The government aims to reduce the time needed to start a business from nearly a year to just 14 days, Commerce Minister Khandaker Abdul Muktadir said today.
He added that a company would ideally be able to open a letter of credit for machinery imports by the 15th day of operations, according to a press release.
The minister said the UN Committee for Development Policy's recommendation on extending Bangladesh's graduation timeline from least developed country status should not be treated merely as extra time.
Instead, it must be used as a structured opportunity to build institutional capacity, strengthen economic competitiveness, diversify the production base, and prepare for post-LDC realities, he said at an event "Aligning Investment, Trade and Decent Work Agenda for Resilient and Inclusive Supply Chains" at InterContinental, Dhaka.
The session was jointly organised by the International Labour Organization and the Bangladesh Investment Development Authority (Bida).
Muktadir said the recently presented budget reflected the government's priorities of simplifying business processes, reducing licensing complexity, and diversifying.
The minister said global supply chains were being reshaped around environmental protection, labour rights, human rights, climate resilience, and geopolitical realities.
Countries that could align economic growth with social accountability and sustainability would be best placed to thrive, he added.
Muktadir said the commerce ministry had recently established a Responsible Business Conduct (RBC) Cell to coordinate among government agencies, regulators, business associations, labour representatives, and development partners.
He said a committee had already been formed to simplify business processes, and a public announcement on implementation would be made in July.
European Union Ambassador Michael Miller, Bida Executive Member Md Humayun Kabir, UN Resident Coordinator Carol Flore-Smereczniak, and Foreign Ministry Secretary (Bilateral — East and West) Md Nazrul Islam also spoke at the event.
