Government of Bangladesh is moving to merge several existing investment promotion agencies into a single central Investment Promotion Agency (IPA) to simplify procedures and attract both foreign and domestic investment. This proposed unification includes key bodies like the Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zones Authority (BEZA), Bangladesh Export Processing Zones Authority (BEPZA), the Bangladesh Small and Cottage Industries Corporation (BSCIC), the Public Private Partnership Authority, and the Bangladesh Hi-Tech Park Authority.
The decision was made during the 3rd BIDA governing board meeting on 13th April, chaired by Chief Adviser Muhammad Yunus. A committee will be formed to thoroughly review the proposal, with a final decision dependent on its findings.
Currently, investors must approach various agencies to access services such as plot allocation, causing confusion and delays. The unified IPA aims to offer a streamlined, one-stop service solution. Support for the integration has come from the Japan International Cooperation Agency (JICA), which emphasized the benefits of reducing bureaucracy and improving coordination.
Experts warn that while consolidation can improve efficiency, care must be taken to preserve the strengths of well-functioning agencies. Structural reforms and strong leadership will be essential for the success of the new authority.
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