Jul 08, 2020
Bangladesh has reported reforms in seven indicators of the World Bank’s Doing Business report 2021.
Major improvements were implemented under Registering Property, Starting a Business, Construction Permits, Getting Electricity, Getting Credit, Protecting Minority Investors and Trading Across Borders.
“The government has set an ambitious target to secure double-digit ranking for our economy. BIDA is determined to ensure recognition for the hard-earned reform initiatives being reported this year, so that our ranking can improve significantly,” said BIDA Executive Chairman Md. Sirazul Islam.
In March, BIDA organised virtual workshops in the presence of Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman MP, who has been providing overall guidance for achieving the targeted reforms.
BIDA also held virtual consultations with respondents of the Doing Business survey in Dhaka and Chattogram ahead of the Apr 30 submission deadline. The aim has been to continually sensitise public and private sector respondents about the specific parameters of the World Bank’s report.
“Timely response is crucial because it does not count if someone responds after the deadline. We want the respondents to report exactly what has already been done and what the World Bank really wants to know,” said the BIDA chief, who chaired the consultation sessions.
On Jul 8, 2020, the 5th meeting of the National Committee for Monitoring Implementation of Doing Business Reforms (NCMID) was held though a video conference[A1] . The Hon. Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman MP joined the high-level meeting chaired by Cabinet Secretary Khandker Anwarul Islam. The 15-member NCMID is comprised of top representatives of ministries, departments and agencies that are responsible for the implementation of reforms.
5th meeting of the high-powered National Committee for Monitoring Implementation of Doing Business Reforms (NCMID) held on Jul 8.
To achieve the targets set for the 2021 report, BIDA has engaged with 37 ministries, departments and agencies over 84 reform recommendations and a detailed Action Plan developed with technical assistance from the International Finance Corporation (IFC). The UK Department for International Development (DFID) has been providing strong support in Bangladesh’s effort to improve its business climate.
“BIDA is now creating the Action Plan for 2022, which involves challenging reforms that require amendments to relevant laws as well as digitisation and integration of more government services,” said BIDA Executive Member AKM Dinarul Islam, who heads the Investment Environment Services wing.
Last year, Bangladesh climbed eight positions to reach 168th ranking by introducing reforms in Starting a business, Getting electricity and Access to Credit - the most reforms in a decade, according to the World Bank Group’s study.
Bangladesh was also listed among Top 20 reformers due to the milestone achievements.