The process of amalgamation of the Board of Investment (BOI) and the Privatisation Commission (PC) has made significant progress as the drafting of a new law in this connection is almost complete.
Sources said the preparation of an organogram for the merged organisation is also at the final stage.
The five-member sub-committee, tasked to develop a merger plan, wrapped up the drafting of a relevant law on Sunday at a meeting, official sources said.
The proposed body, among others, will provide investment registration, land for new industry and ensure utility services to new industries.
It would also make allotment of the excess and unused land belonging to the state- owned enterprises (SOEs) to genuine investors.
Land scarcity is a big problem for foreign and local investors to set up new industry and the merger plan aims at addressing that particular problem.
Mainuddin Ahmed, an additional secretary in the Cabinet Division is heading the sub-committee as its convener. Nitish Chandra Sarkar, deputy secretary in the Ministry of Public Administration, Abdul Wadud, joint secretary in the Cabinet Division, Dr Dewan Md Humayun Kabir, director at Prime Minister's Office, Tawhidur Rahman Khan of BOI and AHM Afzal Hossain, a joint secretary and director at Privatization Commission are members to the sub-committee.
Tauhidur Rahman Khan told the FE on Monday that the drafting of the new law is over. Keeping in mind the barriers often put by ministries to productive use of public land by setting up industry, the new law has provided for the Formation of Execution Committee of investment related projects.
It will take decision on land use in meetings with all stakeholders so that it can't be barred under any pretext later on.
He said the sub-committee will present the draft law to Cabinet Secretary next week. Similarly, it has almost finalized the organogram. Only a few matters need to be sorted out in a meeting scheduled for Wednesday.
They will then submit the report to the cabinet secretary early next week. He further said the name of the new investment promotion body has also been agreed upon.
BOI member Navash Chandra Mondal told the FE that two sub-committees were at work on the merger. They are working to frame the new law, develop the organogram and agree on a name. They are working on the new set up, he said
Tauhidur Rahman said they are looking forward to submit all reports to Cabinet Secretary by July 30. He will then present it to the cabinet for decision at the highest level.
He said the existing organogram of BOI took 23 years for approval by the government which was enough to destroy its internal discipline, besides bringing setback to make it properly functional.
The manpower size of the new organization will remain almost equal to the combined strength of both PC and BoI.
