BIDA: All investment authorities to be merged by February
By February next year, six government agencies related to investment will be merged into a single entity.
The process of forming the board of directors for the new organisation is already underway and an international consultancy firm will be appointed next month to prepare the overall roadmap for the merger.
Officials from the Bangladesh Investment Development Authority (BIDA) have confirmed the development.
They stated that the international consulting firm will design the institutional framework and legal foundation of the new body.
At present, several agencies in Bangladesh are involved in investment-related activities.
The six principal organisations are – Bangladesh Investment Development Authority (BIDA), Bangladesh Export Processing Zones Authority (BEPZA), Bangladesh Economic Zones Authority (BEZA), Bangladesh Hi-Tech Park Authority, Public-Private Partnership (PPP) Authority, Bangladesh Small and Cottage Industries Corporation (BSCIC).
According to BIDA officials, the government plans to merge these six entities to establish a ‘single-window’ or centralised structure for investment promotion and approval.
Speaking to journalists on Sunday, Nahian Rahman, BIDA’s Executive Member (Business Development), said, “The high-level government committee has identified two key objectives. Firstly, to centralise the decision-making process under a governing board and secondly, to appoint an independent international consulting firm to implement the overall merger process.”
Nahiyan Rahman further said that during the committee’s meeting held on 15 September, a draft framework for the new organisation’s governing board and related legislation was prepared.
The selection of the consulting firm will be completed by the end of this month. The firm is expected to commence work in early November and deliver the roadmap within three months. He expressed optimism that the entire merger process would be completed by February next year.
Nahiyan Rahman explained that investors have long been advocating for a unified platform for investment services. Currently, they must visit multiple agencies, often facing delays and bureaucratic difficulties.
The government has therefore taken this initiative, incorporating recommendations from the Reform Commission and the White Paper on Investment Services.
He added, “We are giving the highest priority to investors’ interests. The new structure is being designed based on lessons learned from past experiences, with the goal of ensuring efficiency, transparency and accountability throughout the process.”