The decision to eliminate the quota provision for ‘Free of Charge’ (FoC) imports for 100% export-oriented enterprises was announced at a meeting of the Investment Coordination Committee (ICC), and it will be integrated into the policy in two weeks. This action will boost competitiveness and lower the cost of export-oriented industries.
The Chief Adviser for International Affairs’ Special Envoy, Lutfey Siddiqi, presided over the meeting on Sunday, 2nd November in Dhaka. “We want to ensure implementation and mutual accountability in order to create an investment-friendly environment,” he stated.
The meeting was attended by Ahsan H. Mansur, Governor of Bangladesh Bank; Faiz Ahmed Taiyeb, Special Assistant to the Chief Advisor on Information Technology; Chowdhury Ashiq Mahmud Bin Harun, Executive Chairman, BIDA; Abdur Rahman Khan, Chairman, NBR; and members of pertinent organizations.
By building a new container yard, using risk management software, and managing hazardous materials appropriately, steps have been taken to modernise the Chittagong Port. The Bangladesh Business Portal’s second phase, which would offer 29 Government services on a single platform, is slated to debut by December.
Bangladesh Bank has taken steps to offer 24-hour services and implemented Real-Time Gross Settlement (RTGS) at its branches close to ports. Business licenses now have a five-year renewal period instead of only one.
In order to monitor investment trends and implementation progress, it was also disclosed that BIDA is currently gathering project data from all investment agencies on a monthly basis. A workshop on carbon trading and sustainable investment will be jointly organized by BIDA, the Department of Environment, and the Department of Forests in December.
