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Bangladesh’s score improves in business climate index

Staff Correspondent
26 Jan 2023 14:38:46 | Update: 26 Jan 2023 21:53:10
Bangladesh’s score improves in business climate index
— The Business Post Photo

Bangladesh has shown improvements in the doing-business environment by scoring 61.95 in 2022, which was 61.01 in 2021, according to Bangladesh Business Climate Index (BBX).

The BBX disclosed the information at the launching ceremony of "Bangladesh Business Climate Index 2022-23" at the Metropolitan Chamber of Commerce and Industry (MCCI) Auditorium in Dhaka.

Commerce Minister Tipu Munshi was present there.

MCCI and Policy Exchange of Bangladesh made the index for the sake of Bangladesh’s business environment improvement.

According to the index, access to land dropped by 9.90 per cent scoring 53.07 in 2022 and 58.91 in 2021. Meanwhile, paying taxes declined 19.66 per cent scoring 55.21 in 2022 and 68.72 in 2021.

Access to finance also came down 30.65 per cent in 2022 compared to 2021. The score was 50.78 in 2021 which is 35.22 in 2022, according to the BBX.

The other seven business pillars including starting a business, availability of regulatory information, infrastructure, labour regulation, trade facilitation, and technology adoption improved in 2022 compared to previous years.

During the last few years, global businesses and investments have experienced substantial setbacks arising out of, first, the Covid-19 pandemic, and later, the Russia-Ukraine war. A full recovery from the consequences of the pandemic and the war will take some time.

With LDC graduation, which is due in 2026, Bangladesh will start facing increased competition in its export markets. Considering the country’s growth perspective and development objectives, the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) and Policy Exchange of Bangladesh (PEB) launched an initiative to study the country’s business climate.

Termed the “Bangladesh Business Climate Index” (BBX), this locally produced flagship study was first undertaken in 2021, and the 2022-2023 study is the second iteration. It will help potential investors and policymakers prepare specific action programs that support the industry to face the challenges waiting ahead.