Prime Minister Tarique Rahman on Monday directed the authorities concerned to simplify the project-approval process to attract both local and foreign investment.
He also assured necessary support for investors willing to invest in long-closed state-owned factories, said a press release issued by the Prime Minister's press wing.
The directives came at a two-hour-long meeting held at the Prime Minister's Office at the Secretariat, where the current condition of closed factories in the textiles and jute sector and the next steps were discussed, reports UNB.
The Prime Minister said the government is committed to creating an investment-friendly environment and stressed the need to remove existing complexities in the investment process.
According to an official present at the meeting, it often takes a long time to get final approval for projects, which discourages both local and foreign investors.
The need to obtain clearances from multiple agencies also acts as a major obstacle.
In this context, the Prime Minister instructed that the approval process be made simpler and more time-efficient.
"Approvals from ministries or agencies that are not essential should be removed from the process," he said.
He also emphasised the need to ease access to loans to encourage private investment in closed state-owned factories and asked the ministers concerned to take prompt and effective steps in this regard.
Commerce Minister Khandaker Abdul Muktadir Chowdhury, the Prime Minister's Political and Industry Affairs Adviser Ruhul Kabir Rizvi, Economic and Planning Adviser Dr Rashed Al Mahmud Titumir, State Minister for Textiles and Jute Shariful Alam, Principal Secretary ABM Abdus Sattar, Executive Chairman of Bangladesh Investment Development Authority Ashik Chowdhury, Chairman of Bangladesh Textile Mills Corporation Brig Gen SM Zahid Hasan, and Chairman of Bangladesh Jute Mills Corporation Kabir Uddin Sikder, among others, were present at the meeting.
Our FE report adds: In a separate press briefing, Commerce Minister Khandaker Abdul Muktadir said the government is advancing a coordinated action plan to revive industries, stabilise markets and ensure steady supplies of essential commodities, with reopening sick and shuttered factories identified as a key priority to boost output and jobs.
He briefed reporters after a session of the Deputy Commissioners' (DC) Conference at the Osmani Memorial Auditorium in the capital, following a joint meeting between DCs and the ministries of commerce, industries, and textiles and jute.
The minister said around 50 closed and ailing textile and jute mills are being handed over to the private sector in phases, and that the process is expected to be completed within a year.
"This will attract fresh investment, raise production and create significant employment," he said.
Referring to field-level inputs, Muktadir said DCs have proposed a range of measures, including reviving industries, establishing new industrial zones, reopening closed sugar mills and setting up distilleries to boost exports.
The government will review these proposals, he added.
Highlighting structural reforms, the minister said an AI-based supply chain monitoring system is being developed to reduce the price gap between producers and retailers.
"The system will track imports, stock levels, and wholesale and retail stages to improve transparency and accountability," he said.
To address global market volatility, the government is also building strategic reserves of import-dependent commodities to prevent shortages and maintain price stability, he added.
On the Trading Corporation of Bangladesh (TCB), the minister said an advisory council comprising public- and private-sector experts will be formed to make market interventions more effective and targeted.
To preserve rawhides during Eid-ul-Azha, he said, a special plan has been taken up, which includes training for mosque and madrasa stakeholders, supply of government salt, awareness campaigns and regulated transportation of hides for seven days after the festival.
Calling for a more proactive role by DCs, the minister said the administration and the elected government will work together to keep supply chains functioning and protect consumers.
State Minister for Textiles and Jute Md. Shariful Alam and secretaries of the relevant ministries were present at the briefing.
newsmanjasi@gmail.com
