The New Nation - Internet Edition

BUSINESS REPORT

The IFC Bangladesh Investment Climate Fund (IFC BICF) is launching its Regulatory Reform Core Group at an event titled 'Stimulating Private Sector Development Reforms for Economic Empowerment of Bangladesh' at Sonargaon Hotel in the city today.

The two-day programme will be inaugurated by Syed Manzoor-e-Elahi, former Adviser to the Caretaker Government and Member, Regulatory Reform Commission. It will be attended by discussants belonging to various stakeholders.

The Regulatory Reform Core Group aims to expose mid-level officials from the government's private sector-related agencies, as well as private sector representatives, to an intensive, hands-on experiential learning focused on encouraging individuals to identify and implement regulatory reforms within their own agencies.

The first Private Sector Development (PSD) Core Group, formed in 2005, was similarly exposed to the best practices of a wide range of PSD issues. That programme was critical in breaking down the stereotypical ideas between agencies and the public and private sectors. Members of the Core Group include representatives from over 30 government agencies and 9 private sector chambers.

The driving mechanism of the Regulatory Reform Core Group program is the working groups that will assist in the implementation of the broad Regulatory Reform objectives of the Government of Bangladesh. To support and facilitate the work of the Regulatory Reforms, the Core Group members will focus on two areas: administrative barrier reviews (ABR) and regulatory impact assessments (RIA).

The Regulatory Reform Commission (RRC) is a 17-member body established by the Government of Bangladesh, and chaired by former adviser and cabinet secretary Dr. Akbar Ali Khan. The Commission's mandate is to recommend the elimination of redundant regulations, streamlining of existing regulations in consultation with government and private sector representatives, ex-civil servants, economists, as well as the recently established Bangladesh Better Business Forum [BBBF].