The New Nation - Internet Edition

BSS, Dhaka

Bangladesh has achieved tremendous success in three specific areas of business during the last one year despite the country's position marked low in the 'Doing Business' index of the World Bank (WB) this year.

The success areas are: reducing the cost of launching business, property registration and shortening the tax payment period, said a WB report published from Washington on Wednesday.

The report jointly published by the WB and International Finance Corporation (IFC) said about 50 per cent cost has been dropped after waiving the mandatory provision for appointment of two lawyers to attest the documents before launching a business in Bangladesh.

Besides, entrepreneurs can save 43 per cent time for registering their property and 25 percent time during payment of the taxes, the report said.

It also said that the total time to start a business has been declined maximum in Bangladesh, Bhutan, India and Sri Lanka during June 2007-June 2008. It was possible due to reforms in some official rules, it noted.

Syed Akhter Mahmud, Chief Coordinator of Bangladesh in preparing the report, told BSS today that there are some external reasons of declining the position of Bangladesh. But, in actual term, Bangladesh has achieved enormous success in doing business.

Last year, the position of Bangladesh was 107th and this year it dropped to 110th, he said adding that three countries- Bahrain, Bahamas and Qatar emerged newly in this year's list. And, he added, the positions of these countries are far better than Bangladesh.

Moreover, 16 countries with improved success secured their positions over Bangladesh in the list, Syed Akhter Ahmed said, "whatever is the position of Bangladesh, it is undoubtedly progressing in creating a better business friendly environment."

The WB and IFC prepared the report based on ten business- related issues and taking the existing business climate in 181 countries into their consideration.

According to the report, Bangladesh has given more attention to institutional reforms through constitution of 'Bangladesh Better Business Forum and Regulatory Reforms Commission.

In future, Bangladesh would be able to attain more progress if the reform programmes in the pipeline are executed without interruption, the report observed.