e_Paper, Monday, May 15, 2017

DT
12
Editorial
MONDAY, MAY 15, 2017
TODAY
Is Rampal worth the
political cost?
It might be useful to form a neutral
body of scientists to actually explore the
contentions regarding the Rampal project
and help the government decide whether
the project is too politically toxic
PAGE 13
The dark side
of Dhaka
BIGSTOCK
We do accept that with hard-core
materialism setting in, society in general
has become somewhat vacuous
PAGE 14
Business beyond borders
And the crowd
goes wild
One of the main points of recognising
your own privilege is realising that your
voice is louder than others’
PAGE 15
Be heard
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Bangladesh’s stringent laws make it difficult for local
companies to expand and invest abroad.
While the Foreign Exchange Regulation Act of 1947 has
been amended as recently as 2015, the regulations allow
for limited foreign investment, and only on a case-by-case basis.
With an economy that has seen steady growth, it is
disheartening to see that only eight companies were allowed to
invest abroad, and only to a certain degree.
For further growth, it’s crucial that the current foreign
exchange act is liberalised. Moreover, a strict regulatory act such
as this goes against the government’s free market policy.
Bangladesh currently boasts a large enough foreign reserve
such that foreign investment could be allowed to take place
without much hesitation. In fact, the growing foreign reserve
would increase inflation, and an increase in foreign investment
would mitigate this in the future.
Despite how much Bangladesh has proved itself as an economic
up-and-comer, running and expanding a business remains a
difficult task. Bureaucratic red tape and corruption are only some
of the factors which hinder our potential for economic growth.
As such, having even more laws and regulations lagging up the
process here make little to no sense.
A more lax foreign exchange act will do much to ensure
increased flexibility, and allow entrepreneurs the freedom
required.
Is it any surprise that private investment has stagnated over the
past few years?
Bangladesh’s dreams of middle income status cannot be
realised if businesses continue to face unnecessary obstacles on
the path to progress.
It’s a simple concept to understand: What’s good for local
businesses is good for Bangladesh.
Bureaucratic red tape
and corruption are only
some of the factors
which hinder our
potential for economic
growth