Bangladesh was recently urged by business leaders to reduce the cost of business, simplify regulatory procedures and improve law and order.
It was urged to formulate policies for freelance promoters and digital marketing, expedite container transport and clearance, simplify LC procedures for new entrepreneurs, simplify trade licence issuance and extend trade licence validity from a year to five years.
DCCI president Taskeen Ahmed said energy shortage and electricity disruptions had raised transportation costs, while the mandatory closure of shopping malls and retail outlets by 7 pm had reduced sales and business turnover.
He expressed concern that the government’s ambitious revenue collection target and growing reliance on bank borrowing to finance the budget deficit were crowding out private sector credit and discouraging investment.
Following a DCCI proposal, the Dhaka South City Corporation, is planning to organise a ‘Trade Licence Renewal Week’ at the chamber to facilitate easier licence renewal for businesses.
Bangladesh Bank director Mahmudun Nabi said a shortage of US dollars and foreign exchange reserves had prolonged opening of LCs and settlement procedures, while high non-performing loans continue to keep lending rates high.
He suggested that the public and private sectors jointly engage with international shipping companies to reduce import logistics costs, according to domestic media reports.
The government was urged to reduce taxes on signing money in the real estate sector, formulate policies for freelance promoters and digital marketing, expedite container transport and clearance, simplify LC procedures for new entrepreneurs, provide easier incentives for women entrepreneurs, simplify trade licence issuance and extend trade licence validity from a year to five years.
Fibre2Fashion News Desk (DS)
