The report investigates the multifaceted challenges facing Bangladesh’s business environment, with an emphasis on regulatory, institutional, and operational limitations. It highlights the complex regulatory landscape characterised by cumbersome registration processes and complex regulations, which complicate compliance and deter investment. Institutional inefficiencies compound these problems, affecting business operations because of bureaucratic hurdles and scattered initiatives by government regulatory bodies. Operations challenges such as infrastructural limitations, inconsistent power supply, and gaps in internet access limit business activity and lower Bangladesh’s desirability as a destination for foreign investment. The report emphasises the crucial need for Business Process Reengineering (BPR) as a strategic approach to redesigning current processes, reducing redundancies, and increasing efficiency. Key recommendations include streamlining the registration process and licence application through a single digital platform, simplifying renewal procedures, and eliminating undocumented fees to promote transparency and accountability. Improving digital infrastructure and integrating sophisticated IT solutions should be prioritised to increase service delivery and operational efficiency. The report also argues for financial sector reforms to improve the availability of credit, particularly for small and medium-sized enterprises, and suggests encouraging sustainable practices to meet global standards. The envisioned reengineering is intended to produce a more responsive, transparent, and dynamic business environment. The study concludes that collaboration among government bodies, the private sector, and international partners is required to successfully implement these reforms, promoting a conducive environment for long-term sustainable economic growth and positioning Bangladesh as a competitive player in the global market.
Authors: Khondaker Golam Moazzem and Sarara Jafrin
Publication Period: July 2024