The Bangladesh government is “fast-tracking reform programmes” in business start-ups, licensing, port management, and the energy sector to increase investment, expand industrialisation, generate employment, and strengthen export capacity, says Commerce Minister Khandakar Abdul Muktadir.
He made the remarks at a discussion meeting titled “Job creation in the Industrial Sector and Cooperation in Skill Development Initiatives” at the BGMEA Complex in Dhaka’s Uttara on Saturday afternoon.
He said, "Since taking office, the current government has been working to make Bangladesh an attractive global investment destination. Although it currently takes an average of 355 days to start a business and obtain a license, initiatives have been taken to significantly reduce this time.
"According to the government's plan, entrepreneurs will receive an Import Registration Certificate (IRC) and other primary approvals within just 14 days of company registration, which will make it possible to import machinery and set up industries quickly."
He said that, instead of separate inspections of various agencies, a coordinated inspection system will be introduced. This will reduce harassment of entrepreneurs and significantly reduce the time needed to set up industries. In addition, all services, including trade licenses, company registration, share transfer and company dissolution, will be provided online through a one-stop service.
“In this regard, the successful models of Singapore and Malaysia are being followed.”
He also highlighted the modernisation of port management, saying: “The involvement of international operators will increase efficiency in cargo handling, reduce ship waiting time and reduce transportation costs. This will enable exporters and importers to reach a more competitive position in the global market.”
Describing the garment exporters' association BGMEA as the “most powerful” and “organised” business platform in the country, the minister said that even if other potential sectors—such as leather, jute, light engineering and shipbuilding—develop, no sector will be able to reach the level of the ready-made garment industry in the short term. Therefore, the sector’s role is crucial to the economy, he said.
In addition to domestic gas production and LNG imports, Muktadir said that plans to set up another floating LNG terminal (FSRU) will be added to the national grid.
"Through this, an additional 550-600 million cubic feet of gas will be added to the national grid."
He said that due to the gas crisis, many industrial establishments have not been able to launch or sustain production. Therefore, ensuring an uninterrupted fuel supply is one of the government's top priorities, which will play an important role in increasing industrial production, employment and exports.