Dhaka: The government is working on a major reform initiative aimed at significantly reducing the time required to establish a new business in Bangladesh, according to Commerce and Industries Adviser Khandaker Abdul Muqtadir.
Speaking as the chief guest at a workshop jointly organised by the Economic Reporters Forum (ERF) and SME Foundation on Wednesday, he said authorities are pursuing measures that would shorten the business startup process from nearly a year to just two weeks.
Currently, entrepreneurs often face lengthy procedures involving multiple approvals, permits, and equipment import requirements before commencing operations. The adviser said a high-level committee has been tasked with streamlining these processes and eliminating administrative bottlenecks.
“We are working to ensure that the approvals and licences required to launch a business can be obtained much faster than before. The goal is to create a more efficient and investor-friendly environment,” he said.
The reform effort also includes expediting approvals from agencies such as the Fire Service and Civil Defence, along with other regulatory bodies involved in business licensing.
Highlighting the government’s broader economic agenda, Muqtadir said restoring confidence in the investment climate remains a key priority. He noted that efforts are underway to encourage greater private-sector investment and support job creation through improved business conditions.
The adviser also indicated that the government is developing plans to ensure a more reliable energy supply for industries and businesses, which is considered essential for sustaining economic activity and attracting investment.
In addition, he said authorities are considering strategic reserve mechanisms for several imported commodities, including fuel and edible oils, to help maintain market stability and strengthen preparedness during supply disruptions or emergency situations.
The workshop was attended by senior officials of ERF and SME Foundation, along with business stakeholders and members of the media, who discussed challenges and opportunities related to entrepreneurship, investment, and SME development in Bangladesh.
Source: TBS
