Bangladesh Investment Development Authority (BIDA) logo
The government's newly reconstituted investment promotion agency has undertaken an ambitious plan to improve Bangladesh's business ranking and thus attract foreign investment.
To facilitate easy investment and smooth business, Bangladesh Investment Development Authority (BIDA) has planned to bring down the number of days required for getting approval from capital development authority RAJUK for construction work to 60 days and electricity connection to 28 days.
Currently, it takes 278 days to get RAJUK approval to begin construction work and 404 days to secure electricity connection.
As part of the detailed plan, the BIDA will try to ensure the country's ranking among top 100 economies in the next five years in terms of 'ease of doing business' listed by the World Bank, the BIDA executive chairman Kazi M Aminul Islam said at a press conference on Tuesday.
The main objective of the plan is to attract private investment, both domestic and foreign, to make sure that the country attains the middle income status by 2021 and high income by 2041, he added.
As part of preparation of the plan, the BIDA organised a two-day strategic workshop titled 'Improving business climate for increased private investment in Bangladesh' on 27-28 January.
Representatives of a total of 26 ministries, top two trade bodies, and two research organisations took part in the workshop held at a Bahubal resort in Habiganj.
In accordance with recommendations made there, the BIDA wants to bring down the required number of days for completing all procedures of starting a business in the country only to seven days from 19.5 days required at present.
The reform plan further suggests that registering property, a lengthy task in Bangladesh, must be made easy and simple for investors through online.
The plan also includes the central bank's Credit Information Bureau (CIB) to provide detailed information of the client, including collateral debt.
The BIDA executive chairman also said the reforms include enforcing contracts to be addressed with top priority.
The plan recommends a separate bench of the High Court to deal with the investment and trade issues and also review of the existing legislation to resolve the investors' insolvency issue.
The BIDA chairman said the agency has finalised a draft act to set up an effective one-stop service.
Dhaka Chamber of Commerce and Industry (DCCI) president Abul Kashem Khan said the investment is going to other countries now that usually came to Bangladesh.
He also said capital for investment in infrastructure should be raised from the share market.
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