Prime Minister Tarique Rahman recently led the first meeting of the Private Sector Advisory Council at his office in Tejgaon. This council is a new initiative aimed at giving business leaders a direct line to the government. The goal is to gather honest feedback about the business climate and investment opportunities in Bangladesh.
The council is made up of notable figures from the private sector. Members include Dr. Arif Dowla from ACI PLC and Syed Nasim Manzur from Apex Footwear Ltd, among others. Joining them were various government officials, including the Finance Minister and the Commerce Minister.
During the meeting, the Prime Minister opened the floor for discussions on important topics. These included regulations, taxation policies, energy issues, and how to attract foreign investment. The council members welcomed the government’s initiative, seeing it as a positive step towards creating a more business-friendly environment.
Moving forward, the council plans to pull together a targeted proposal addressing immediate challenges to the business community. This proposal will incorporate strategies based on successful practices from other countries, ensuring that Bangladesh stays competitive globally.
BIDA, the Bangladesh Investment Development Authority, will coordinate efforts among different government agencies to support this initiative. Ashik Chowdhury, the Executive Chairman of BIDA, expressed gratitude to the Prime Minister for leading this change and for assembling such an experienced group.
This initiative is timely, especially considering that over 70% of Bangladeshi businesses feel the regulatory environment limits their growth, according to a recent survey. By establishing this council, the government is taking a proactive approach to address these concerns and foster a collaborative atmosphere between business and government.
For more insights on similar governmental reforms in emerging economies, you can check out the World Bank’s findings on business environments.
