An inter-authority, inter-ministerial coordination meeting focused on investment facilitation was convened at the Chief Advisor’s Office on Monday, chaired by Special Envoy Lutfey Siddiqi. The meeting aimed to streamline the investor experience and was a follow-up to a previous gathering led by the Chief Advisor on 29th October, where it was decided to establish a monthly forum for heads of investment promotion agencies and key ministries.
This collaborative forum adopts a whole-of-government approach to ensure a smooth journey for investors within existing laws and regulations, while also identifying necessary changes to facilitate investment. The meeting saw participation from prominent figures including Executive Chair of BIDA/BEZA Ashik Chowdhury, NBR Chairman Abdur Rahman Khan, and Chittagong Port Authority Chairman Rear Admiral SM Moniruzzam, among others.
Key takeaways from the meeting included a notable improvement in dialogue between agencies and the National Board of Revenue (NBR), with commitments for further enhancement in customs and trade facilitation. All agencies agreed to embrace BIDA’s initiative of converting critics into promoters, dubbed “Project Ambassadors,” to stimulate future investments.
The meeting also emphasised the importance of enhancing connectivity among the BIDA/BEZA, ICT Park Authority, BEPZA, and PPP Authority to prevent duplication of efforts and facilitate the sharing of best practices. Bangladesh Bank pledged to strengthen its role as an investment facilitator, while the Chittagong Port Authority presented positive updates on cargo handling efficiencies.
The RMG (Ready-Made Garment) sector, is a cornerstone of Bangladesh’s economy. Improved investment facilitation and streamlined processes may attract more foreign direct investment, leading to expanded production capacities and job creation in this vital industry.
Siddiqi underscored the national priority of increasing private investment, stating, “It holds the key to a full spectrum of challenges, from jobs to inflation. We must make it easier for investors to do business in Bangladesh.” He emphasised the need for teamwork and efficiency among government officials to ensure timely decision-making without compromising due process.
The establishment of this monthly forum aims to maintain focus on delivering tangible outcomes, fostering a collaborative environment to address common challenges in investment facilitation.
