Govt aims to cut business start-up process to 14 days: Commerce minister

Commerce Minister Khandakar Abdul Muktadir today (22 June) said the government is working to reduce licensing complexities and bureaucratic barriers to ensure a more business-friendly environment in the country.

He said the government has set a target to reduce the time required to start a business to just 14 days, down from nearly 1 year earlier.

Under ideal circumstances, a company should be able to open a letter of credit for importing machinery on the 15th day, he added.

The minister made the remarks while speaking as the chief guest at a debriefing session titled "Aligning investment, trade and decent work agendas for resilient and inclusive supply chains" at Hotel InterContinental in the capital.

The International Labour Organization and the Bangladesh Investment Development Authority (Bida) jointly organised the session.

"The recommendation made by the United Nations CDP regarding Bangladesh's timeline for graduation from the least developed country category should not be seen merely as additional time. Rather, it should be used as a planned and coordinated opportunity to take necessary preparations," the commerce minister said.

"This transition period must be used to enhance institutional capacity, strengthen economic competitiveness, diversify the production base and prepare Bangladesh for the post-LDC reality," he added.

Referring to the recently proposed budget, the minister said it speaks of a "democratic, humane and inclusive" economy.

"These words are not merely decorative; rather, they form the core basis of the current government's and the commerce ministry's policymaking," he said.

"The budget clearly reflects the government's priorities in simplifying business processes, reducing the complexity of the licensing system and diversifying markets."

The minister said international buyers, investors and consumers are increasingly placing importance on stability, sustainable development, transparency, compliance and responsible business practices.

"Global supply chains are now being reshaped around environmental protection, labour rights, human rights, due diligence, climate resilience and geopolitical realities," he said.

"In this new global reality, only those countries that can combine economic growth with social responsibility and sustainable development will survive and prosper. The Bangladesh government is firmly committed to supporting this transition," he added.

The commerce minister said the ministry has recently established a Responsible Business Conduct (RBC) cell to ensure responsible business practices.

He said the cell will work as a platform for better coordination among government agencies, regulatory bodies, business organisations, workers' representatives and development partners.

"The government's goal is to place Bangladesh's future growth on a sustainable, inclusive, accountable and internationally compliant foundation," Muktadir said.

On the forum's recommendations, the minister said the government fully agrees with the suggestions to strengthen Bangladesh's participation in the global market, expand investment and establish the country as a reliable sourcing and production hub by simplifying business processes.

"A committee has already been formed to simplify business processes, and areas have been identified where time can be reduced and procedural overlaps can be removed," he said.

Muktadir added that a public announcement will be made in July on how these changes will be implemented.