The government plans to spend more on human resource development, research and development activities in the days to come to stay competitive in the global market, said Salman F Rahman, the prime minister's private industry and investment adviser.
The government has implemented a number of reforms to expand trade and investment in the country and will continue to do so in the future.
It will be easier to do business once the One-Stop Service of the Bangladesh Investment Development Authority becomes fully operational, he added.
Rahman made these comments at a webinar styled, "Country Competitiveness of Bangladesh: Key Reforms in Doing Business", organised by the Dhaka Chamber of Commerce and Industry (DCCI) on Saturday.
The ratio of tax in the gross domestic product is very low in Bangladesh and it is possible to lower the tax rate and widen the tax net if the ratio can be improved.
A lower tax rate will surely help in reducing business operation costs significantly, Rahman said.
"The capacity of all the ports in the country has increased in recent times but we will continue our efforts for further development in this regard," he added.
In addition, emphasis should be given on time management at the time of trade dispute resolutions to cut the delays in handling such cases.
The government has taken various reformative measures, but banks, traders and other stakeholders could not take benefit of the efforts because of their delays in implementing the reforms, the adviser said.
The government will provide necessary policy reform assistance to the private sector on arbitration, business agreement implementation and bankruptcy, said Golam Sarwar, law and justice secretary.
That is why the e-judiciary project has been taken to handle trade disputes, he said.
It usually takes about four years to resolve trade disputes in Bangladesh because of the lengthy legal processes, said DCCI President Rizwan Rahman.
To remove the barrier, many countries in the world have ensured proper enforcement of laws, automation of court proceedings and introduction of electronic payment systems.
Meanwhile, Bangladesh's position in the Global Competitiveness Index published in 2019 was 105 and the report emphasised on increasing the competitiveness in the least developed countries, he added.
The DCCI chief proposed the formation of a high-powered national steering committee with the participation of the private sector to improve Bangladesh's position in the Global Competitiveness Index.
He also called for encouraging businesses to increase use of alternative dispute resolution for trade disputes.
Increased competitiveness would play an important role in economic growth, export diversification and job creation, Rizwan said.
Reforms should be fast-tracked, said Abul Kasem Khan, chairman of Building Initiative Leading Development.
"Bangladesh now has a window of opportunities to avail and if we miss it, someone will grab it."
He also shed light on the importance of the use of the country's dynamic labour force as an added advantage.
He also suggested a reform of tax and audit system related policies.
A comprehensive policy should be taken for the special economic zones, which could be a game changer for the economy, he said.
Kazunori Yamad, Bangladesh representative of the Japan External Trade Organisation, and Ahsan Khan Chowdhury, chairman and CEO of PRAN-RFL Group, also spoke at the event.
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