In a strategic move to streamline and enhance investor services, the Bangladesh Investment Development Authority (BIDA) has entered into Memorandums of Understanding (MoUs) with four key institutions: Sylhet City Corporation, Rangpur City Corporation, Karnaphuli Gas Distribution Company Limited, and Southeast Bank PLC. This initiative will add seven new services to BIDA’s Online One-Stop Service (OSS) platform, ultimately promoting greater efficiency, transparency, and accessibility for investors.
The signing ceremony was recently held by Chowdhury Ashik Mahmud Bin Harun, Chairman of BIDA and the Bangladesh Economic Zones Authority (BEZA), who emphasised the government’s commitment to improving service delivery for investors. He remarked, “Providing investors with high-quality service continues to be our primary goal. The goal of the OSS platform is to improve the efficiency and accessibility of the service delivery process. Our long-term goal is to create a Single Entry Point, which will remove duplication and improve oversight by allowing investors to access services from all Investment Promotion Agencies (IPAs) with a single identification number.”
The OSS platform, which has processed over 170,000 applications since its launch in 2019, is set to expand its service offerings from 126 to 133, provided by 48 institutions, including 23 services from BIDA itself. However, a notable gap remains, with only 5,000 applications pertaining to services from other agencies. This highlights an opportunity for increased integration and use of the OSS platform among various sectors.
Dr. Khandoker Azizul Islam, Executive Member of BIDA, elaborated on the significance of the newly signed MoUs, stating, “The agreements reached today represent a critical milestone in the introduction of new services that will guarantee streamlined offerings while saving investors time and money.”
The introduction of these new services is expected to have a noteworthy impact on Bangladesh’s Ready-Made Garment (RMG) sector. By facilitating quicker and more transparent access to vital services, the OSS platform will empower RMG investors and stakeholders to navigate regulatory processes with greater ease. This efficiency is especially critical in a competitive global market, where responsiveness can significantly affect business outcomes.
Moreover, the RMG sector will benefit from the push for a Single Entry Point, which will allow companies to manage their requests and services more effectively. This is expected to minimise delays and simplify processes such as obtaining essential permits or accessing financial and logistical support, ultimately fostering a more conducive environment for investment.
