The government is working to reduce the time required to start a business to just 14 days as part of efforts to create a more business-friendly environment by simplifying licensing procedures and reducing bureaucratic hurdles, Commerce Minister Khandaker Abdul Muktadir said.
He said that while it previously took nearly a year to start a business, the government now aims to enable entrepreneurs to begin operations within two weeks. Under the ideal process, a company would also be able to open letters of credit (LCs) for importing machinery on the 15th day.
The minister made the remarks while speaking as the chief guest at a briefing session titled “Aligning Investment, Trade and Decent Work Agenda for a Resilient and Inclusive Supply Chain” held on Monday at Hotel InterContinental in Dhaka. The event was jointly organized by the International Labour Organization (ILO) and the Bangladesh Investment Development Authority (BIDA).
He said the UN Committee for Development Policy’s recommendation regarding Bangladesh’s transition timeline from Least Developed Country (LDC) status should not be viewed merely as an extension opportunity but as a structured chance to strengthen institutional capacity, enhance economic competitiveness, diversify production, and prepare for post-LDC challenges.
Highlighting the recent national budget, the minister said the government’s focus on a “democratic, humane and inclusive” economy reflects its core policy direction, particularly in simplifying business procedures, reducing licensing complexity, and promoting market diversification.
He noted that global buyers, investors, and consumers are increasingly prioritizing stability, sustainability, transparency, compliance, and responsible business conduct. He said global supply chains are being reshaped in response to environmental protection, labor rights, human rights due diligence, climate resilience, and geopolitical realities.
In this evolving global landscape, countries that can align economic growth with social responsibility and sustainability will thrive, he said, adding that Bangladesh is committed to supporting this transformation.
The minister also said the Ministry of Commerce has recently established a Responsible Business Conduct (RBC) Cell to improve coordination among government agencies, regulators, business associations, labor representatives, and development partners.
He added that the government’s goal is to place Bangladesh’s future growth on a sustainable, inclusive, accountable, and internationally compliant foundation.
Reiterating the need for business facilitation, he said a committee has already been formed to identify procedural overlaps and areas where time can be reduced in the business registration process.
He further said a public announcement will be made in July detailing how the proposed changes will be implemented.
Representatives from the European Union, BIDA, the United Nations, and the Ministry of Foreign Affairs also spoke at the event.
