Economic Reporter :
The government is set to introduce a one-stop service law to ensure prompt service to both local and foreign investors, said a high official.
At present, investors need to obtain multiple clearance and certificates from different ministries and departments to start investment which emerge as obstacle mostly to the foreign investors.
“One-stop service law will be enacted for investors to ensure prompt service,” said Cabinet Secretary Mohammad Shafiul Alam at a press conference of Bangladesh Investment Development Authority (Bida) recently.
Bida Executive Chairman Kazi M Aminul Islam was present. Bida also issued a letter to all financial institutions on Monday seeking their opinions about the law and easing the cost of doing business in Bangladesh.
The letter requested the authorities concerned to give their opinions to the Bida within five days of issuance of the letter.
Cabinet secretary said the clearance certificates along with various types of facilities can be found in the one-stop service centre.
The main purpose of the law is to provide quick and hassle-free services to investors including developers of economic zones and industrial units.
If anyone fails to act in accordance with the provisions under the law or neglect it, it will be considered as failure to comply with the order, cabinet secretary said.
“Such failure or negligence (to abide the law) will be regarded as misconduct. Departmental action will be taken against the person concerned,” Shafiul Alam said.
Bida Executive Chairman Aminul Islam said as foreign investors come to Bangladesh, many of them need approval and clearance from different authorities concerned.
He continued: “For example, environmental clearance, fire safety clearance, trade licence and TIN certificate are needed before launching an investment plant.”
“Various laws and lengthy application and decision-making process should not slow down investment plan,” Aminul Islam said.
” The one -stop service will be very, very fast. The system will reduce cost and be highly efficient.”
The implementation of the strategy and the responsibilities of various ministries and agencies will be finalised at the next meeting, Bida executive chairman said.
The government is set to introduce a one-stop service law to ensure prompt service to both local and foreign investors, said a high official.
At present, investors need to obtain multiple clearance and certificates from different ministries and departments to start investment which emerge as obstacle mostly to the foreign investors.
“One-stop service law will be enacted for investors to ensure prompt service,” said Cabinet Secretary Mohammad Shafiul Alam at a press conference of Bangladesh Investment Development Authority (Bida) recently.
Bida Executive Chairman Kazi M Aminul Islam was present. Bida also issued a letter to all financial institutions on Monday seeking their opinions about the law and easing the cost of doing business in Bangladesh.
The letter requested the authorities concerned to give their opinions to the Bida within five days of issuance of the letter.
Cabinet secretary said the clearance certificates along with various types of facilities can be found in the one-stop service centre.
The main purpose of the law is to provide quick and hassle-free services to investors including developers of economic zones and industrial units.
If anyone fails to act in accordance with the provisions under the law or neglect it, it will be considered as failure to comply with the order, cabinet secretary said.
“Such failure or negligence (to abide the law) will be regarded as misconduct. Departmental action will be taken against the person concerned,” Shafiul Alam said.
Bida Executive Chairman Aminul Islam said as foreign investors come to Bangladesh, many of them need approval and clearance from different authorities concerned.
He continued: “For example, environmental clearance, fire safety clearance, trade licence and TIN certificate are needed before launching an investment plant.”
“Various laws and lengthy application and decision-making process should not slow down investment plan,” Aminul Islam said.
” The one -stop service will be very, very fast. The system will reduce cost and be highly efficient.”
The implementation of the strategy and the responsibilities of various ministries and agencies will be finalised at the next meeting, Bida executive chairman said.
