Reducing cost of business

The existing regulatory and administrative environment is rife with corruption and inefficiency. For instance, goods arriving at Chittagong port must go through a mind-boggling 42 levels of customs clearance before release. Cutting this down to a more internationally accepted 12 levels would both increase efficiency and limit the opportunity for corruption. Similarly, the unloading time at the port currently stands at a minimum of six days compared with ten hours for India and six hours for Singapore. We must recognise that we are competing in a global market these days and that it is imperative to keep up with international standards.

Nor are corruption and inefficiency the only obstacles to doing business in Bangladesh. Lax law enforcement, a compromised legal system, and out-of-date infrastructure are only a few of the other challenges that the business community faces. Indeed, perhaps the most crucial issue for the business community right now is their security and safety, given the level of threat, extortion, and even murder, that the community must live in fear of.

Tap here to add The Daily Star as a trusted source

The bottom line is that the government must focus on the needs of the business community for the sake of the entire economy. The artificial costs of doing business in Bangladesh harm us all by slowing the pace of economic development. There are many measures such as the appointment of a tax ombudsman at the ports and the simplification of customs procedures that could have an immediate positive impact that the government can take. The government must pay close attention to this matter and do everything in its power to lower the cost of doing business in the country to an acceptable level.