Prime Minister Tarique Rahman on Monday directed authorities to simplify the project approval process to attract both local and foreign investment.
He also assured necessary support for investors willing to invest in long-closed state-owned factories, according to a press release issued by the Prime Minister’s press wing.
The directives came during a two-hour meeting that began at 10:30am at the Prime Minister’s Office in the Bangladesh Secretariat. The meeting reviewed the current condition of closed factories in the textiles and jute sector and discussed the next steps.
The Prime Minister said the government remains committed to creating an investment-friendly environment. He stressed removing existing complexities in the approval process.
An official present at the meeting said project approvals often take a long time, which discourages both local and foreign investors. The requirement for clearances from multiple agencies also creates major obstacles.
In this context, the Prime Minister instructed that the approval process be made simpler and more time-efficient. He said approvals from ministries or agencies that are not essential should be removed from the process.
He also emphasised easier access to loans to encourage private investment in closed state-owned factories. He asked the ministers concerned to take prompt and effective steps in this regard.
Commerce, Industries, Textiles and Jute Minister Khandaker Abdul Muktadir Chowdhury, the Prime Minister’s Political and Industry Affairs Adviser Ruhul Kabir Rizvi, Economic and Planning Adviser Dr Rashed Al Mahmud Titumir, State Minister for Textiles and Jute Shariful Alam, Principal Secretary ABM Abdus Sattar, Executive Chairman of Bangladesh Investment Development Authority Ashik Chowdhury, Chairman of Bangladesh Textile Mills Corporation Brig Gen SM Zahid Hasan, and Chairman of Bangladesh Jute Mills Corporation Kabir Uddin Sikder were present at the meeting.
Officials from relevant ministries and agencies also attended the meeting.
