ADB approves grant to improve Bangladesh’s organization competitiveness, intraregional trade

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The Asian Development Bank (ADB) has approved $0.5 million grant assistance for marketing business competitiveness and intraregional trade of Bangladesh.

The assistance is additional to a youthful grant of $2 million, approved in 2018, for creating ground breaking knowledge solutions on strategic issues for the country's economic transformation.

"Furthermore to export diversification and increased domestic learning resource mobilisation, Bangladesh needs to significantly increase foreign expenditure and intraregional trade to help expand propel the ongoing growth and advancement," said ADB Region Director Manmohan Parkash.

"Bangladesh has immense possibilities to make significant progress in CONDUCTING BUSINESS indicators since its current rank is merely 168 out of 190 economies…It may gain significantly by modernising its house registration system, together with improving web business incorporation procedures, taxes filing system, and deal enforcement system," he said.

Noting that the federal government is keen to improve its Doing Business ranking, Parkash said, "It will help develop top quality knowledge and insurance policy tools to recognize investment, and offer chain opportunities designed for Bangladesh to market intraregional trade with the countries beneath the South Asia Subregional Monetary Cooperation (SASEC) initiative."

Bangladesh needs to significantly improve in lots of indicators of the Doing Business ranking to be able to catch up with other countries in your community, including China and India, that contain progressed within their rankings recently, he said.

He added that the indicators that need immediate interest for improvement found in Bangladesh include enforcing contracts (rank 189), registering real estate (184), getting electricity (176), trading across borders (176), resolving insolvency (154), paying taxes (151), working with construction permits (135), starting a business (131), and getting credit rating (rank 119).

Source: https://www.thedailystar.net

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