Law to create one-stop service for investors

The government is in the process of creating a new law to provide domestic and foreign investors with a one-stop service that would incorporate 16 types of services.

Senior Correspondentbdnews24.com
Published : 8 May 2017, 10:48 AM
Updated : 8 May 2017, 10:48 AM

A cabinet meeting led by Prime Minister Sheikh Hasina approved an initial draft of the One-Stop Service Act-2017, at the secretariat on Monday.

“The new law will encourage domestic and foreign investors and provide them with necessary conveniences and opportunities,” Cabinet Secretary Mohammad Shafiul Alam told the media after the meeting.

The cabinet secretary pointed to the government’s goal of taking

Bangladesh’s place on the World Bank’s ease of doing business ranking from its current position (176 out of 188) to 100th or beyond within five years as one of the driving forces behind the decision.

“In order to do so we must improve the investment environment and become investment-friendly. This one-stop service will help us do so. It is law for a small package. It includes an idea of how such a one-stop service could operate.”

Bangladesh Investment Promotion Authority, Bangladesh Economic Zones Authority, Bangladesh Export Processing Authority and Bangladesh Hi-Tech Park Authority will jointly undertake the responsibility of the ‘Central One Stop Service Authority’ and provide 16 types of services, according to the law.

These include trade licenses, land registration, name registration, environmental clearance, construction permits, electric, gas and water utilities, telephone and internet connections, explosive licensing and boiler certification and 27 other categories will be covered by these services.

The law will also ease visa and immigration procedures for foreign investors, according to Alam.

“There had been a one stop service, or an investment board, previously,” he said. “But it did not have a proper framework. This framework will be developed soon. Legal measures will be taken against those who fail to comply.”