Reforms must to reduce cost of business
Saturday, 18 April 2009
FE Report
Reforms are needed for creating congenial business climate to ensure higher economic growth, create more employment opportunities and reduce poverty level, said speakers at a discussion meeting on public perception survey on Friday.
Some areas are over regulated while others less regulated and only reforms can strike a balance between the two, said former adviser and Regulatory Reforms Commission (RRC) chairman Dr Akbar Ali Khan at the meeting organised by the IFC Bangladesh Investment Climate Fund (BICF).
The BICF conducted the stakeholder perception survey in November and December last year.
"Environment related regulations are too much complicated and it is extremely difficult to set up a factory if an entrepreneur has to abide by all of them," Dr Akbar said.
On the other hand, there is less regulation in housing sector, he added.
The RRC chairman said there is less demand for business reforms in the country.
"Red-tape hurts business decisions the most and reform measures should be undertaken on a priority basis," he said.
President of International Chamber of Commerce, Bangladesh chapter Mahbubur Rahman said no reform would bring about any fruitful result unless the government mitigates the energy problems.
"Existing factories are facing production problems due to gas and power shortage and no businessman will make any new investment unless he is assured of energy supply," he said.
The government should immediately take steps to improve the energy situation, he added.
President of Dhaka Chamber of Commerce and Industry Zafar Osman said reforms are very essential for business community.
The government should create an atmosphere where reform agenda draws national attention, he said.
Centre for Policy Dialogue executive director Professor Mustafizur Rahman said people are now more aware about business reform.
Chairman of Unayan Shamanay Dr Atiur Rahman said it is difficult to do business at upazila and district levels.
Editor of the Financial Express Moazzem Hossain said the focus of the key reforms should be on the reduction of the cost of doing business and a reasonable rate of return for the investors.
Investment Policy Officer of IFC BICF Aminur Rahman made a presentation on the survey.
A total of 1,000 people were surveyed under public officials, business, opinion leaders and general population.
The survey revealed that about 50 per cent of businessmen heard about the ongoing business reforms and 72 per cent of all businessmen said reforms are likely to have a significant impact on the businesses.
Most of the business organisations did not hear about Regulatory Reforms Commission or Bangladesh Better Business Forum.
Businessmen demanded reforms in many areas including access to loans for small and medium enterprises, improvement of customs clearance process, make tax payment easier, encourage more business competition, simplify labour regulations and land issues.
The key challenges faced by businesses are capital scarcity, inflation, corruption, labour problems and political instability, revealed the survey.
Reforms are needed for creating congenial business climate to ensure higher economic growth, create more employment opportunities and reduce poverty level, said speakers at a discussion meeting on public perception survey on Friday.
Some areas are over regulated while others less regulated and only reforms can strike a balance between the two, said former adviser and Regulatory Reforms Commission (RRC) chairman Dr Akbar Ali Khan at the meeting organised by the IFC Bangladesh Investment Climate Fund (BICF).
The BICF conducted the stakeholder perception survey in November and December last year.
"Environment related regulations are too much complicated and it is extremely difficult to set up a factory if an entrepreneur has to abide by all of them," Dr Akbar said.
On the other hand, there is less regulation in housing sector, he added.
The RRC chairman said there is less demand for business reforms in the country.
"Red-tape hurts business decisions the most and reform measures should be undertaken on a priority basis," he said.
President of International Chamber of Commerce, Bangladesh chapter Mahbubur Rahman said no reform would bring about any fruitful result unless the government mitigates the energy problems.
"Existing factories are facing production problems due to gas and power shortage and no businessman will make any new investment unless he is assured of energy supply," he said.
The government should immediately take steps to improve the energy situation, he added.
President of Dhaka Chamber of Commerce and Industry Zafar Osman said reforms are very essential for business community.
The government should create an atmosphere where reform agenda draws national attention, he said.
Centre for Policy Dialogue executive director Professor Mustafizur Rahman said people are now more aware about business reform.
Chairman of Unayan Shamanay Dr Atiur Rahman said it is difficult to do business at upazila and district levels.
Editor of the Financial Express Moazzem Hossain said the focus of the key reforms should be on the reduction of the cost of doing business and a reasonable rate of return for the investors.
Investment Policy Officer of IFC BICF Aminur Rahman made a presentation on the survey.
A total of 1,000 people were surveyed under public officials, business, opinion leaders and general population.
The survey revealed that about 50 per cent of businessmen heard about the ongoing business reforms and 72 per cent of all businessmen said reforms are likely to have a significant impact on the businesses.
Most of the business organisations did not hear about Regulatory Reforms Commission or Bangladesh Better Business Forum.
Businessmen demanded reforms in many areas including access to loans for small and medium enterprises, improvement of customs clearance process, make tax payment easier, encourage more business competition, simplify labour regulations and land issues.
The key challenges faced by businesses are capital scarcity, inflation, corruption, labour problems and political instability, revealed the survey.