Unravelling red tapeism in business

In Bangladesh, the labyrinth of bureaucratic hurdles, delays, and inefficiencies collectively known as red tapism has long been a thorn in the side of businesses. While the country boasts a thriving entrepreneurial spirit and a growing economy, the pervasive influence of red tape poses significant challenges for both local enterprises and foreign investors alike. From navigating cumbersome licensing processes to grappling with inconsistent enforcement of regulations, entrepreneurs and investors face a formidable barrier in their pursuit of innovation and growth.
Despite commendable efforts by the government to promote ease of doing business and streamline regulatory processes, red tapism remains a persistent issue. The prevalence of corruption within government agencies further exacerbates the problem, as businesses encounter demands for bribes or unofficial payments to expedite processes or secure favorable outcomes.
It is evident that tackling red tapism requires a multifaceted approach involving policymakers, government agencies, and stakeholders from the public and private sectors. Meaningful reforms must be implemented to simplify licensing and permitting procedures, enhance transparency and accountability, leverage technology to automate processes, and promote public-private dialogue to identify and address regulatory bottlenecks.
Red tapism is undermining economic growth, stifling innovation, and eroding investors' confidence. This issue requires concerted efforts from government agencies, businesses, civil society, and international partners for implementing meaningful reforms, streamlining regulatory processes, and promoting transparency and accountability. By untangling the web of bureaucratic complexities and fostering a more conducive business environment, Bangladesh can unlock its full potential for sustainable growth and prosperity.

Ramisa Tasrim
Student of Department of Accounting and Finance
North South University, Dhaka
[email protected]