“Very often, the port of Chittagong faces severe congestion due to delayed product releases, ultimately increasing the cost of doing business for its users,” the report said.
SMEs, especially those involved in trading commodities, suffered the most because of the need for a certificate from a government agency, but lacked much knowledge and financial capacity, according to a national newspaper report.
Bangla entrepreneurs require as many as 39 government approvals before goods are released from the port of Chittagong. According to the recently released Bangladesh Business Climate Index (BBX) report, this is having a negative impact on the business. It was co-created by Policy Exchange, Bangladesh (PEB), and the Metropolitan Chamber of Commerce.
Bangladesh has made great strides and economic development is commendable, but regulatory complexity, land shortages, poor infrastructure and poor road connections are major trade barriers.
Bangladesh’s special envoy Naoki Ito said at the time of the launch that many Japanese companies are expanding their business domestically. He added that the country’s Japanese economic zone is scheduled to go live next year.
Fiber2Fashion News Desk (DS)
39 approvals to release products from Chittagong in Bangladesh: Report
Source link 39 approvals to release products from Chittagong in Bangladesh: Report