No more long waits at the start of a business, government's new initiative to reduce licensing complications

The government has taken a major initiative to reduce the length and bureaucratic complexity of starting a business. Commerce Minister Khandaker Abdul Muktadir said that where it used to take about a year to start a business, the target has now been set to complete the necessary approvals in just 14 days.

At an event in the capital on Monday, he said that the licensing and approval process is being simplified to create a business-friendly environment. According to the plan, an entrepreneur can complete the formalities of starting a business within 14 days and open an LC for importing equipment on the 15th day.

The Commerce Minister also said that as part of the preparation for graduation from the Least Developed Country (LDC), emphasis is being placed on strengthening the country's institutional capacity, economic competitiveness and manufacturing sector. At the same time, he also highlighted the need for inclusive and sustainable economic growth.

He said that ensuring transparency, labor rights, environmental protection and responsible business conduct is essential to survive in the global market. To this end, the Ministry of Commerce has recently formed a 'Responsible Business Conduct (RBC) Cell', which will work to strengthen coordination between various public and private stakeholders.