Dhaka, July 30 -- Business leaders, government officials and development partners on Thursday called for sweeping regulatory reforms to reduce administrative burdens on micro, small and medium enterprises (MSMEs), saying business formalisation is essential for Bangladesh's smooth graduation from Least Developed Country (LDC) status.

The call came at a stakeholders' consultation titled "Regulatory Streamlining for an Enabling Business Environment for Formalization", jointly organised by Business Initiative Leading Development (BUILD), the Ministry of Industries (MoI) and the International Labour Organization (ILO) at the ministry's conference room in Dhaka.

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