FE Report
Speakers at a programme on Saturday called for rapid modernisation of the Companies Act, 1994 to attract more local and foreign investment in the country.
They said Bangladesh needs to improve its 'Ease of Doing Business Index' to lure more investment, aiming to achieve the Sustainable Development Goals (SDGs) in time.
The suggestions were made at a seminar titled 'Modernisation of Companies Act for Ease of Doing Business'.
It was organised by the Institute of Chartered Accountants of Bangladesh (ICAB) at the ICAB Auditorium in the city's Karwan Bazar.
Commerce Secretary Shubhashish Bose attended the programme as chief guest while Financial Institutions Division additional secretary Ajit Kumar Paul presented the keynote paper.
The programme was also addressed by additional registrar at the Registrar of Joint Stock Companies and Firms (RJSC) Shontosh Kumar Pandit, ICAB former President Md Humayun Kabir, with ICAB President Dewan Nurul Islam in the chair.
Delivering his speech, Mr. Bose said the government is going to amend the Companies Act, 1994 in tandem with the changes in the global economic system.
He said modernisation of the act is the demand of the day to attract more foreign direct investment (FDI) in the country.
The changes in the act must be compliant with the World Trade Organisation (WTO) to expand the country's export market further, he added.
The commerce secretary also said synchronisation among different regulatory bodies is also crucial to reduce the time to start a new business.
Besides, reform of the companies act will not only facilitate formal sector but also help informal sector to grow which is the vital driving force of the country's economy, he added.
Presenting the keynote paper, Mr. Paul said full automation of the office of the RJSC office, easing share transferring process and up to date taxation policy is required to do well in the ease of doing business index.
He also said co-ordination among RJSC, Bangladesh Bank, Bangladesh Securities and Exchange Commission (BSEC), revenue authority, Bangladesh Investment Development Authority (BIDA), city corporations and other concerned regulators should be done immediately.
Bangladesh ranked 177th out of 190 countries in the Ease of Doing Business Index last year which is a major constraint to attract FDI, he added.
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