Govt prioritising ease of doing business through regulatory reforms: Minister

Commerce Minister Khandakar Abdul Muktadir today (12 May) said that the government is undertaking a series of sweeping regulatory reforms aimed at reducing the cost of doing business, simplifying business entry procedures, and accelerating the country's transition towards a trillion-dollar economy.

"The government is committed to simplifying the start-up process for entrepreneurs by introducing provisional licences for 12 months, covering six essential approvals, including fire service clearance, DIFE clearance, and chamber memberships, allowing businesses to begin operations without delay," he said.

The minister made the remarks during a call-on meeting with a delegation from Business Initiative Leading Development (BUILD) held in the capital, said a press release.

Regarding the expansion of bonded warehouse facilities, the minister said any sector with a viable proposal would be encouraged to come forward.

He also expressed the government's interest in working with BUILD for the development of the jute sector, noting that jute pulp produced from green jute could emerge as a promising option.

The commerce minister further informed that plans are underway to unify investment-related authorities, including the Bangladesh Investment Development Authority (Bida), Bangladesh Economic Zones Authority (Beza), and Bangladesh Export Processing Zones Authority (Bepza), under a single umbrella entity to streamline the country's investment ecosystem.

He added that concerns regarding private sector representation in Public-Private Partnership (PPP) initiatives have also been noted for further review.

Speaking at the meeting, BUILD Chairperson Abul Kasem Khan said deregulation remains the most effective tool for controlling the grey economy and bringing more businesses into the formal sector.

He observed that the current trade licence system remains a major obstacle for new entrepreneurs and stressed the need to introduce a "One Licence" system to foster innovation and entrepreneurship.

To encourage youth-led ventures, he proposed a five-year tax exemption for young entrepreneurs.

Khan also said BUILD is in active discussions with the Prime Minister's Office regarding critical logistics reforms and plans to present its proposals to the Prime Minister shortly.

He added that BUILD intends to organise a "Policy Summit" later this year to outline the private sector's priorities for the next decade in support of achieving a trillion-dollar economy.

BUILD Trustee and Metropolitan Chamber of Commerce and Industry President Kamran T. Rahman said the jute sector remains a pillar of the national economy but requires urgent modernisation.

He stressed the need to integrate modern technology into the jute industry to improve efficiency and value addition, ensuring long-term profitability and sustainability.

BUILD Chief Executive Officer Ferdaus Ara Begum highlighted the importance of product traceability, saying it has become mandatory for maintaining access to global supply chains, particularly in the European Union market.

She said a robust National Traceability Strategy is essential to ensure transparency and compliance with evolving international sustainability standards, which directly affect the competitiveness of Bangladesh's exports.

Ferdaus Ara Begum also suggested leveraging Geographical Indication (GI) products to promote the "One Village, One Product" initiative.

She noted that manufacturing industries currently require up to 23 different licences to operate and urged the government to reduce the regulatory burden to maintain the country's competitive industrial edge.