B Mirror Report: The government is taking a series of reforms to improve the ease of doing business, including completing the process of opening letters of credit (LCs) for importing machinery for new companies within 14 days and fully digitising the country’s trade licence system, Commerce Adviser Khandaker Abdul Muqtadir said on Sunday.
Speaking during the general discussion on the proposed national budget for FY2026-27 in Parliament, the commerce adviser said the reforms are aimed at creating a more investment-friendly business environment and accelerating economic growth.
He said the government is working towards transforming Bangladesh into a $1 trillion economy over the coming years and described the proposed budget as forward-looking, with a focus on reducing unnecessary expenditure while increasing investment in infrastructure and human resource development.
To support long-term growth, the adviser said private investment needs to rise from the current 21.5% of GDP to around 32-33% by 2034, while efforts are also underway to improve investment efficiency by reducing the Incremental Capital Output Ratio (ICOR).
He said the government plans to reduce logistics costs from around 16% to the international benchmark of 10% through measures including expanding Chattogram Port’s capacity, modernising port terminals, improving agricultural supply chains and introducing data-driven marketing systems.
On energy, the adviser outlined plans to generate 10,000 megawatts of solar power, promote electric and hybrid vehicles, add new floating storage and regasification units (FSRUs), and increase gas supplies to industries.
Highlighting business facilitation measures, he said that while establishing a new company previously took an average of 355 days, the government is now streamlining procedures so that the LC stage for machinery imports can be completed within 14 days. Coordinated verification involving agencies, including the fire service, will help speed up approvals.
He also announced that the trade licence system is being fully digitised, enabling entrepreneurs across the country to apply for, pay fees for and download trade licences through a single online portal. In addition, the Registrar of Joint Stock Companies and Firms (RJSC) and share transfer processes are also being digitised.
The adviser said the government would also support Savar’s tanneries in obtaining Leather Working Group (LWG) Gold Certification to boost leather exports. He added that, with Chinese cooperation, Bangladesh plans to establish a jute research laboratory and expand the production of diversified jute products to develop the sector into a multi-billion-dollar export industry.
He expressed confidence that the government’s ongoing reform agenda would strengthen the investment climate and support sustainable economic growth.
