14 May 2024, 20:16

Govt working to simplify businesses for small traders: Titu

DHAKA, May 14, 2024 (BSS) - State Minister for Commerce Ahasanul Islam Titu
today said the government has taken necessary measures so that the small
traders and businessmen can do their businesses easily.

"The government is working to simplify further the process so that small
traders can do business easily. It's our duty to make any business venture
successful and established. The government is also working to create market
access opportunities to the businessmen," he said.

The State Minister said this while addressing as the chief guest at a seminar
titled: "Business Related Barriers and Possible Way Out" held at the
Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) in the
capital's Motijheel area.

The seminar was jointly organised by the country's apex trade body, civil
society think tank Center for Policy Dialogue (CPD) and German development
agency GIZ.

Putting special importance on building industry and investment-friendly
environment in the country to build a prosperous and developed nation by
2041, Ahasanul said the Ministry of Commerce would work in an integrated
manner with all the concerned stakeholders including FBCCI, research and
development organisations and academicians in this regard.

He said the entrepreneurs had not dare to take risks, the rapid industrial
development could not take place in Bangladesh.

The State Minister also emphasized on business process re-engineering to meet
the future challenges including LDC graduation and fourth industrial

In his speech at the seminar, Bangladesh Investment Development Authority
(BIDA) Executive Chairman Lokman Hossain Miah said the BIDA has been working
sincerely to ensure a business-friendly environment in the country.
"Currently, the businessmen are now getting more than 150 services of 38
agencies under one umbrella through one stop service of BIDA," he added.

FBCCI President Mahbubul Alam said there is an opportunity for Bangladesh to
expand trade as being a hub in South Asia and the ASEAN countries.
"The market size in Bangladesh is not limited to some 170 million people.
Considering the market size of Myanmar and North Eastern states of India, the
market size of Bangladesh will exceed with a population of 200 million." he

The FBCCI president also called for removal of tariff and non-tariff barriers
in international trade, taking licenses for establishment of domestic
businesses and further expansion, removing HS code related complexities
related to tax and unloading of goods.

Speaking as a guest of honor at the seminar, Deputy Head of Mission of German
Embassy in Dhaka Jan Janowski highlighted the opportunities and possibilities
for investors in Bangladesh and expressed the hope that more investment would
come here.

While presenting the key-note paper, Research Director of CPD Dr Khondaker
Golam Moazzem advocated for reducing the complexities and lengthiness in
getting certificates for starting businesses.

He called for taking initiatives to issue certificates for a three to five-
year period to remove the complexities in renewing the certificates every

Dr Moazzem also emphasized on digitizing the licensing process entirely to
reduce harassment of the entrepreneurs.

Former Comptroller and Auditor General of Bangladesh Mohammad Muslim
Chowdhury, former member of Bangladesh Trade and Tariff Commission Dr.
Mostafa Abid Khan and PRAN-RFL Group Chairman and CEO Ahsan Khan Chowdhury
spoke as panel discussants.

The speakers in the seminar pointed out the challenges on regulatory barriers
to business, import registration certificate (IRC), Employee Retention Credit
(ERC) etc. processes and thus called for resolving those.

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