FROM PAGE B1

On reforms, it said, “Reform initiatives, even if incremental, render a positive impact on the investment climate,” citing improvements in tax and finance as evidence.

However, the report said that without deeper structural reforms, the country’s competitiveness, especially as it graduates from least developed country (LDC) status in November 2026, will be at risk.

‘CUT RED TAPE, REDUCE GRAFT’

At the event, Rupali Chowdhury, managing director of Berger Paints Bangladesh Ltd, said difficulties like graft and bureaucratic hurdles exist in doing business in countries like Bangladesh.

She called for a paperless and contactless system to reduce human interaction, which she believes would help curb corruption.

Businesses, she added, must also take responsibility for compliance, which may come at a cost initially but ensures long-term continuity.

Anwar-Ul-Alam Chowdhury (Parvez), president of the Bangladesh Chamber of Industries (BCI), said businesses are struggling to stay competitive as costs continue to rise.

He said interest rates have climbed from 9 percent to 16 percent, while inconsistent gas supply, higher raw material import costs and rising port charges have further pushed up trade costs.

“The bureaucrats are not working; they are not cooperating. It is being said that those who worked under the previous government were sent to jail, and now there is a perception among bureaucrats that they would not face jail if they simply avoid work,” said Parvez.

He added that without political stability and an improved environment, investment would not come.

Kazuiki Kataoka, country representative of the Japan External Trade Organization (Jetro), also spoke at the event.

Kamran T Rahman, president of the MCCI, said the BBX reflects Bangladesh’s economic realities, and it helps policymakers, investors and development partners understand both the opportunities and the challenges in the private sector.

He said ongoing reforms must lead to structural transformation, adding that progress is needed in financial inclusion, digitalisation, infrastructure, skill development and regulatory governance.

M Masrur Reaz, chairman and CEO of Policy Exchange Bangladesh, said the country’s trade and business sectors are facing several challenges that require urgent attention and reform.

He added that the BBX would support the government with data and insights to identify priority areas for improving the business environment.

Commerce Adviser Sk Bashir Uddin said the interim government has inherited major economic challenges and it has to implement a tight monetary policy that is “painful but necessary” to avoid “serious serious problem”.

He expressed hope that interest rates would come down early next year.

While admitting that corruption could not be completely eradicated, he said the focus should be on making it more difficult.

Ben Carson, Australian trade and investment commissioner at the Australian Trade and Investment Commission (Austrade), Bangladesh, attended the programme as the guest of honour.