PM asks to simplify project approvals to draw investment
Prime Minister Tarique Rahman on Monday directed the authorities concerned to simplify the project approval process to attract both local and foreign investment.
He also assured necessary support for investors willing to invest in long-closed state-owned factories.
The Prime Minister said this at a meeting at Prime Minister’s Office in the Cabinet Division at Bangladesh Secretariat, said a press release issued by the Prime Minister’s press wing on Monday.
The meeting was held with officials of the ministries and departments concerned to discuss the present status of the closed factories under the Textiles and Jute Ministry and what steps need to be taken to reopen those, according to the Prime Minister’s Press Wing.
In the meeting, Tarique Rahman mentioned that the government is committed to creating an investment-friendly environment in the country.
To achieve this goal, he said, it is important to remove the existing complications in the investment process.
A senior official present at the meeting said it takes a long time to get final approval of any project, which reduces the interest of local and foreign investors.
In addition, he said, the complexities in obtaining permission from various departments are also a major obstacle.
In this context, the Prime Minister directed the authorities concerned to make the project approval process simple and time befitting.
He said approval of the ministries or departments, whose approval is not necessary, should be excluded from the process.
The premier also stressed facilitating access to loans to increase private investment in closed government factories.
He also directed the ministers concerned to take immediate steps in this regard.
Commerce Minister Khandakar Abdul Muktadir, Prime Minister’s Adviser Ruhul Kabir Rizvi, Adviser Dr Rashed Al Mahmud Titumir, State Minister for Textiles and Jute Shariful Alam, Principal Secretary ABM Abdus Sattar, Bangladesh Investment Development Authority Executive Chairman Ashik Chowdhury, Bangladesh Textile Mills Corporation Chairman Brig Gen SM Zahid Hasan, Bangladesh Jute Mills Corporation Chairman Kabir Uddin Sikder, and other officials attended the meeting.
