Govt plans to unify all investment promotion bodies by February
Governing board for new entity taking shape
The government has planned to complete the unification of all investment promotion agencies (IPA) in the country into a single entity by February next year.
"A governing board for the new entity has already begun to take shape," Nahian Rahman Rochi, executive member and head of business development at Bida, told The Business Standard today (19 October).
Next month, an international consulting firm is set to be appointed to design the agency's structure and legal framework," he said.
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The existing promotion agencies are Bangladesh Investment Development Authority (Bida), Bangladesh Export Processing Zones Authority (Bepza), Bangladesh Economic Zones Authority (Beza), Public Private Partnership Authority (PPPA), Bangladesh Small and Cottage Industries Corporation (BSCIC), and Bangladesh Hi-Tech Park Authority.
First, to centralise decision-making through a governing board. Second, to appoint an independent international consulting firm to design and oversee the implementation of the unified structure.
Rochi said the move is part of a broader effort to attract more domestic and foreign investment.
"A high-level government committee, chaired by Industries Adviser Adilur Rahman Khan, has been overseeing the reform process. The committee has held two meetings so far," he added.
He further said the committee has identified two key tasks. "First, to centralise decision-making through a governing board. Second, to appoint an independent international consulting firm to design and oversee the implementation of the unified structure."
He added that a draft of the new governing board and the related legal framework has already been prepared. "The consulting firm will be appointed by the end of this month and is expected to begin work from 1 November. They will deliver the blueprint within three months, and the unification process is expected to be completed by February."
The unification addresses longstanding investor concerns. During the previous government's reform discussions, Bida consulted with 250-300 investors and development partners, including Jica and Jetro.
Investors had complained about the lack of a single authority or "single-window" system for investment facilitation, forcing them to complete multiple forms across different agencies.
"Investors commonly noted that common issues need an integrated approach. A reform commission and several studies, including a white paper, highlighted the necessity of a single-point investment promotion system," Rochi said.
He noted that lessons from past consolidations, such as the merger of the Board of Investment and the Privatisation Commission to form Bida – which had not fully met its intended objectives – are being used as case studies to guide the new structure.
The government expects the unified investment promotion agencies to streamline investment facilitation, improve coordination, and provide a more efficient single-window system for investors, marking a significant step in Bangladesh's investment reform agenda.
Meanwhile, several agency representatives have expressed concerns over the planned unification.
Speaking to TBS, officials from Beza and Bepza said many investors prefer dealing with agencies that are already performing well, and merging underperforming bodies with these could backfire, potentially hampering investment.
They argued that unifying all agencies may not be the best approach. Instead, a single online platform could serve investors more effectively. Such a system is already underway with BanglaBiz, providing one-stop services (OSS) for investment facilitation, they said.
The issue was discussed in detail at the third governing board meeting of the Bida on 13 April, chaired by Bida's governing board chairman and chief adviser, Mohammad Yunus.
Sources said the chief adviser warned that while the new body would be a mega authority, appointing the wrong leader could turn it into a disaster.
