‘Every door, every chair, every table wants money’: Salehuddin on obstacles to business, investment
On the occasion, businesses called on the government to postpone Bangladesh’s graduation to a middle-income country as it will result in Bangladesh losing many facilities it enjoys as a least-developed-country
The bribe culture is the biggest is one of the major obstacles to doing business or investing in Bangladesh, Finance Adviser Salehuddin said today (12 September).
"One of the biggest problems in investing or doing business in Bangladesh is that every door, every chair, every table wants money [bribe]," he said while addressing business leaders at the National Business Dialogue in Hotel InterContinental in Dhaka.
"We want to be free of this. We are taking initiative to make business easier. We want to create a level playing field for everyone by reforming this tradition," added the adviser.
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Speaking as a special guest at the view-exchange meeting, he said a crisis is plaguing the financial sector because of the "legacy" created in the last 15 years during the ousted Awami League-led government.
"We are facing a challenge. It is difficult to work bypassing this legacy. We will not get much time [to work]. But we are trying to restore confidence [among businessmen]," he told the business leaders.
Speaking about the recent initiatives taken to reform various sectors, the adviser said commissions have been formed to reform the banking sector and the capital market.
"We want to end the dependency on banks for financing and become capital market oriented. Investors will collect money from the stock market without taking bank loans for business expansion. In other countries, financing is done with money from capital markets," he said.
On the occasion, the finance adviser also described the National Board of Revenue (NBR) as another "major obstacle" to investment and business.
"We have taken initiatives to reform the institution. We will take initiative to make the tax laws business friendly. We are focusing on increasing employment through ease of doing business. Our job is to remove business barriers and create a level playing field for everyone," he said.
Salehuddin also called on trade bodies to be more "realistic".
"Trade bodies should not only think about themselves. They should also listen to businessmen in remote regions like Rangpur. All businessmen should be given equal importance to support the legislation. It should be ensured that no one can make abnormal profit. It should also be ensured that no one loses their capital," said the adviser.
On the occasion, businesses called on the government to postpone Bangladesh's graduation to a middle-income country as it will result in Bangladesh losing many facilities it enjoys as a least-developed-country.
In response, the finance adviser promised that the government will study the demand.
"We have not yet begun working on LDC graduation. We have opportunities to discuss the pros and cons of the graduation. We have already discussed the GSP facility. Our aim is to increase business and employment."
