IFC Creates Foundation for Government and Private Sector Discussion in Bangladesh

December 19, 2011 -- IFC has developed a platform in Bangladesh for an exchange of actionable ideas between the public and private sector. Business Initiative Leading Development (BUILD) is a joint initiative of the IFC-managed and DFID and EU-funded Bangladesh Investment Climate Fund, Dhaka Chamber of Commerce and Industry (DCCI), Metropolitan Chamber of Commerce and Industry and SME Foundation.

The absence of a formal system for dialogue between the public and private sector has been felt widely and for awhile.

“The private sector is a recipient of policies and information, rather than an equal partner,” says Asif Ibrahim, President of DCCI. BUILD is Bangladesh’s permanent private sector-led business reform champion.

It has been designed as a sustainable platform for action-oriented reforms that simplify the process of doing business in Bangladesh by working closely with the government. BUILD will assist the government undertake business reforms through focused public-private dialogue, backed by rigorous analysis and advocacy to ensure that concrete and results-based reforms are implemented.

Masrur Reaz, IFC Program Manager is hopeful that BUILD will become “the Government’s trusted partner in promoting private sector-led growth, and a united and powerful voice for business.”

And it’s not the big businesses only that will find a voice. Through different working groups co-chaired by a representative from the public sector and one from the private sector, BUILD will focus on issues facing the small and medium enterprises –- Bangladesh’s lifeblood. Its focus will be on making it easier, faster and cheaper for them to do business. It will help businesses by:

 

  • giving them access to recent data and analyses
  • creating an effective partnership with other think-tanks, academics, and chambers
  • maintaining coordination and continuity between public and private sector understanding for better reforms.

 

BUILD’s targets are ambitious – creating 2 million jobs through at least $10 million investment and 40,000 new SMEs.

But the biggest impact though will perhaps be to bring about a permanent change in the way the government and private sector work together to achieve the nation’s development goals and ensure a brighter future for Bangladesh.