The Board of Investment (BOI) introduced on Sunday full automation of the Visa Support Services, Work Permit and Setting up of liaison offices aiming to help investors in getting more quality, faster and coordinated services.
Industries Minister Amir Hossain Amu inaugurated the web-based support services by clicking the access secure online application system at a city hotel.
The BOI has been streamlining its investment promotion strategy since 2010 to provide fast-track services to the investors.
At present, only registration is done online. But all other jobs are done manually and it takes time as some cumbersome procedures follow. "But from now on, no one will wait long to get the services as all these will be available online," said the minister.
"Automation of all these services will further build the investor confidence and facilitate their business and ultimately improve the investment climate in the country," said the minister.
He expected a record $ 2.0 billion (200 crore) FDI (Foreign Direct Investment) in the country in the current year (2015). The figure was USD 1.6 billion in 2014.
To materialise the government's dream to make Bangladesh a middle-income country by the year 2021, "we are laying more thrust on knowledge-based hi-tech and green industries," said the minister, seeking more FDI in industries like shipbuilding and recycling, infrastructure, communication, ICT, agriculture, textile, power, health and education.
With these services brought under the automated system, the prospective investors will now be able to do all the jobs within few hours compared to about a few months in the existing manual system, said BOI executive chairman Dr. SA Samad.
Currently, the investors need to go through several stages to get the services from the BoI, but in the new system they will not face any such problem.
Online investors' Visa Support Services, issuance of work permit and permission of branch, liaison and representative offices are the latest services offered by the BOI under the Investors First Programme in coordination with the ministry of foreign affairs (MOFA) and the ministry of home affairs (MOHA).
Organised by the BOI, the lead government agency responsible for promotion of investments, the programme was addressed among others by Swedish ambassador to Dhaka Johan Frisell, IFC, World Bank Group, country manager (Bangladesh, Bhutan and Nepal) Kyle F. Kelhofer, Nitol-Niloy Group chairman Matlub Ahmad, Grace International School principal Keith Shurlock and BOI executive member Nabhash Chandra Mandal.
Speaking on the occasion, Swedish ambassador Johan Frisell praised Bangladesh for its stable and resilient economic growth and termed it a suitable place for investment.
He, however, identified some challenges like infrastructure, power, energy and port which, he said, needed to be addressed immediately to attract more investment.
He also stressed the need for more protection of foreign investors' interests, including reducing taxes and duty structure on services, easing visa and work permit with extension of visa tenure.
IFC country manager Kelhofer expressed his willingness to continue their service supports which, he said, would strengthen the service, reduce the time and cost of the investors.
According to the initial estimation, the cost will reduce by about 40 per cent. According to sources, more BOI services will be available online within a few months.
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