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To be a good host to business in Bangladesh


To be a good host to business in Bangladesh

Some of the views expressed by the EU Ambassador in Dhaka Rensje Teerink  late last month have an animated   ring  even after a fortnight of her having aired them. This is because of the candid expression of what she had to say.

 In an interview with the UNB, the EU ambassador, while commending the country's 'very admirable and amazing economic growth', struck a serious note on sustaining the trend on   a securely incremental but inclusive growth trajectory.  

The EU emissary argued that since  Bangladesh is growing 'so fast' despite  not having 'performed well at all' in terms of ease of doing  business ,how much more her economy could have grown had she been a better host to  businesses! A predictable and somewhat simplistic  line of thought, an  argument that has to be   reinforced    by pinpointing the areas   of 'unease' in   doing business to help matters out with the host country.

 Bangladesh has gone one notch down in the  World Bank's ranking 'mainly because of  the hurdle businesses face at the start of their operations.' This point is well-taken .  A  seriously  revamped under-one roof - service  will have to be  taken beyond the so-called done and dusted paperwork of clearances to provide synchronized facilities   on the ground.

Yet, to begin with ,we need to emphasise   our sell-points. We can do so  while   being cognizant of  our infrastructural deficiencies that are clearly on the way to improvement by way of maintaining competitiveness with those who  are candidates for a slice of FDIs or trade quotas. Our  strong point is a thriving domestic market with a high  demand profile which cushioned our economy from external shocks and promises to fend existing and future  investors against trade vulnerabilities. Corporate business has been hugely profitable in Bangladesh by the entrepreneurs' own admission.

 A growing middle class, let alone upend consumers with purchasing power comparable to their counterparts' in some developed East European countries, youthful and trainable work force,  demographic dividends waiting to be reaped, highly potential land and marine resource bases ,huge connectivity prospects are Bangladesh's  strong points that are intrinsic to the country. On the basis of such strengths of Bangladesh prestigious  international think tanks continue to regard her  highly as one of the fastest growing emerging economies.  

The EU ambassador's suggestions for export diversification and attracting more foreign direct investments (FDIs) resonate with us well. These can be, however, mutually reinforcing through operationalising a hard core of five-six special  economic zones out of a hundred that are planned. So the need is to be focused. intensive, fail-safe   for    sustainable multiplier effect of the enterprise.

Predictably, the EU ambassador in Dhaka  laid  stress on democracy and human rights, adding that  the concerns  need to be addressed.

A point to ponder is underscored  by her suggestion that Bangladesh will have to go for the GSP plus  status from the EU when she graduates to the developing country bracket in 2021.

This is a very important transformation Bangladesh will have to undergo considering that the EU is the destination for 60 per cent of  Bangladesh's garment products. To be entitled to the GSP-plus status, Bangladesh will be required to fulfil certain conditions like strengthening workplace safety, improved labour rights, saving the environment and reduction of corruption.   

From: Safari Hi [email protected]

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