The government is pushing wide-ranging regulatory reforms to lower the cost of doing business and simplify market entry as part of its strategy to support Bangladesh’s transition toward a trillion-dollar economy, Commerce Minister Khandaker Abdul Muktadir said on Tuesday.
He made the remarks during a call-on meeting with a Business Initiative Leading Development (BUILD) delegation in Dhaka on Tuesday, where discussions focused on licensing reform, investment facilitation and institutional restructuring.
Muktadir said entrepreneurs will be allowed to start operations under a 12-month provisional licence covering six essential approvals, including Fire Service clearance, factory inspection certification and chamber membership, to reduce delays in business entry.
He said the government is considering expanding bonded warehouse facilities and is open to sector-specific proposals from investors and associations. He also said collaboration with BUILD on the jute sector is under review, including potential use of jute pulp from green jute for value addition.
The minister added that plans are progressing to consolidate Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority and Bangladesh Export Processing Zones Authority under a single umbrella to streamline investment services. Issues related to private sector representation in public–private partnerships have also been noted for further consideration.
BUILD Chairperson Abul Kasem Khan said deregulation is essential to curb the grey economy and expand the formal sector, adding that the current trade licence regime remains a major barrier for new entrepreneurs. He proposed a shift to a “one licence” system and suggested a five-year tax exemption for young entrepreneurs to support innovation and startup growth.
Khan said BUILD is engaged in discussions with the Prime Minister’s Office on logistics reforms and will submit its proposals to the Prime Minister shortly. He added that BUILD plans to hold a policy summit later this year to define private sector priorities for achieving a trillion-dollar economy over the next decade.
BUILD Trustee and Metropolitan Chamber of Commerce and Industry President Kamran T Rahman said the jute sector remains a key economic pillar but requires urgent modernisation through technology adoption to improve efficiency and value addition.
BUILD Chief Executive Officer Ferdaus Ara Begum said product traceability has become mandatory in global markets, particularly the European Union, and called for a national traceability strategy to ensure compliance and export competitiveness. She also proposed leveraging geographical indication products under a “One Village, One Product” framework to support local industries.
She said manufacturers currently require up to 23 separate licences to operate, calling for a significant reduction in regulatory burden to improve industrial competitiveness and ease of doing business.
