Prime Minister Tarique Rahman on Monday directed the authorities concerned to simplify the project approval process to attract both local and foreign investment.
He also assured necessary support for investors willing to invest in long-closed state-owned factories, said a press release issued by the Prime Minister’s press wing.
The directives came at a two-hour-long meeting beginning at 10:30am at the Prime Minister’s Office in the Bangladesh Secretariat, where the current condition of closed factories in the textiles and jute sector and the next steps were discussed.
The Prime Minister said the government is committed to creating an investment-friendly environment and stressed the need to remove existing complexities in the investment process.
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According to an official present at the meeting, it often takes a long time to get final approval for projects, which discourages both local and foreign investors.
The need to obtain clearances from multiple agencies also acts as a major obstacle.
In this context, the Prime Minister instructed that the approval process be made simpler and more time-efficient.
“Approvals from ministries or agencies that are not essential should be removed from the process,” he said.
He also emphasised easing access to loans to encourage private investment in closed state-owned factories and asked the ministers concerned to take prompt and effective steps in this regard.
Commerce, Industries, Textiles and Jute Minister Khandaker Abdul Muktadir Chowdhury, the Prime Minister’s Political and Industry Affairs Adviser Ruhul Kabir Rizvi, Economic and Planning Adviser Dr Rashed Al Mahmud Titumir, State Minister for Textiles and Jute Shariful Alam, Principal Secretary ABM Abdus Sattar, Executive Chairman of Bangladesh Investment Development Authority Ashik Chowdhury, Chairman of Bangladesh Textile Mills Corporation Brig Gen SM Zahid Hasan, and Chairman of Bangladesh Jute Mills Corporation Kabir Uddin Sikder, among others, were present at the meeting.
Officials from the relevant ministries and agencies also attended the meeting.