Local companies will enjoy a reduction in production costs and time alongside an overall improvement to the business climate through the implementation of the government’s plans on the ease of doing business, according to Finance Minister AHM Mustafa Kamal. “Improving Bangladesh’s ranking on the World Bank’s Ease of Doing Business Index will save us time as well as a lot of unnecessary costs,” Kamal said while addressing a virtual meeting of the national steering committee yesterday. “We have to make sure that those who are responsible for implementing various aspects of the plan complete their tasks in a timely fashion before being given final certification,” he added. At the meeting, organised by the finance ministry, speakers discussed how to best streamline the implementation of the plans. The national steering committee, headed by Kamal, consists of representatives from 11 different government bodies and is committed to improving the country’s business environment. “We have to ensure a smooth implementation by working step by step so that the process is completed in due time,” Kamal said, adding that the Bangladesh Investment Development Authority (BIDA) will coordinate with ministries, departments and agencies to this end. The finance minister also said that the committee will soon hold another meeting that will include even more people who have roles to play in the implementation plans. Several initiatives have been put in place to improve the country’s ease of doing business. However, some complications have already risen. The World Bank releases a report on the ease of doing business in countries all over the world each year. The report and subsequent placing on the index are based on 10 economic indicators. The indicators are: the number of business start-ups, construction approvals, power acquisitions, property registrations and loan disbursements made in a country alongside its rate of small investor interest, tax payment, border trade, contract enforcement and bankruptcy settlement. As per the World Bank’s definition, a business start-up index is a measure of the time and expense required to resolve a business dispute and the quality of the legal process involved. On Wednesday, Salman F Rahman, the Prime Minister’s private industry and investment adviser, said that the current Awami League government has targeted a double-digit ranking for Bangladesh on the Ease of Doing Business index by 2021. “So, we have to forge ahead keeping that target in mind,” he added. Bangladesh jumped eight notches to 168th out of 190 counties in the global ease of doing business ranking. The meeting decided that it would frame another outline for implementing the plans that will identify those who will be given supervisory roles and those who will carry out other responsibilities, BIDA executive chairman Md Sirazul Islam told The Daily Star. It is a part of the government’s move to improve Bangladesh’s ranking on the ease of doing business index within the next year, Islam said. Tipu Munshi, minister of commerce; Asaduzzaman Khan Kamal, minister of home affairs; Md Tajul Islam, minister of local government; Farhad Hossain, state minister for public administration; Khalid Mahmud Chowdhury, state minister for shipping; and Nasrul Hamid, state minister for power, energy and mineral resources, were also present at the meeting.
