Commerce Minister Khandakar Abdul Muktadir announced today that the government is implementing a series of rapid reforms in business registration, licensing, port management, and the energy sector to create a more investment-friendly environment. The goal is to boost investment, expand industrialisation, generate employment, and strengthen export competitiveness.
Key Reforms Announced
Muktadir highlighted several key reforms during his address as the chief guest at a discussion titled 'Collaboration for Employment Generation and Skills Development in the Industrial Sector' held at the BGMEA Complex in Uttara. He noted that the readymade garment (RMG) sector, which accounts for nearly 85 percent of the country's total export earnings, remains indispensable to the national economy.
The minister stated that the current average time of 355 days to start a business and obtain necessary licenses will be drastically reduced. Entrepreneurs will be able to obtain the Import Registration Certificate (IRC) and other primary approvals within 14 days of company registration, enabling faster import of machinery and establishment of industries.
Integrated Inspection System
Muktadir announced the introduction of an integrated inspection system to replace separate inspections by different agencies. This will reduce harassment for entrepreneurs and significantly shorten the time required to establish industrial facilities. A comprehensive one-stop service will provide online access to trade licenses, company registration, share transfers, and company dissolution services, following successful models adopted by Singapore and Malaysia.
Port Sector Reforms
Highlighting port sector reforms, the minister said the engagement of international operators would improve cargo handling efficiency, reduce vessel waiting time, and lower transportation costs. This will enable exporters and importers to become more competitive in the global market.
Energy Sector Initiatives
Referring to challenges in the energy sector, Muktadir said the government plans to install another Floating Storage and Regasification Unit (FSRU) alongside increasing domestic gas production and LNG imports. The new terminal is expected to add 550-600 million cubic feet of gas per day to the national grid, addressing the gas shortage that has prevented many industries from commencing production.
Commitment to Partnership
Concluding his speech, the commerce minister reaffirmed the government's commitment to working in partnership with business leaders and industrial entrepreneurs to build a modern, efficient, and investment-friendly business environment. The aim is to make Bangladesh one of the world's most attractive destinations for investment and trade.
