They also said good governance especially in key areas such as law and order, banking and finance, legal affairs, and infrastructure is the overriding necessity.

They were speaking at the seminar titled 'Policy Reforms in Government to Business Relations - Looking Ahead' organised by the US Embassy in Dhaka and co-hosted by the American Chamber of Commerce in Bangladesh (AmCham). AmCham President Andrew Fawthrop conducted the seminar.

Speaking at the seminar, Dr Fakhruddin Ahmed, managing director of PKSF (Palli Karma Sahayak Foundation), said the corporate governance should also be improved at levels. "The private sector should also be given the opportunity," he added.

The former Bangladesh Bank governor also said development in infrastructure is needed to increase foreign investment.

Emphasising continuation of reform policies, Saber Hossain Chowdhury, political secretary to Awami League president, said changes in government do not mean changes in reform policies. "The opposition has a role to play in this context," he said.

Former commerce minister Amir Khosru Mahmud Chowdhury said investment in different areas such as infrastructure and telecoms will help the NBR collect more revenue.

Presenting the keynote paper, National Board of Revenue (NBR) Chairman Khairuzzaman Chowdhury said if the reform processes are effectively implemented, Bangladesh's tax administration would reach high standard.

He, however, said allegations are there that pervasive corruption and administrative bottlenecks are still acting as a major impediment to growth in investment and business.