1-year provisional licences to be issued for key approvals: minister

The government will issue 12-month provisional licences for six key regulatory approvals, including fire, Department of Inspection for Factories and Establishments, and chamber memberships, to allow businesses to begin operations without delay, Commerce Minister Khandaker Abdul Muktadir said yesterday.

Plans are progressing to merge investment authorities — the Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority, and Bangladesh Export Processing Zones Authority — into a single umbrella body to streamline the investment ecosystem, he said.

The minister made the comments during a meeting with a delegation from the Business Initiative Leading Development (BUILD), according to a press release.

On bonded warehouse facilities, he said any sector with a viable proposal is welcome to come forward. The government is also keen to work with BUILD on developing the jute sector, with jute pulp from green jute cited as a possible option.

BUILD Chairperson Abul Kasem Khan said deregulation is the most effective tool for curbing the grey economy and drawing more businesses into the formal sector.

He said the current trade licence system is a major barrier for new entrepreneurs and called for a transition to a "One Licence" system.

He also proposed a five-year tax exemption for young entrepreneurs.

Khan added that BUILD is in active discussions with the Prime Minister's Office on logistics reforms and plans to hold a policy summit at the end of the year to define the private sector's priorities for the next decade.

Kamran T Rahman, president of the Metropolitan Chamber of Commerce and Industry (MCCI) and a BUILD trustee, said the jute sector, while central to the national economy, requires urgent modernisation through technology integration to improve efficiency and value addition.

BUILD CEO Ferdaus Ara Begum stressed that product traceability has become a mandatory requirement for access to international supply chains, particularly in the EU, and called for a National Traceability Strategy.

She also urged the government to leverage geographical indication products to promote the "One Village, One Product" initiative and flagged that manufacturers currently need up to 23 licences to operate — a burden she said must be reduced to stay competitive.