Commercial disputes need to be settled within the shortest possible time for an enabling business environment in Bangladesh, speakers told a webinar.
It is also essential to improve the country's status as an attractive destination for foreign direct investment, they suggested.
The observations were made during a panel discussion followed by a webinar styled 'Building a Sustainable Business Environment for Foreign Direct Investment: Outlook and Opportunities for Bangladesh' on Wednesday.
The Nordic Chamber of Commerce and Industry (NCCI) in Bangladesh organised the event along with three co-hosts-the embassies of Denmark, Norway and Sweden.
Salman F Rahman, private-sector industry and investment adviser to the prime minister, joined the virtual programme as the chief guest.
Bangladesh Investment Development Authority (BIDA) executive chairman Md Sirazul Islam and National Board of Revenue chairman Abu Hena Md Rahmatul Muneem joined the event as special guests.
Adviser Mr Rahman said Nordic countries can explore investment opportunities in Bangladesh, particularly in information technology, agriculture, shipbuilding and pharmaceutical sectors.
"The government has taken multiple initiatives to facilitate an enabling business environment in Bangladesh," he cited.
Responding to a query at the discussion, BIDA chair Mr Islam said it is not unlikely to embark on commercial disputes while running business in any settings.
Investors want timely settlement of disputes, he added.
"(There is) no denial of the fact that the legal system in Bangladesh is very time-consuming, lengthy and expensive. Civil cases particularly take years (to settle)."
The BIDA has been conducting meetings with law ministry to find ways to settle commercial disputes at the earliest possible time, Mr Islam said.
"The ministry is contemplating designating two specialised courts in Dhaka and Chattogram to deal with commercial disputes," he added.
The BIDA chief said the ministry is also thinking of enacting a law to create dedicated courts for settling such disputes.
In case there is no resolution (of the disputes) locally, he said, there is no bar to going to international arbitration court also.
"We want to facilitate investment through speedy resolution of commercial disputes whether between private entities or public entities," Mr Islam said.
Policy Research Institute of Bangladesh executive director Dr Ahsan H Mansur, the chairman of BRAC Bank, moderated the event attended by several other experts.
He said the domestic resolution of the disputes should be made as soon as possible.
In this regard, the Bangladesh International Arbitration Centre was established and it has been playing a vital role, Mr Mansur observed.
Swedish ambassador in Dhaka Alexandra Berg von Linde and NCCI president Tareq Rahman, among others, also spoke.
