Biz licences will be issued in seven days, says Khosru

Business licences and regulatory approvals will be issued within seven days under a new government initiative, while a dedicated task force will oversee implementation and monitor compliance by agencies, Finance Minister Amir Khosru Mahmud Chowdhury has said.

He also stressed the need for a fundamental shift in Bangladesh's financial architecture, saying large-scale investments should increasingly rely on the capital market rather than traditional sources such as banks and the government exchequer.

Describing the measures as a cornerstone of the government's deregulation agenda, the finance minister made the remarks on Saturday at the second session of the "Roadmap for Trade, Growth and Economic Diplomacy Conference 2026: Navigating Risks, Leveraging Resilience".

The conference was jointly organised by the Ministry of Foreign Affairs and the Bangladesh Investment Development Authority (BIDA) at Hotel Pan Pacific Sonargaon in the capital.

Mr Chowdhury said the existing approval process requires businesses to obtain clearances from multiple agencies, resulting in delays, uncertainty and additional costs. Under the proposed system, all applications will be routed through a central focal point, which will coordinate with the relevant authorities on behalf of applicants.

The authorities concerned will have seven days to raise objections, seek additional information or flag compliance concerns after an application is submitted.

"If you don't reply within seven days, it will be deemed approved. The licence should be issued," he said, adding that there would be no compromise on the initiative as deregulation remains a key priority.

The government will also launch a dedicated website where businesses and citizens can report delays or regulatory failures. Complaints will be handled directly by the proposed task force.

"So it's not just a policy announcement. We are going to execute it and ensure everything happens within a timeframe," the minister added.

He said deregulation extends beyond the financial sector and forms part of a broader effort to create a more business-friendly environment.

"Simplifying regulations and ensuring effective implementation are equally important for attracting investment and supporting economic growth," he added.

The finance minister also said the current financial structure, based on short-term deposits and high-interest bank lending, is not working efficiently for either financial institutions or businesses.

Large investments should raise equity and debt directly from the capital market, he said, arguing that a financial system heavily dependent on bank borrowing and high interest rates is constraining business growth and increasing economic pressure.

He further said the country's public finance architecture needs restructuring in line with changing global financial conditions, as borrowing costs from multilateral and bilateral sources have risen significantly.

"The cost of finance is going up globally. Even multilateral lenders that used to lend at below 1.0 per cent are now charging between 1.0 and 2.0 per cent," he said.

Highlighting the proposed budget's focus on developing a "creative economy", Mr Chowdhury said the initiative aims to bring more people into the formal economy by supporting artisans, designers, performers, cottage industry entrepreneurs and other creative professionals through financing, skills development, branding support and access to digital marketplaces.

The government views the sector as a potential source of employment, export earnings and soft power, he added.

The session, titled "Capital for Growth: Finance, Commerce and Trade", was moderated by M Masrur Reaz, chairman of Policy Exchange Bangladesh.

Among others, National Board of Revenue Chairman Md Abdur Rahman Khan and MP Barrister Jahrat Adib Chowdhury, former deputy managing director of Banglalink, attended the discussion.

munni_fe@yahoo.com