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Corruption, inefficient government bureaucracy, and foreign currency instability were among the top factors that created barriers for businesses in Bangladesh last year, according to the Centre for Policy Dialogue.
The CPD identified the problematic factors through a survey conducted in partnership with the World Economic Forum (WEF). The survey was carried out from May to June last year, local news portals reported.
Based on the findings, the CPD made a presentation on the state of the business environment in Bangladesh at a media briefing ‘Bangladesh Business Environment Study 2023: Findings from the Executive Opinion Survey’ at the CPD office in the city on Wednesday.
CPD Research Director Dr Khondaker Golam Moazzem briefed the journalist about the outcome of the survey.
As many as 71 senior officials of different types of companies were the respondents of the survey, the Executive Opinion Survey, on the state of the business environment in Bangladesh.
Local news portals said 67.6 per cent of the respondents identified corruption as a top problematic factor while 54.9 per cent of them blamed inefficient government bureaucracy, and 46.5 per cent complained about foreign currency instability.
Notably, corruption was also identified as the most problematic factor in 2022.
Every year, CPD conducts an executive opinion survey in partnership with the World Economic Forum (WEF).
The Executive Opinion Survey covers a broad range of issues, including institutional development, physical resources, the financial environment, human empowerment, research, and technology.
Besides, the survey covers contemporary issues and concerns related to Bangladesh’s economy. Based on the findings, a set of recommendations has been made to improve the business environment in the country.
A BSS report said the CPD also emphasised on introducing an integrated financial and transaction system combining all kinds of financial and banking operations among the banks, NBFIs, stock exchanges, foreign exchange dealers, and land and other asset-related offices.
The think tank also suggested that the public procurement system should be thoroughly revised both at pre-procurement and post-procurement levels, revising the existing e-procurement system, harmonizing with international standards, engaging citizens in all public procurements, and engaging citizens in project implementation.
In his speech, Khondaker Golam Moazzem said all public offices should immediately announce their 100-day, one-year, three-year and five-year plan of action based on the political commitments.
This announcement should be made public as well as available on their websites, he added.
He said all action plans should be "outcome-oriented, time-specific, with proper delegation of responsibilities, and monitorable.".
Moazzem also mentioned that the government should take the initiative to set up an independent office of the Ombudsman or Ombudsperson with proper legal, institutional, and operational responsibilities and facilities.
All public offices should introduce an office of the Ombudsman or Ombudsperson to address governance-related issues, he added.
He also emphasised setting up short-term commissions for banking, stock market, and financial sector reform and taking measures according to their suggestions.
He recommended setting up the office for regulatory, institutional, and operational reforms that affect the operations of businesses.
He called for strengthening public offices which has a role in market competition: Competition Commission, Securities and Exchange Commission, Financial Reporting Commission, Financial Integrity and Customer Services Department, Financial Intelligence Unit etc.