Investors to get one-stop service as law under way

The government has initiated a move to enact a law to provide quick services to investors from a single place aiming to attract more local and foreign investments, officials said.   
To this effect, the Bangladesh Investment Development Authority (BIDA) is now preparing the draft 'One Stop Service Act, 2017', they disclosed.
"Investors will get utility services from a single place soon after passage of the law in the parliament," executive chairman (EC) of BIDA Kazi M Aminul Islam told the FE.
He said the draft law is expected to be placed in the parliament either in the next session or the budget session.       
The draft law, to be approved by the parliament, will help remove all difficulties now being faced by investors before starting their businesses, he said.
He said the Act will facilitate formation of an authority that will ensure quick services to the investors from a single office.    
Earlier there was a one-stop service facility in the now-defunct Board of Investment (BoI). But such a facility was not functioning properly, leading the BIDA to prepare a new and time-befitting law in this regard.  
The BIDA executive chairman said there will be an authority comprising officials of different departments to render services to investors from one office.
He said the investors will not even need to come to the office for getting services. They will get those online.
Mr Islam said about US$ 4 billion was invested (foreign direct investment and reinvestment) in the country during the fiscal year (FY) 2015-16.  "We are expecting more FDI during the current fiscal," he said.
Earlier, the investors had to wait for at least 269 days for getting approval from the Rajdhani Unnayan Katripakkha (Rajuk). But the BIDA  discussed the matter with the department concerned and reduced the timeline to 60 days.
Similarly, it took minimum 400 days for getting power connection which now takes only 28 days following fruitful discussions between BIDA and the power department.
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.
The BIDA executive chairman said they have identified ten areas that need reforms to ensure favourable investment climate in the country.
These are business registration and gas and electricity connection within a short span of time, resolution of insolvencies, protection to minor investment, permission for constructing buildings, land registration, loan disbursement and information on credit and proper enforcement of contracts.   
The BIDA was formed in September last through merger of Privatisation Commission and BoI.
talhabinhabib@yahoo.com