Commerce and Industries Minister Khandakar Abdul Muktadir today announced the government's intention to modernise the country's company law to meet present-day needs. Muktadir emphasised the importance of updating the existing Companies Act, 1994, to create a more business-friendly environment. He urged private-sector entrepreneurs and business leaders to provide their opinions and recommendations on the proposed amendments.
Consultation Meeting Held
The minister's announcement came during a consultation meeting on the proposed amendments to the Companies Act, 1994, held at the FBCCI office in Motijheel. Muktadir, speaking as the chief guest, highlighted the necessity of incorporating successful models and experiences from developed economies, such as Singapore, into the new law.
Importance of Private Sector Input
Muktadir stressed the critical role of the private sector in driving the country's economy. He encouraged business leaders to take the necessary time to review the draft law thoroughly and provide their recommendations. The minister assured that the government would give due importance to the views of businesspeople in amending the company law.
Transition Period and Future Planning
The minister described the current period as a time of transition for the country's economy. He emphasised the need for proper planning and collaboration between the government and the private sector to build a strong economic foundation for the future. Muktadir noted that the private sector would ultimately implement the company law in practice, making it essential for the law to be amended in a way that facilitates easy and comfortable business operations.
Policy Targets and Parameters
Muktadir mentioned that the government has set several policy targets and parameters to address the challenges Bangladesh will face following its graduation from the Least Developed Country (LDC) category. Amending the company law is considered an important part of this process. The meeting was chaired by FBCCI Administrator Fazlul Haque, with former MCCI President Barrister Nihad Kabir presenting the keynote paper. Various business leaders and representatives from different industrial sectors attended the meeting.
