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Download PDF Bangladesh’s economy is one of the least free in the world, according to Heritage Foundation, a right-wing American think tank.
The organisation in its Index of Economic Freedom based on 10 criteria, said Bangladesh secured 27th position out of 30 countries of Asia and the Pacific Rim and secured 143rd place out of 157 countries brought under the survey.
According to the foundation, Bangladesh’s position in economic freedom appeared nearly at the bottom of the ranking mainly due to “extreme barriers to trade, excessive corruption, bureaucratic procedures, underdeveloped financial system and weak property rights.”
The foundation, however, also focused on Bangladesh’s positive areas of economic freedom in its 2007 assessment.
It said Bangladesh’s economy was relatively free in terms of fiscal measures and freedom from the government. Monetary freedom, labour freedom, and business freedom are also relatively positive, it said.
The foundation examined openness of Bangladesh’s economy based on business freedom, trade freedom, fiscal freedom, freedom from government, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labour freedom.
It said Bangladesh has extreme barriers to trade freedom and tariffs are prohibitively high. It is also weak in investment freedom, property rights, and financial freedom.
“Corruption is rampant,” the Heritage Foundation said, adding that chaotic regulations and restricted market sectors also impede greater foreign investment in the country as does a haphazard and politicised approach to the rule of law.
The banking sector is plagued with similar problems, the foundation observed.
It, referring to Bangladesh’s weighted average tariff rate at 55.8 percent in 2005, said barriers to trade include prohibitions and restrictions on imports, restrictive labelling requirements, and ineffectively operated customs procedures.
Referring to “widespread corruption”, the think tank said, “Corruption serves as a non-tariff barrier… It [corruption] is cancerous to all other economic freedoms, this is the key area that needs improvement.”
“Starting of a business in Bangladesh takes an average of 37 days, compared to the world average of 48 days. Entrepreneurship should be easier for maximum job creation. Obtaining a business licence is relatively simple but closing a business is difficult.”
It said the overall freedom to start, operate, and close a business is relatively well protected by the national regulatory environment.
January 2nd, 2008 at 5:48 am
We do not need to be alarmed by the news.Bangladesh is steadily building its own manufacturing industries .We must give necessary protection to our immature domestic industries till it becomes self sustatining. We should approach free market very carefully.
August 14th, 2008 at 7:04 am
SEEKING HELP & SUPPORT TO CHANGE OPPRESSIVE LAWS
Dear Sir
In 1972 after independent many of the Bangladeshi Citizens established industries investing family resources using innovative technology and to create job for million of unemployed person and to achieve economic freedom. And Government also started to help these growing PRIVATE SECTOR INDUSTRIES having fund from International Loan giving Agencies, through different Bank. From 1989.
But the Industrial Entrepreneurs becomes victims of deep rooted conspiracy. The Bank Official refrain themselves from ascertaining production capacity of imported machineries and to provide required working capital loan extending non-co-operation, negligence etc. Due to Such Non Banking Activities of Bank Official & Policy Maker, most of the these Industries became inoperative & have lost their Cash Capital, Expatriate Capabilities, and helpless victims of such deep rooted conspiracy having similarity to the
HISTORY WHICH REMIND US THAT THE HANDS OF THE TECHNICIAN OF MUSLIN FABRICS “ ,THE FINEST QUALITY FABRICS WHICH WERE EVER MADE IN BENGAL ONLY “ WERE CUT DOWN BY THE THEN COLONIAL RULER OF UNDIVIDED INDIA.”
In 1992 &1996 the Sick Industries rehabilitation Cell formed by GOVERNMENT OF BANGLADESH have Identified and Registered these Industries as SICK INDUSTRIES declaring not as will full defaulter & victims of Violation of Contract, Negligence, Fraudulent Activities, Malpractices of Bank Officials including Policy Maker due to lack of accountability of Bank Official.
Industrial Entrepreneur of Bangladesh are deprive of Legal Right due to enactment of BANK RUPTCY ACT of 1997 and ARTHA RIN ACT of 1989 which were amended on 2003 and 2007 treating the INDUSTRIAL ENTRPRENEURS OF PRIVATE SECTOR as like as SLAVE of Primitive Age.
THERE ARE EVEN NO PROVISION FOR APPLICATION OF LAW OF TORT Which are common law even in neighboring countries not to speak of USA , EUROPE or AUSTRALIA, DUE TO WHICH BANGLADESH HAS BECOME A HEAVEN FOR REPRESSION / EXPLOITATION BY OFFENDERS / WRONG DOERS accelerating the process to increase the number of poor people in geometric ration
Owner of Industries under Private Sector can not claim any compensation or set off or to dismissed the Bank suit FOR VIOLATION OF CONTRACT, NEGLEGIENCES, MALPRACTICES, FRADULENT ACTIVITIES BY BANK OFFICIAL or LOAN GIVING AGENCIES ON THE SAME SUIT FILED BY BANKS or Loan Giving Agencies for realization of Loan till date .
And have Indemnified the Malpractices & Fraudulent Activities , violation of contract by Bank Official. Industrial Entrepreneurs can file a separate suit for compensation in separate civil Court spoiling valuable time of the Judges of the Court, creating more complicacy for life long litigation WITH OF NO RESULT due to restriction to obstruct or resist any order / decree of ARTHA RIN ACT / COURT by any other DECREE OR ORDER OF OTHER COURT or even of by HIGHER COURT. THE RIGHT OF EQUITY OF LAW HAVE COMPLETELY BEEN DENIED TO THE INDUSTRIAL ENTREPRENEUR of Private Sector as per Section 12, 12 ( khan ) 18, 19, 20, 21, 34,40, 41, 42, 44, 47 and 50 of ARTHA RIN ACT. WHICH ARE COMMONLY KNOWN AS OPPRESSIVE LAW and direct violation of ARTICLE No: 8, 15, 26 and 27 of BANGLADESH CONSTITUTION ?
( ******* Details of above sections of ARTHA RIN ACT in short have been given as below )
And similarly the Door of Higher Court have also been closed for the Industries Owner imposing terms for advance deposit of 50 % of deecretal amount by the ARTHA RIN COURT which are not applicable upon any Bank or Loan Giving Agencies. These are few example of oppressive laws how the citizen in Bangladesh are repressed, depriving legal right by the policy maker miss -guiding the innocent or ignorant vast majority of Citizen of Bangladesh to protect the interest of vested group
Now there are no other alternative but to draw the kind attention of Concerned Authority Including International Community / Organizations seeking help to save & protect the OWNER OF SICK OR DISTRESSED INDUSTRIES OF Bangladesh of Private Sector, including their properties from such conspiracy and oppressive laws as well to protect the interest of large number of workers, staffs of the Private Sector and also for CHANGE of such oppressive laws to change the Economy of the country or the Society.
( A ) - Our humble appeal before the Government of Bangladesh to kindly allow Industrial Entrepreneur to claim Set Off or compensation on suit filed by the Bank / loan Giving Agencies. or to Run Compensation Suit Simultaneously with suits file by Bank Officials under ARTHA RIN ACT -2003 with equal opportunity and equal right between Banks / Loan Giving Agencies and of Industrial Entrepreneurs keeping similarity with on going process of ECONOMIC and ADMINISTRATIVE ,REFORMS PROGRAMME OF GOVERNMENT
(B)- The identified and registered SICK INDUSTRIES of 1992 & 1996 may kindly be allowed 100 % weaver of all type of loan liabilities (C) - And the above mention SECTIONS OF ARTHA RIN ACTS should be abolished to restore accountability in banking sector (D All Suit of Artha Rin Court may kindly be transferred to Civil Commercial court with equal right for fair judgment as the present verdict of Artha Rin Court are highly illegal and violation of ARTICLE 8. 15, 26 & 27 of Bangladesh Constitution
(E ) – And Section 28 ( Ka ) of BANKING COMPANY of 2001 which explain WRITTEN OFF does not mean Weaver. This is misguiding the International Community and Bangladesh National by the Vested Group
(F )- The system of mortgage of land & Properties from the Industrial Borrowers by Bank or any Loan Giving Agencies should also be abolished to ESTABLISH ACCOUNTABILITY or to Check Malpractices which are now prevailing by large in Banks or other Loan Giving Agencies.
( G ) - It would be an extreme favors if your good self kindly collect the PRINTED COPIES OF THE ABOVE MENTION LAWS for confirmation of facts.& to help the Suffering Groups by circulating this appeal among Honorable Member of your Organization and Partner’s Organizations & to Publish in WEBSITES or News Bulletin or News Media, Electronic Media of your territory to bring to the knowledge of Concern Authority including International COMMUNITY OR ORGANIZATIONS working for HUMAN RIGHT & FUNDAMENTAL / Democratic Right of People for immediate help and support to protect the Owner of the Sick Industries of Bangladesh and their properties from such OPPRESSIVE LAWS for which they all would be ever grateful as well for change of all types of oppressive laws restoring accountability at all organization including in the JUDICIARY .
********* N.B. the Summery of above mentioned Section of Arthatha Rin Act at a Galance:
!- In section 18 Defendant or Owner of Industries will not be able to claim any set – off or to make counter claim against the Bank or Bank Official nor will be allowed to claim any Compensation by submitting any Suit against Bank ( Plaintiff ) analogously or simultaneously in Artha Rin Court due to violation of contract, fraudulence activities including negligence, malpractices of Bank officials.
11. - Section 21: Settlement Conference between Borrower and Bank is a misnomer of Law of arbitration or just to divert the attention of common people in the name arbitration or to make everybody fool
111- - -As Per Section 19 (6) of Artha Rin Act of 2003 no suits can be declared to be dismissed or discharged for default or above mentioned fault of Bank Official. As per Section 20 regarding any order or proceedings of Artha Rin Act can not be raised to Higher Court or to any Other Superior Authority without paying 50 % of claimed or Decretal Amount if the order is totally misleading or against any law or illegal one even .
1V- As per Section 34 Defendant or the Owner of Industries in Artha Rin Adalat Case can be put to the Jail for compelling or forcing him to pay the Bank Money without considering the fault or negligence’s of Bank Official without allowing him to proof the matter of violation of contract, fraudulence activities , negligence, malpractices of Bank officials. V- As per section 41 and 42 - The Owner of Industries are not allowed to file any appeal or revision to High Court or Superior Court against any order of Artha Rin Court of 2003 without paying 50 % of the claimed amount or Decretal amount in advance , But the Bank Official are not require to pay any amount in advance in the Higher Court, allowing A Great Disparity of Law and Justice. V! - Under section 47 and 50 , The learned Court under Artha Rin Act of 2003 have been bared to make any exem ption of principal loan amount for Violation of Contract , Negligence’s Malpractices, including fraudulent activities or any fault of the bank official uni laterally V11- Section 12 ( Kha ) Imposed a bar for filling write petition to Higher Court which are direct violation of human right and constitutional right of the citizen and reflects the negative attitude of the law maker . Suffering Groups of Industrial Entrepreneurs of Bangladesh