Commerce Minister Khandakar Abdul Muktadir on Monday said the government is working to simplify the licensing process and reduce bureaucratic hurdles to enable entrepreneurs to start a business within just 14 days.
“Where it once took around a year to start a business, our target is now to create opportunities for businesses to begin operations within 14 days. Under ideal situations, a company will be able to open a letter of credit (LC) to import equipment on the 15th day,” he said.
The minister made the remarks while addressing a debriefing session titled “Harmonising the Investment, Trade and Decent Work Agenda for a Sustainable and Inclusive Supply Chain” at Hotel InterContinental Dhaka.
The event was jointly organised by the International Labour Organization (ILO) and the Bangladesh Investment Development Authority (BIDA).
Referring to the recommendation made by the UN Committee for Development Policy (CDP) regarding Bangladesh’s graduation from the Least Developed Country (LDC) status, the minister said the proposed extension should not be viewed merely as additional time.
“Rather, it should be used as a planned and coordinated opportunity to undertake the necessary preparations,” he said, adding that the transition period should be utilised to strengthen institutional capacity, enhance economic competitiveness, diversify the production base and prepare Bangladesh for the post-LDC reality.
Muktadir said the proposed national budget envisions a “democratic, humane and inclusive” economy, reflecting the government's commitment to simplifying business procedures, streamlining the licensing system and diversifying export markets.
He noted that international buyers, investors and consumers increasingly place importance to stability, sustainable development, transparency, regulatory compliance and responsible business conduct.
“The global supply chain is being reshaped by concerns over environmental protection, labour rights, human rights, due diligence, climate resilience and geopolitical realities,” the minister said.
In this evolving global landscape, only those countries that successfully combine economic growth with social responsibility and sustainable development will be able to sustain long-term prosperity, he added.
To promote responsible business practices, the Ministry of Commerce recently established a Responsible Business Conduct (RBC) Cell, which will serve as a platform for enhanced coordination among government agencies, regulators, business associations, labour representatives and development partners, Muktadir said.
He said the government's objective is to ensure that Bangladesh’s future growth is built on a foundation that is sustainable, inclusive, accountable and aligned with international standards.
The minister also agreed with the recommendations to position Bangladesh as a credible sourcing and manufacturing hub by increasing its participation in global markets, attracting greater investment and improving the ease of doing business.
A committee has already been formed to identify areas where business procedures can be streamlined, processing times reduced and overlapping requirements eliminated, he said.
“An announcement outlining how these reforms will be implemented will be made in July,” Muktadir added.
European Union Ambassador in Dhaka Michael Miller, UN Resident Coordinator Carol Flore-Smereczniak, BIDA Executive Member Md Humayun Kabir and Foreign Ministry Secretary (Bilateral-East and West) Dr Md Nazrul Islam, among others, spoke at the event.