Commerce Minister Khandakar Abdul Muktadir has announced that the government is working to eliminate bureaucratic hurdles and licensing complexities to ensure a business-friendly environment.
Speaking at a debriefing session on Monday, Muktadir said the government aims to reduce the time required to start a business from nearly a year to just 14 days. Under ideal conditions, a company would be able to open a Letter of Credit (LC) for importing machinery on 15th day.
He was speaking as the chief guest at the session titled “Investment, Trade and Decent Work Agenda for Resilient and Inclusive Supply Chains,” held at the Hotel InterContinental in the capital. The event was jointly organised by International Labour Organization (ILO) and Bangladesh Investment Development Authority (BIDA).
Regarding Bangladesh’s graduation from the Least Developed Country (LDC) status, Muktadir emphasised that UN Committee for Development Policy (CDP) recommendations should not be viewed merely as an extension of time.
Instead, he urged stakeholders to treat it as a planned and coordinated opportunity to prepare for post-LDC realities by strengthening institutional capacity, enhancing economic competitiveness, and diversifying the production base.
Muktadir further noted that “democratic, humane, and inclusive” economy mentioned in recently presented budget serves as fundamental basis for policies of government and Ministry of Commerce. The budget explicitly reflects priorities such as simplifying business processes, reducing licensing complexities, and market diversification.
He highlighted that international buyers, investors, and consumers are increasingly focusing on stability, sustainable development, transparency, compliance, and responsible business conduct.
Muktadir observed that global supply chains are being reshaped by environmental protection, labour rights, human rights, due diligence, climate resilience, and geopolitical realities.
“In this new global reality, only those countries that can coordinate economic growth with social responsibility and sustainable development will survive and prosper,” he said, reaffirming the government’s commitment to supporting this transition.
To ensure responsible business practices, Ministry of Commerce has recently established a “Responsible Business Conduct (RBC) Cell”. This cell will function as a platform for improved coordination between government agencies, regulatory bodies, business organisations, labour representatives, and development partners.
Muktadir also shared that a committee has already been formed to simplify business processes and identify areas where time can be saved and procedural overlaps removed. A public announcement regarding the implementation of these changes is expected in July.
The session also featured speeches from European Union Ambassador Michael Miller; BIDA Executive Member Md Humayun Kabir; UN Resident Coordinator Carol Flore-Smereczniak; and Ministry of Foreign Affairs Secretary (Bilateral—East & West) Md Nazrul Islam.
