Wednesday, 23 Oct 2019

Bangladesh is on the list of the best countries for improvement

Bangladesh will perform well this time on the World Bank’s Easy Business or Doing Business Index. The World Bank listed the 20 countries that made the most progress this year before issuing easy-to-see business indicators late next month. Bangladesh is also on the list. The government has been working for years to improve the World Bank index. But the improvement did not happen. Instead, last year, Afghanistan surpassed Bangladesh. India, too, jump. Finally, Bangladesh hopes to improve. It is easy to see how easy it is to do business in a country with the Business Index. This indicator is believed to be taken into account when selecting a country before investing in foreign countries. Bangladesh is now the fifth of 8 countries in the index. This situation may improve once the World Bank reports are published. Now the index is Malaysia, China, China, Vietnam, Sri Lanka, and Pakistan. Afghanistan ranked fifth. The World Bank classifies the Doing Business or ranking on five bases. This is the process of agreeing to start a business, allowing building construction, connecting electricity, registering land, lending, protecting small investors, paying taxes, foreign trade, executing a contract and declaring bankruptcy. The complexity, cost overruns and longevity of these operations are the underlying causes of the country. The World Bank says Bangladesh has made it easier for entrepreneurs to start their businesses. Electricity has improved in terms of communication and lending. Bangladesh has reduced the cost of registering new companies. You no longer charge fees or fees for digital certificates. The Loan Information Office (CIB) has increased its coverage of loan information. Five years of information are now available, whatever the loan amount. China, India, Pakistan, Azerbaijan, Bahrain, Djibouti, Jordan, Kenya, Kosovo, Kuwait, Kyrgyz Republic, Myanmar, Nigeria, Qatar, Saudi Arabia, Tajikistan, Togo, Uzbekistan, and Uzbekistan are among the top 20 countries for improvement in addition to Bangladesh.

The World Bank

The World Bank has not disclosed which country has made the most progress on this list. The report is indexed on the site according to the country name abbreviation. Preacher Riaz, chief economist and head of trade and competitiveness at the World Bank Group’s Dhaka office, linked to activities to improve Bangladesh’s business index, was first told on Friday that the outcome of Bangladesh’s reform program to improve the index was asked. Bangladesh is now expected to improve this time of the index. However, you can’t say how much now. Bangladesh ranked fifth in the Doing Business report published by the World Bank in its 27th effort. Since then, Bangladesh has been late. The government has taken special initiatives to ease business. The newly formed Bangladesh Investment Development Company (BIDA) is given responsibility. At the meeting with the trustees at the Sonargaon Hotel on Nov. 7, the company’s chief executive, Kazi Mohammed Aminul Islam, said the goal was to double the index, at least fifth, by 2021. With the help of the World Bank, BIDA decides what to do Ministry or department, where its function is prepared accordingly. However, many government agencies have shown no particular interest. The issue was also bureaucratic. As a result, the reform was not. Bangladesh is taking a step forward in the 20th index. Next year, only one step has been improved. However, there have been some reforms towards the end, which can bring benefits this year. Major reforms Al Badaa said the approval process to start a business to ease the business index has been reduced from 3 days to 5 days. In this case, the cost was also reduced.

In case of approval

In case of approval of the company name, certification, etc., the tariff was reduced. As a result, spending on the process allowed to start a business rose to 9.5 percent of the country’s per capita income, which was 20 percent earlier. Similarly, starting a business has been reduced from 1 to 5. It takes 20 days before you get a building permit for the plant. Now it was reduced to 5 days. The approval process was reduced from 5 steps to 5. As a result, expenditures in the case of a warehouse or warehouse were reduced from 5.7 percent to 2 percent. The cost of getting electricity was also reduced. It takes 3 days to get an electricity connection. Now it takes less than 5 days. This means that traders get electricity at a much lower rate than before. In this case, the process was reduced from 1 to 5 to avoid longevity. Bangladesh also made land registration easy. The name of the land was reduced to 3 days during the mutation or mutation, which was 5 days before. An electronic database on land borders, design and other information has been collected, Beda said. The agency claims that the time required to complete the documentary work at the export port has been reduced from 3 hours to 5 hours, while imports have been reduced from 24 hours to 12 hours. Similarly, the cost was reduced. Once the cost of exporting the port was $ 5, it has now been reduced to $ 25. Similarly, the import cost was reduced from $ 5 to $ 25. However, the last time to fix the next World Bank index was on April 3.

The benefits of these reforms

The benefits of these reforms, along with the benefits of the domain, will have a positive impact on the index this time. How much improvement can be made after the Awami League government came to power in the third term? Prime Minister Sheikh Hasina Salman Abdul Rahman’s Industry and Investment Advisor was tasked with promoting the country’s business environment. At various times, Bangladesh would make tremendous progress in the ongoing reforms. Heresies were appointed as the new CEO. Sirajul Islam believes Bangladesh will improve this year. But the big jump will come next year. “I have set up a five-member committee in Bidaa,” he said. “This committee will easily deal with work indicators. We will monitor progress every week, and this kind of work has been planned.” The key to the latest ease of doing business index, Bangladesh ranks fifth among the five countries in terms of starting a business, in order to allow infrastructure construction, 3 in the direction of obtaining energy connection, 3 inland registration, 5 on loan availability, 1 on the payment of tax, 5 on foreign trade, 3 on the implementation of the contract, the fifth on the insolvency declaration, this year, although there is some improvement, there is still a lot of work to be done in Bangladesh. But bureaucratic complexity, legal reform and a change of mindset will go far. Stop the service, wh Will investors get the services of all companies online from the bidder.

Shehzad Monem feels that coordination between ministries and departments should be increased. Moreover, there are four tasks to be done to attract foreign investment. First, foreigners have reported in Bangladesh. Second, strengthening the capacity of Bangladeshi embassies in target countries. Fourth, the investor should serve him one door after returning home, fourth, to arrange for foreign investors in the country a good experience, the World Bank’s Bangladesh Development Report predicted at a press conference at the World Bank’s Dhaka office in Aragon. On Thursday, the Bureau of Statistics Bangladesh (BBS) has made a provisional estimate that there has been a 6.7 percent growth rate in the fiscal year ending in. The key is to accelerate sustainable growth, and he believes Bangladesh’s growth is very strong. According to him, reforms are needed to implement the finance, revenue sector, and development programs, and the business environment is also improving. The World Bank report on the banking sector says the sector remains at risk. The loan from the bank is risky. Religion is on the rise. Government banks suffer more. Due to the different types of collateral, the cost of opening a loan is higher than ever.

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