BIDA to team up with ministries for investment promotion

The Bangladesh Investment Development Authority (BIDA) has taken an initiative to involve government ministries in its ongoing efforts to ensure favourable investment climate in the country, officials said.
As part of its initiatives, the BIDA sat with the ministry of housing and public works (MoHPW) on Monday.  
Earlier, the BIDA authorities met law, justice and parliamentary affairs minister Anisul Huq on February 2, 2017.
They discussed bringing about reforms to some laws that are seen vital to improve investment climate in the country.
The BIDA started the move as per a directive of the Prime Minister.
"We will sit with the other 17 ministries to find out ways and means so that we could ensure a climate that is favourable for local and international investors for investing in Bangladesh," Executive Chairman of BIDA Kazi M Aminul Islam told the FE.  
He said that BIDA has identified ten areas that need reforms to ensure favourble investment climate in the country.
The areas are  getting business registration and gas and electricity connection within a short span of time, resolving insolvencies, protecting minor investment, getting permission for constructing building, land registration, loan disbursement and some information for credit and proper enforcement of contracts.
"If we accelerate the process then it will be possible to reach our target," Mr Islam said.  
He said the BIDA has set a target to bring down investment climate rating to two digits within the next five years.
Out of 189 countries, Bangladesh's position is now 176 in terms of investment rating climate.
"The country aggressively needs to reduce the ratings to two digits from the existing three within the next five years," he said.   
The MoHPW and the BIDA agreed to sign an agreement aiming to ensure investment climate in the country, officials said.
The Rajdhani Unnayan Katripakhya (Rajuk) will now take 60 days instead of over 267 days for giving permission for constructing infrastructure/ buildings.
Cooperation between the ministries and the BIDA will be on 'joint research-based discussion'
Housing minister engineer Khandakar Mosharraf Hossain said there is no alternative to simplification of rules and creating favourable investment environment in the country, according to the MoHPW.  
He assured the BIDA that all the departments and agencies under his ministry will assist it so that it could reach its desired targets.  
There will also be help desks at Rajuk, Chittagong Development Authority, Khulna Development Authority and Rajshahi Development Authority that will help investors get permission  
The BIDA called for amending some relevant laws during its meeting with the law minister for attracting more local and foreign investment.
The BIDA, in its suggestions, said some clauses of the laws are years-old and not entirely investment-friendly.
These are customs act, companies act, contract law, arbitration act and insolvency act.
He said the BIDA will take an action plan that will lead to reforms of laws in order to create a world class/standard business climate environment in Bangladesh to facilitate local and foreign investment without any hesitation.
"We need a huge amount of local and foreign investment to turn Bangladesh into a middle-income country by 2021 and developed nation by 2041," the executive chairman of BIDA told the FE.
The BIDA was formed in September last through merger of Privatisation Commission and Board of Investment.
talhabinhabib@yahoo.com