Investment News

National-level actions taken for Doing Business reforms

Aug 23, 2020

Two high-powered bodies convene to expedite reforms for an enhanced business climate

BIDA has been focusing on coordinating reform initiatives to improve Bangladesh’s ranking on the World Bank’s Ease of Doing Business index. The Bangladesh economy must achieve double-digit ranking on the crucial index by 2021, the Honourable Prime Minister Sheikh Hasina recently told parliament.

On Aug 23, the National Steering Committee on Ease of Doing Business headed by Finance Minister AHM Mustafa Kamal MP[A1]  convened for its second meeting to expedite reform initiatives.

As the government’s lead agency coordinating Doing Business reforms, BIDA develops detailed Action Plans with technical assistance from International Finance Corporation (IFC), said the committee chairman. “But the government’s various ministries, departments and agencies are responsible for implementing these reforms,” he said.

The members of the high-powered committee decided to direct their line agencies to ensure priority for reforms that have the potential to earn high scores.

The Minister of Local Government, Rural Development & Cooperatives, the Minister of Environment, Forest & Climate Change, the Minister of Land, the State Minister of Public Administration, the Minister of Home Affairs, the Minister of Law, Justice and Parliamentary Affairs, the State Minister of Shipping, the State Minister of Power, Energy and Mineral Resources joined the National Steering Committee meeting.

The 6th meeting of National Committee for Monitoring Implementation of Doing Business Reforms (NCMID) is held virtually on Sept 13, 2020.
BIDA has been holding stakeholder consultations on each of the 11 indicators of Doing Business to provide updates and secure decisions on individual reforms, said the Finance Minister. There were individual consultations held for Starting Business, Getting Credit, Registering Property, Getting Electricity, Resolving Insolvency, Enforcing Contracts and Protecting Minority Investors. 

On Sept 13, further initiatives were taken to expedite initiatives during the 6th meeting of the National Committee for Monitoring Implementation of Doing Business Reforms (NCMID) chaired by Cabinet Secretary Khandker Anwarul Islam.

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.  

Despite the pandemic, Bangladesh reported reforms under seven indicators for 2021 Doing Business report. To achieve the targets set for the 2021 report, BIDA had engaged with 37 ministries, departments and agencies over 84 reform recommendations and a detailed Action Plan. The World Bank however paused the publishing of the report to conduct an internal audit.