF and the RRC in creating a better business and investment climate in the country, reportedly, are not based on real progress on the ground. A letter recently sent by the chief adviser's office (CAO) to ministries and divisions concerned bears testimony to that fact. In the letter, the CAO has expressed its dissatisfaction at the poor rate of implementation of the recommendations made by the BBBF and the RRC. Nearly one-fourth of the BBBF recommendations and only one out of 33 recommendations of the RRC have been implemented so far. The CAO has asked the ministries/ divisions to form their own committees to expedite implementation of the recommendations. This highlights the fact the people manning the mid - and lower-levels of the administration in most cases fail to act expeditiously enough in order to enable the government to do some good work in the greater national interest. The chief adviser has expressed his optimism that the reforms initiated by the caretaker government would continue under the next elected government. But with the present bureaucratic machinery remaining unchanged, how can one expect reforms to take place, no matter whosoever is at the helm of the statecraft?
However, the fear factor does no more exist and the normal business activities are back on the track in a relatively relaxed atmosphere. So, the private sector is now prepared to share its thoughts and ideas with the government in making business and investment activities smooth and easy. As a part of that realization, the BBBF and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) last Sunday jointly organized a dialogue on " Public-private partnership for economic development: Bangladesh Perspective" where top government and private sector leaders highlighted the need for joint efforts of all to make the best use of the country's economic potentials. However, deliberations made by the public and private sector leaders at the dialogue were divergent in nature. The government leaders, including the head of the caretaker administration, were rather rhetorical and stereo-typed while the business leaders took a down-to-earth line in highlighting the problems that are being encountered day in, day out.
The business leaders representing different sectors of the economy pointed out how power and gas crises, traffic congestion in Dhaka city and the Dhaka-Chittagong Highway and unabated unrest in the garment sector, non-availability of bank finances for some highly potential agro-processing industries etc., are affecting normal growth of business and economy. What transpired from the deliberations made by the businesses at the dialogue was that infrastructural problems were hurting the businesses more than the policy-related ones. Hence, side by side with the efforts to remove regulatory and bureaucratic barriers, the government must try hard to improve infrastructures, utility services, law and order etc., in order to attain the much-cherished goal of taking the nation to a 'newer height of success.'
Meanwhile, the claims that are being made officially about the success of the BBBF and the RRC in creating a better business and investment climate in the country, reportedly, are not based on real progress on the ground. A letter recently sent by the chief adviser's office (CAO) to ministries and divisions concerned bears testimony to that fact. In the letter, the CAO has expressed its dissatisfaction at the poor rate of implementation of the recommendations made by the BBBF and the RRC. Nearly one-fourth of the BBBF recommendations and only one out of 33 recommendations of the RRC have been implemented so far. The CAO has asked the ministries/ divisions to form their own committees to expedite implementation of the recommendations. This highlights the fact the people manning the mid - and lower-levels of the administration in most cases fail to act expeditiously enough in order to enable the government to do some good work in the greater national interest. The chief adviser has expressed his optimism that the reforms initiated by the caretaker government would continue under the next elected government. But with the present bureaucratic machinery remaining unchanged, how can one expect reforms to take place, no matter whosoever is at the helm of the statecraft?