The government aims to reduce the time required to start a business in Bangladesh to just 14 days, significantly cutting bureaucratic hurdles and simplifying licensing procedures to improve the country’s business climate, Commerce Minister Khandakar Abdul Muktadir said on Monday.
Speaking at a briefing session in the capital, the minister said the move is part of a broader effort to create a more business-friendly environment by removing procedural complexities and reducing administrative bottlenecks.
“Where it previously took nearly a year to start a business, we are now targeting a timeline of just 14 days,” he said, adding that under an ideal scenario, a company would be able to open a letter of credit (LC) to import machinery by the 15th day.
The briefing, titled ‘Aligning Investment, Trade and Decent Work Agenda for Resilient and Inclusive Supply Chains’, was jointly organised by the International Labour Organization (ILO) and the Bangladesh Investment Development Authority (BIDA) at a city hotel.
Highlighting Bangladesh’s transition from least developed country (LDC) status, the minister said the extended timeline recommended by the UN Committee for Development Policy should be viewed not merely as a deferment, but as an opportunity for strategic preparation.
“This transition period must be utilised to strengthen institutional capacity, enhance economic competitiveness, diversify the production base and prepare for post-LDC realities,” he said.
Muqtadir said the proposed FY2026–27 budget reflects the government’s commitment to building a “democratic, humane and inclusive” economy, adding that these principles underpin current policy direction.
He noted that simplifying business processes, reducing licensing complexities and expanding market diversification have been clearly prioritised in the budget.
The minister also pointed to shifting global dynamics, where international buyers and investors are placing greater emphasis on sustainability, transparency, compliance and responsible business conduct.
“Global supply chains are being reshaped by environmental standards, labour rights, human rights and climate resilience, alongside geopolitical considerations,” he said.
In this context, he stressed that countries able to balance economic growth with social responsibility and sustainability would be better positioned to succeed.
To strengthen responsible business practices, the commerce ministry has recently established a Responsible Business Conduct (RBC) Cell, which will serve as a coordination platform among government agencies, regulators, businesses, labour representatives and development partners.
The minister said the government is committed to ensuring that future growth is sustainable, inclusive, accountable and aligned with international standards.
Referring to recommendations from the forum, he said the government fully agrees with proposals aimed at boosting Bangladesh’s global market participation, attracting investment and positioning the country as a reliable sourcing and manufacturing hub.
A committee has already been formed to streamline business processes and identify areas where time can be reduced and procedural overlaps eliminated, he added.
“We will make a public announcement in July outlining how these reforms will be implemented,” the minister said.
Among others, EU Ambassador Michael Miller, BIDA Executive Member Md Humayun Kabir, UN Resident Coordinator Gwyn Lewis and Foreign Ministry Secretary (bilateral) Dr Nazrul Islam also spoke at the event.