The government is preparing to introduce a streamlined business approval system under which licences and regulatory clearances could be issued within seven days, as part of a broader effort to reduce bureaucratic hurdles and improve Bangladesh's investment environment.
Finance Minister Amir Khosru Mahmud Chowdhury announced the initiative while speaking at a conference on trade, growth, and economic diplomacy held in the capital on Saturday. The event was jointly organised by the Ministry of Foreign Affairs and the Bangladesh Investment Development Authority (BIDA).
According to the minister, businesses currently face lengthy approval procedures involving multiple agencies, often resulting in delays, uncertainty and additional costs. To address these challenges, the government plans to establish a centralised mechanism through which all applications will be submitted and processed.
Under the proposed framework, a designated focal point will coordinate with the relevant authorities on behalf of applicants. Once an application is received, concerned agencies will have seven days to raise objections, request additional information, or identify compliance issues. If no response is provided within the stipulated period, the application will be automatically approved and the licence issued.
To ensure effective implementation, the government intends to form a task force responsible for monitoring compliance with the new timeline and resolving administrative bottlenecks. An online platform will also be introduced, enabling businesses and citizens to report delays or regulatory obstacles directly to the task force for action.
The finance minister said the initiative is part of a wider deregulation strategy aimed at creating a more business-friendly environment and encouraging investment. He emphasised that reducing unnecessary regulatory barriers is essential for enhancing competitiveness and supporting economic growth.
Khosru also highlighted the government's plans to promote a "creative economy" as part of the new budget strategy. The initiative is expected to support artisans, designers, performers, cottage industry entrepreneurs, and other creative professionals through access to financing, skills development programmes, branding assistance and digital marketplaces.
According to the minister, strengthening the creative economy could help expand formal employment opportunities, increase export earnings, and enhance Bangladesh's cultural and economic influence in global markets.
