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3 March, 2018 00:00 00 AM
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Bangladesh to introduce one-stop investment service from June

UNB

Investors often complain of cumbersome service procedures and unnecessary delays in getting their businesses rolling in Bangladesh. It so happens largely because of current multi stop service deliveries. How about providing the investors with a one-stop service (OSS) instead?

Bangladesh Investment Development Authority (BIDA), country's principal private investment promotion and facilitation agency, is all set to go for OSS in June this year, reports UNB.

Set up in September, 2016, BIDA identified the roadblocks in quick time and is now moving forward to remove the barriers for drawing more local and foreign investments. Its efforts have recently been well supplemented in the form of promulgation of relevant law. The Jatiya Sangsad on February 5 passed the One Stop Service Bill, 2018.

In an exclusive interview with UNB, BIDA Executive Chairman Kazi M Aminul Islam, said investors will get one-stop investment services from June this year. The services they will get in much ease from the OSS window include: company registration, name clearance issuance, tax certificate and TIN, VAT registration, visa recommendation letter issuance, work permit issuance, foreign borrowing request approval, and environment clearance.

Bangladesh is attracting increasing amounts of foreign direct investment (FDI) but still the amount is relatively smaller compared to its peers. The country attracted USD 21 per capita of FDI in 2015, compared to USD 128 in Cambodia and USD 109 in Vietnam. Bangladesh's gross FDI inflow was USD 2.4 billion last year, which is less than a percent of the country's GDP.

There must be some reasons behind Bangladesh's FDI not accelerating to an expected level in spite of all economic indicators giving projection of an otherwise robust economy. BIDA Executive Chairman Kazi M Aminul Islam said there have been lots of impediments starting from business registration taking longer than usual time to higher cost involvement, from harassment to graft practices, from lack of transparency in port, custom and VAT services to policy inconsistencies.

He said some 15 activities will be brought under OSS thereby, creating an enabling environment for the investors to do business in Bangladesh. BIDA will make sure some 150 activities under 34 agencies related to investment, in one way or the other, get automated by the year-end (Dec, 2018). Investors will be able to keep track of the progress of their works under OSS in automated system. In order to get the messages across - BIDA will routinely organise seminars and road shows as it has already done a few over the last one year in regional countries as well as in big cities like London, Tokyo, New York.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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