INEFFICIENT government bureaucracy, corruption and limited access to finance were the main three problems for doing business in Bangladesh last year. According to the 2020 Global Competitiveness and Bangladesh Business Environment report, inefficient bureaucracy is the biggest trouble for trade and commerce as 72 per cent businessmen surveyed in major cities believe.
Besides, Bangladesh is also lagging behind in competitiveness due to various other obstacles, such as, infrastructural deficiencies, high rate tax and shortage of skilled manpower and experts. The survey report further shows that access to finance has ‘increasingly’ become a major concern for businesses, particularly for Small and Medium Enterprises (SMEs).
The Bangladesh part of the Global Competitiveness Report (GCR), the flagship of publication of the World Economic Forum (WEF), was released here on Thursday. The Centre for Policy Dialogue (CDP) is the partner of the GCR organization and responsible for preparing the Bangladesh part of the study. The Executive Opinion Survey (EOS) was conducted in Bangladesh during the early period of the Covid- 19 pandemic. Unlike the previous years, the ranking of Global Competitiveness Index was not published this year because of the corona situation.
Then again, the report emphasises on a number of vital issues to make trade and commerce in Bangladesh more competitive. These include development of good governance, ICT adoption, infrastructure, technology, human capital, financial environment, business operations and innovation, domestic competition, foreign trade and competition, security and risks. Thirty-seven developed countries, including the Netherlands, New Zealand, Switzerland, Estonia and the United States, are the best performers in these pillars, says the report.
Meanwhile, most of the executives, surveyed for the global report, opined that weak public service delivery due to lack of efficiency, transparency and accountability is the major factor responsible for the poor condition of governance in the country.
Considering the present state of our businesses, the SMEs should be given some space to continue their businesses. Already there is feeling among businesspeople that corporate activities have been consolidated into hands of a few business groups. Even big businesses have survived the pandemic shocks with the help of government’s stimulus package and easy access to bank loans, which did not happen in case of small businesses. This may lead to an “industrial divide”.
We believe sustaining small businesses will positively impact our economy while their closing down will send terrible signal for the economy. Thus, the government must safeguard the existence and security of the small businesses.
Besides, Bangladesh is also lagging behind in competitiveness due to various other obstacles, such as, infrastructural deficiencies, high rate tax and shortage of skilled manpower and experts. The survey report further shows that access to finance has ‘increasingly’ become a major concern for businesses, particularly for Small and Medium Enterprises (SMEs).
The Bangladesh part of the Global Competitiveness Report (GCR), the flagship of publication of the World Economic Forum (WEF), was released here on Thursday. The Centre for Policy Dialogue (CDP) is the partner of the GCR organization and responsible for preparing the Bangladesh part of the study. The Executive Opinion Survey (EOS) was conducted in Bangladesh during the early period of the Covid- 19 pandemic. Unlike the previous years, the ranking of Global Competitiveness Index was not published this year because of the corona situation.
Then again, the report emphasises on a number of vital issues to make trade and commerce in Bangladesh more competitive. These include development of good governance, ICT adoption, infrastructure, technology, human capital, financial environment, business operations and innovation, domestic competition, foreign trade and competition, security and risks. Thirty-seven developed countries, including the Netherlands, New Zealand, Switzerland, Estonia and the United States, are the best performers in these pillars, says the report.
Meanwhile, most of the executives, surveyed for the global report, opined that weak public service delivery due to lack of efficiency, transparency and accountability is the major factor responsible for the poor condition of governance in the country.
Considering the present state of our businesses, the SMEs should be given some space to continue their businesses. Already there is feeling among businesspeople that corporate activities have been consolidated into hands of a few business groups. Even big businesses have survived the pandemic shocks with the help of government’s stimulus package and easy access to bank loans, which did not happen in case of small businesses. This may lead to an “industrial divide”.
We believe sustaining small businesses will positively impact our economy while their closing down will send terrible signal for the economy. Thus, the government must safeguard the existence and security of the small businesses.
