Cost of launching business

The fact remains, though that if the cost of starting an enterprise is inhibitory, the idea itself could run out of steam.

That said, we turn to the essence of what a global business survey conducted by the World Bank and International Finance Corporation has revealed about Bangladesh being the costliest in South Asia in terms of starting a business. Bangladesh needn't have been so costly given her distinct advantages over some neighbouring South Asian countries in certain other parameters for decision-making. Our procedures have been whittled down to eight in number compared with 11 in Pakistan, India and Bhutan. Consequently, the number of days required in Bangladesh to herald business is 35 in contrast to 71 in India and 50 in Sri Lanka, only Pakistan having an edge over Bangladesh.

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In spite of these positive features which ought to have incentivised business in Bangladesh, investments both domestic and FDI, are yet to pick up to our potential.

The improvement made in terms of reduction in the number of steps to okay business proposals in Bangladesh is neutralised by our failure to contain corruption, rent-seeking and what-is-there-in-it-for-me self-serving attitude on the part of functionaries. This is patently ironical, because we have brought down the number of procedures which should have actually reduced the level of corruption that is known to thrive on cumbersome formalities.

Practically, we have made a farce of the Anti-Corruption Commission (ACC) we would have liked to rely on for reducing corruption that extracts a high premium from business. The costs of business insecurity and political restiveness also weigh negatively on investment prospects, let alone serious deficiencies in the infrastructure. It is the whole package that must be attractive, otherwise we shall be losing out on business and investment that are potentially on offer.