Commerce Minister Khandakar Abdul Muktadir on Monday said the entrepreneurs will be able to avail license and registration services online as the government has taken initiative to streamline and digitalize the processes.
“The government has already taken steps to simplify and digitalise various processes so that businessmen can access licensing and registration services, staying at home,” he said.
The minister made this remark, while addressing a pre-budget discussion titled ‘Private Sector Expectations’ organised by the Dhaka Chamber of Commerce and Industry (DCCI) in the city.
He said it is not possible to sustain economic growth by increasing government spending alone. “To increase private investment, it is necessary to create an investment-friendly environment, simplify business processes, and eliminate administrative complexity,” he added.
The commerce minister said ensuring accountability, transparency and good governance is crucial for sustainable stability in the country’s economy.
“In the past, lack of accountability and taking of illogical projects created abnormally in the economy, the effects of which are still being felt,” he said.
Khandakar Abdul Muktadir said the government is not separate from the people, and a healthy economic environment depends on public participation, transparency and effective engagement with stakeholders. “When this connection breaks down, instability and imbalance emerge in the economy,” he added.
He stressed the importance of ensuring the best use of limited resources, saying some projects undertaken in the past lacked proper justification and failed to deliver expected outcomes. Reviews by the Implementation Monitoring and Evaluation Division (IMED) have found evidence of inefficiency and corruption in several projects, he added.
The Minister said rising prices of imported commodities such as fuel and fertiliser have put pressure on government finances. “The cost of importing LNG, crude oil and fertiliser has more than doubled, posing a significant challenge to expenditure
To address the situation, the government is focusing on improving energy supply systems, increasing gas extraction from local sources and building long-term storage capacity, he added.
The commerce minister also underscored the need to expand the tax net for sustainable economic management. Instead of increasing individual tax rates, the government is prioritising bringing more people under taxation.
He expressed optimism that positive changes would be visible in the upcoming budget and beyond, urging the private sector to maintain confidence in the government.
“If we work together, it is possible to stabilise and strengthen the economy,” he said.
The discussion, moderated by DCCI President Taskin Ahmed, was attended by General Economics Division member Dr Manzur Hossain, International Chamber of Commerce Bangladesh President Mahbubur Rahman and other leading economists and business leaders, said a PID handout.