Friday, August 23, 2019 | ePaper
Check corruption first to ensure proper business climate
We know, despite taking several mega-projects spending millions of taka, the number of foreign direct investment was negligible till the date. The business leaders also said they faced problems in doing business in the steel, cement, pharmaceuticals and some other sectors.Â "A frustration is observed amongst the businesses as we assured them every year that we would fulfil their demands, but those are yet to be implemented," the Minister said. Indeed it's an honest confession of the Finance Minister.Â It's a pragmatic observation too.
Though the country witnessed a steady growth of around seven per cent in the last couple of years, the overall business condition was not satisfactory at all. In particular, the banks - State-owned and private commercial both -- have experienced an unhealthy situation due to large amount of bad and unrecoverable loans. Such banking atmosphere has severely bothered the country's businesses and entrepreneurs.Â Apart from big-scale corruption, the banking sector was also allegedly involved directly or indirectly in money siphoning through misinvoicing.
However, the banks and the loan defaulters both have got some extra facilities to overcome the situation. We expect, the business climate would be improved, the banks will be able to recover their lost image, and the business would be no more get frustrated. But first of all, the Finance Ministry will have to play a strict role to check the corrupt practices.