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Planning minister: Improve ease of doing business to attract investments

  • Published at 09:55 pm March 4th, 2019
ma mannan
Planning Minister MA Mannan receives a crest from a delegation of Dhaka Chamber of Commerce and Industry (DCCI), at the Planning Ministry in Dhaka on March 4, 2019 Courtesy

Mannan also informed that the government is committed to completing all mega projects in time

Planning Minister MA Mannan yesterday said that in order to attract investments, Bangladesh has to improve in the ease of doing business index, while meeting with the Board of Directors of Dhaka Chamber of Commerce and Industry (DCCI), at the Planning Ministry.

Mannan also informed the DCCI delegation, led by its President Osama Taseer, that the government is committed to completing all mega projects in time, reads a press release.

"To attain the required economic growth, we need a collective effort from both public and private sectors," the planning minister opined, urging the private sector to place necessary recommendations for doing improving the country's ease of doing business.

He also stressed importance on vocational education to create skilled human resource, urging the private sector to invest more on establishing training institutes.  

DCCI President Osama said in order for Bangladesh to graduate into a developing nation by 2024, "we have to create a sustainable business-friendly environment".

"Additionally, to attain double digit GDP growth, we have to frame business-friendly policies, mitigate the challenges of infrastructure, and attract local and foreign investments," he added.

Responding to the planning minister's request, he said that to improve in the ease of doing business index, "we have to have proper planning for infrastructure development and increase budget allocation".

At present, Bangladesh spends 3.64% of GDP (gross domestic product) on infrastructure, whereas China spends 7%, Vietnam spends 10%, India spends 5%, Sri Lanka spends 5%, and the Philippines spends 5%.

To monitor in time completion of mega infrastructure projects and coordination among the concerned bodies, Osama suggested forming the National Infrastructure Development and Monitoring Advisory Authority (NIDMA), under the leadership of the Prime Minister.

He also urged the government to frame out "special planning" in the next eighth Five Year Plan to adopt new technology in industries and to face the challenges of creating more employment opportunities.

The DCCI president also suggested to include private sector representatives in the Voluntary National Review (VNR) to identify the private sector's contribution in implementing SDGs (Sustainable Development Goals).

Claiming the registration fee in the real estate sector to be high, DCCI Director Hossain A Sikder urged the concerned authority to reduce it to increase apartment sales.

DCCI Director Ashraf Ahmed called for increasing the investment to GDP ratio to attain double digit growth.

In order to facilitate research and innovation in the jute sector, DCCI Director Rashedul Karim Munna urged the government to provide loan facilities to the sector entrepreneurs at a lower interest rate.

Among others, DCCI Directors Alhaj Deen Mohammed, Enamul Haque Patwary, Md Al Amin, Mohammad Bashiruddin, Nuher L Khan, and SM Zillur Rahman were also present at the meeting.

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