He said this in his speech as the chief guest at a views-exchange meeting held on Monday at the FBCCI office in Motijheel on the draft of the Third Amendment-2026 of the Company Act, 1994.
Economy
Company law will be updated with businessmen's opinions: Commerce Minister
The Commerce Minister said that businessmen are the ones who will mainly use the Company Act. So it is essential to modernize the law based on their real experience, needs and future demands. Since no major changes have been made for a long time, there is a need to amend the law in line with changes in business patterns, technology, investment structures and the global trade system.
He said the government does not want to finalize the law in a hurry. Businessmen and relevant stakeholders have been given 30 days to review the draft amendment and give opinions. If necessary, this time may be extended further.
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Saying that the effective company laws of various countries will be reviewed and the relevant aspects for Bangladesh will be adopted, the Commerce Minister said that there is no alternative to reform for LDC graduation and economic development. Company law reform is part of the broader economic reform.
He further said that if doing business becomes easier, investment will increase, employment opportunities will be created and economic growth will accelerate. He therefore urged business leaders to come up with proposals that are consistent with Bangladesh's reality and help create a competitive business environment in the long term.
At the meeting, Mohammad Mostafa Jamal Haider, Director General of the Trade Organizations wing under the Ministry of Commerce, presented the draft proposal for amending the Company Act. Former President of MCCI Barrister Nihad Kabir presented the keynote paper.
At that time, representatives from FBCCI, BGMEA, BKMEA, DCCI, BTMA, Bangladesh Chamber of Industries and various business and industrial sectors were present.