He said these at a seminar titled ‘Prospects of Trade Expansion and Investment in Bangladesh’ organized by the Consulate General of Bangladesh in Hong Kong on Thursday.
The commerce minister said that due to information technology, investors can now easily compare the business environments of various countries around the world. Therefore, in the competition to attract investment, Bangladesh must reach a position equal to other countries in terms of business environment, policy, and capacity.
He said that after graduating from the list of least developed countries, trade agreements are being made with various countries to retain trade benefits. Economic partnership agreements have been signed with Japan and South Korea, and discussions are ongoing on free trade agreements with several more countries. He expressed hope that talks with the European Union will also begin soon.
Noting that high supply costs are one of the biggest challenges in Bangladesh's investment environment, the minister said that the cost of the country's supply system is about 16 percent of GDP, whereas the global average is about 10 percent. This gap must be reduced by lowering transport, production, and import-export costs.
Highlighting the involvement of international operators to increase the capacity of Chattogram Port and the initiative to build the Matarbari deep seaport, he said that these infrastructure developments will reduce the cost of goods transport and port management.
Informing that the business startup process is being digitalized, Khandaker Abdul Muktadir said that in the future, a new company will be able to reach the stage of opening a letter of credit within a maximum of 14 days. Initiatives have also been taken to digitalize various processes, including trade licenses and share transfers.
He also said that initiatives are being taken to reduce time and costs through automation in the customs system and the introduction of risk-based goods inspection. The minister assured that unnecessary restrictions and procedures will be significantly relaxed within the next six months to a year.
Emphasizing policy continuity in building investor confidence, he said that frequent changes in policy create uncertainty for long-term investments. Therefore, emphasis should be placed on implementing necessary changes for new investments.
He also mentioned the ship recycling industry as a promising investment sector in Bangladesh. The commerce minister said that making Bangladesh more competitive for investment through continuous reforms in infrastructure, policy, customs, and business processes is one of the government's top priorities.
