The government has taken various reform initiatives to make business easier, media reported citing the Bangladesh Investment Development Authority (BIDA).
BIDA has initiated reforms in various sectors including launching a one-stop service and ensuring hassle-free trade licenses to applicants.
According to media reports, Bangladesh was ranked 168th out of 190 countries in the latest Ease of Doing Business Index by the World Bank. The World Bank in its report mentioned that the country’s business competitiveness is decreasing due to its backward position on this index, which is discouraging foreign direct investment in Bangladesh.
In November last year, the Office of the Chief Controller of Imports and Exports, another organisation under the Ministry of Commerce, extended the tenures of the import registration certificate (IRC) and the export registration certificate (ERC) from one year to five years.