Bangladesh Investment Development Authority (BIDA) has recommended the establishment of a new one-stop service where interested businesses would enjoy trouble free facilities of different regulatory bodies. The decision came at a point when investment and business growth is going through a stagnant period.
Complex regulations and bureaucratic hurdles increase the transaction costs of doing business which in turn discourages many from investing and setting up new businesses. This is harmful for the economy as it is destroying the potential growth of the business sector.
To overcome this situation, BIDA has already framed a one stop service facility for the investors to provide all facilities from a single office. We welcome this innovative initiative by the government body to boost investment and economic growth.
Executive Chairman of BIDA, Md Sirajul Islam further stressed on maintaining compliance and sustainability in the industries for the sake of environmental issues. He said diversification of goods is important for our export competitiveness. He also added that we have to reform and modernize existing Company Act in line with the modern technology.
We welcome this innovative initiative
by the government body to boost
investment and economic growth
In order to boost private investment and drive the economic growth, Bangladesh needs to improve its position in competitive indices. Policy reform and government support is crucial for the sector as Bangladesh is losing out to more competitive global markets. Subsidizing new business investments could go a long way to boost our economic growth and help us bridge the gap between our markets and the international ones.
Several experts at the Board of Directors of Dhaka Chamber of Commerce and Industry (DCCI) meeting suggested ensuring utility connections to Economic Zones, single digit interest rate for SMEs, reforms of Company Act and lower interest rate on private sector lending. They also urged to expedite quicker winding-up procedures.
The government should keep a closer eye on the trends in the investment and business sector to come up with solutions to problems as they arise. The sector must not be neglected as it is central to our overall development and growth.