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Corruption returns as main hurdle to business: study

Bangladesh improves in global competitiveness

Star Business Report
Bangladesh has made progress in global competitiveness, but corruption has taken over infrastructure deficit as the main deterrent to doing business, according to the Global Competitiveness Report (GCR).
Government instability is a rising concern, which came up to the 5th spot from 7th in 2012 and 12th in 2011 in the Executive Opinion Survey.
The Centre for Policy Dialogue conducted the survey between February and April this year, based on a questionnaire developed by Geneva-based World Economic Forum.
The findings of the survey were absorbed into WEF's Global Competitiveness Report 2013-14, in which Bangladesh came in 110 out of 148. The position is an improvement over the previous year's 118th spot.
The survey found inadequate supply of infrastructure, inefficient government bureaucracy, access to financing and government instability were the other significant problematic factors besides corruption to doing business.
The respondents, which comprise 71 large and medium companies, identified undocumented extra payments or bribes on tax payment and export-import related issues, government's failure to combat corruption, bribes on public utilities and illegal payment on awarding of public contracts and licences as the major elements of corruption.
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They also said the corporate ethics of firms were not "good enough".
"These indicate that Bangladesh is still struggling with structural and governance weakness," said Khondaker Golam Moazzem, additional research director of CPD, said yesterday, while calling for "highest efforts" from the government to improving these bottlenecks.
"The existence of these weaknesses is pulling down the economy from attaining a higher level of competitiveness."
Although Bangladesh's competitiveness has made some progress, it was not adequate to facilitate the targeted levels of growth and investment, Moazzem said.
The constraining factors of corruption, infrastructure deficiency, inefficient government bureaucracy and limited access to finance have remained the same over the years, he said.
"Banks are now cautious in trade financing after the scams of Hall-Mark and Bismillah groups," he said, adding that implementation of Financial Reporting Act is urgently needed.
However, few specific policies such as the monetary policy and initiatives like the public-private investment in the energy and power sectors have helped made positive changes in competitiveness, he said.
Mustafizur Rahman, executive director of CPD, said Vietnam, one of Bangladesh's main competitors, is growing very fast.
"To compete, Bangladesh needs to make progress in areas of innovation, technology, skilled human resource and new market creation, apart from improvement in administration and good governance," he added.
Moazzem also said the government's intervention in the media industry was a big concern for the businessmen, who considered it to be "a threat to freedom of media".
The GCR is one of the world's most comprehensive and respected assessments of country competitiveness, offering insight into policies, institutions and factors driving productivity and then, enabling sustained economic growth and long-term prosperity.