Business

Employment-based growth needed to improve living standard

Experts say at MCCI-PEB report launching ceremony


Published : 07 Oct 2021 09:23 PM | Updated : 09 Oct 2021 09:28 PM

Speakers at a report launching ceremony on Thursday observed that employment based growth is essential for ensuring decent standard of living for all people 

They also stressed need to ensure a trade-friendly environment to boost industrialization, investment and business”

The observations were made in the virtual launch of the country's first "Bangladesh Business Climate Index (BBX)" report, a joint venture of the Metropolitan Chamber of Commerce and Industry (MCCI) and Policy Exchange Bangladesh (PEB).,

Salman F. Rahman MP, Adviser to Prime Minister Sheikh Hasina on Private Industry and Investment joined the event as chief guest while Md. Jashim Uddin, President of FBCCI, Md. Sirajul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA), ITO Naoki, Ambassador of Japan to Bangladesh also joined as cpecial guests. 

 The report was presented by Dr. M Masrur Reaz, Chairperson, Policy Exchange Bangladesh. 

In his presentation, Dr. Reaz suggested 10 criteria to be considered in creating Bangladesh Business Climate Index. 

These include starting a business, access to land, Availability of regulatory information, Availability of infrastructure, Labor Regulation, dispute Resolution, Cross-Border Trade facilitation, Paying taxes, Technology adoption and Access to Finance. 

The index, based on a total of 100 points, divides the business environment into four categories. 0-20 points indicates the business environment is difficult, if 21-40, there are substantial bottlenecks remain for business. Index staying within the next 20 points indicates to generally complex business environment. 

“If the index is between 61-80, the business environment is improving and if the index is between 81-100, 

then the business environment is friendly. The first ever “Bangladesh Business Environment Index” could manage to score 61.01, which states, the business environment in Bangladesh is improving, but there is room for progress”, mentioned in the presentation.

While addressing, Salman F. Rahman said that this index has Covered the business environment not only in Dhaka and Chattagram but in the whole of Bangladesh. He hopes that the detailed and effective research methodology, this indicator will soon gain acceptance among global entrepreneurs.

Speaking on the occasion, Md. Jashim Uddin, President of FBCCI, said that the discontinuation of the publication of the World Bank's Ease of Doing Business made it difficult for entrepreneurs to plan for future investments. However, such initiatives by MCCI and PEB will help government agencies to remove business barriers, and will facilitate to achieve SDG’s and Vision 2041.

Md. Sirajul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA), said that despite the World Bank's announcement to stop publishing the index, the agency is continuing its activities to improve the business environment in the country. He assured that the initiative of MCCI and PEB would further accelerate the BIDA activities.

ITO Naoki, Ambassador of Japan to Bangladesh, said that Japan is providing financial and technical assistance to various mega projects including Metrorail to improve the infrastructure, transportation and communication system of Bangladesh. Once these projects are completed, the business environment in the country will be further improved.

The panel discussion was attended by Rupali Haque Chowdhury, President, FICCI, Mr. Syed Nasim Manzur, former President of MCCI, Rizwan Rahman, President of DCCI and Abul Kasem Khan, Chairperson of BILD and Director, FBCCI.

Bangladeshi business counselors from different countries also spoke at the event.

MCCI President Nihad Kabir chaired the session, while the closing remarks were made by Anis A. Khan, Senior Vice President, MCCI.

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