The World Bank’s Ease of Doing Business Index framework was narrowly structured and did not reflect the broader scenario, said the Bangladesh Investment Development Authority (BIDA) Executive Chairman MD Sirajul Islam on Thrusday.
He also said it was not imperative to follow the WB’s prescriptions to create an investment friendly climate in the country.
The BIDA chairma was speaking at a seminar organized by the France Bangladesh Chamber of Commerce and Industry (CCIFB) titled, ‘Ease in Doing Business: Is Bangladesh an Ideal Place for FDI and Foreign Companies to Do Business?’ at Westin Hotel in the capital.
“World Bank is currently working on preparing a set of recommendations for Bangladesh to improve our ease of doing business index next year. After getting the recommendation, we will work on it. Although WB’s ease of doing business index framework is narrowly structured and hardly reflects the broader scenario,” he said while presenting a keynote paper.
‘For example, one of the criteria is Construction Permit under which the WB considers building warehouses only. But it should also include construction of factories and other such infrastructure establishments,” he explained.
The BIDA chief said they recently changed the work process of their organization after detecting some flaws.
‘We have given 84 reform proposals to different government ministries and agencies. I met with ministers and heads of the agencies concerned. They have agreed to do the reforms. We are training desk officers of relevant ministries and divisions to get maximum returns and ensure better services,” he said.
World Bank’s Ease of Doing Business 2020 report, released in October last year, showed the country was ranked 168th out of 190 countries, up from 176th in the previous year.
Jean-Marin SCHUH, Ambassador of France to Bangladesh said FDI in Bangladesh remained still weak, but several investment projects still awaited official approvals.
“In 2019, our bilateral trade has reached a record level of 3,240 million Euros, the highest level in the last ten years, but our trade deficit has risen up to 2,713 million Euros. Our exports to Bangladesh (263 million Euros) have decreased by 21%, while Bangladesh’s exports to France show a 14% increase (2,976 million Euros),” he said.
Utha Fashions Limited’s Director Asad Sattar, however, said only change in policies would not help to bring FDI in the country.
“Policies can be changed in short time but implementing those requires cultural reforms. We should consider changing the culture as priority too for improving the business and investment environment,” he said.
CCIFB President Maruf Alam said the chamber was constantly working to facilitate the French business in the country.
“Now there are 108 companies who are either French companies or companies doing business with France. We hope the business relation between the two countries will develop further,” he said.
