Commerce Minister Khandakar Abdul Muktadir on Sunday said the government is working to make the licensing and approval process simpler, faster and more integrated to create a more investment-friendly environment in the country.
Besides, it has taken steps to set up a central one-stop window for investors so that they do not move from one office to another, he said at a meeting with a delegation from the Japan-Bangladesh Chamber of Commerce & Industry (JBCCI) at his secretariat office.
JBCCI President Tareq Rafi Bhuiyan led the delegation, while Commerce Secretary Md. Ataur Rahman Khan was also present.
The minister stated that since the approval process for establishing physical structures or industrial facilities are directly linked to actual infrastructural work, it is not always possible to complete the entire process within 15 days.
This is because such establishments require thorough assessments of safety, risk management, fire security, and environmental impacts, he said.
He said that the government would issue temporary and provisional licenses to ensure that investment activity is not disrupted.
"We have already outlined a roadmap to reduce the time required for the approval process. Currently, work is underway on sector-specific licensing, as different sectors require different types of approvals and documentation," said Mr Muktadir.
Highlighting the initiative to make the factory inspection system more integrated, the minister stated that the inspection activities conducted by the relevant agencies will be coordinated through the Bangladesh Investment Development Authority (BIDA).
"BIDA will set the inspection dates, bring all agencies concerned together, and complete the inspection at once under a unified system. As a result, investors will no longer need to approach different agencies repeatedly," he said.
Referring to the government's position on the electrical vehicle (EV), he said the government aims to promote sustainable transportation and reduce dependency on fuel.
He said the government is keen to gradually transition the country's transport system towards electric and hybrid technologies, adding that the Cabinet has a positive outlook on the issue.
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