The government is aiming to reduce the time required to start a business in Bangladesh to just 14 days by simplifying licensing procedures and eliminating bureaucratic bottlenecks, Commerce Minister Khandaker Abdul Muktadir said on Monday.
The initiative is part of broader efforts to create a more business-friendly environment, he said at a debriefing session titled "Aligning Investment, Trade and Decent Work Agendas for Resilient and Inclusive Supply Chains" held at a hotel in Dhaka.
Muktadir said it previously took nearly a year to establish a business in Bangladesh, but under the proposed reforms, investors would be able to complete all necessary formalities within two weeks, enabling a company to open a letter of credit (LC) for importing machinery on the 15th day under ideal conditions.
The event was jointly organised by the International Labour Organization (ILO) and the Bangladesh Investment Development Authority (BIDA).
The minister said the recommendation by the United Nations Committee for Development Policy regarding Bangladesh's graduation from the Least Developed Country (LDC) category should not be viewed merely as additional time for transition.
Rather, it should be treated as a strategic opportunity to strengthen institutional capacity, enhance economic competitiveness, diversify the production base and prepare for the post-LDC era, he added.
Referring to the proposed national budget, Muktadir said the government's vision of building a democratic, humane and inclusive economy is reflected in its policy priorities.
Measures aimed at easing business procedures, reducing licensing complexities and promoting market diversification have been incorporated into the budget framework, he said.
The minister noted that international buyers, investors and consumers are increasingly emphasizing sustainability, transparency, regulatory compliance and responsible business conduct.
He said global supply chains are being reshaped by concerns over environmental protection, labour rights, human rights, due diligence requirements, climate resilience and changing geopolitical realities.
"In this changing global environment, countries that can combine economic growth with social responsibility and sustainable development will be better positioned to prosper," he said, adding that Bangladesh remains committed to supporting this transformation.
To promote responsible business practices, the Commerce Ministry has recently established a Responsible Business Conduct (RBC) Cell. The platform will facilitate coordination among government agencies, regulators, business associations, workers' representatives and development partners.
The minister said the government agrees with recommendations aimed at enhancing Bangladesh's integration into global markets, attracting greater investment and positioning the country as a reliable sourcing and manufacturing hub.
A committee has already identified areas where business procedures can be streamlined and overlapping processes eliminated, he said, adding that a public declaration outlining the implementation of the reforms will be made in July.
Among others, Michael Miller, Ambassador of the European Union to Bangladesh; Md Humayun Kabir, Executive Member of BIDA; Carol Flore-Smereczniak, United Nations Resident Coordinator in Bangladesh; and Dr Md Nazrul Islam, Secretary (Bilateral-East and West) of the Ministry of Foreign Affairs, also spoke at the event.
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