Commerce Minister Khandaker Abdul Muktadir announced that the government is working to reduce bureaucratic hurdles and simplify licensing procedures to create a more business-friendly environment. Speaking at a debriefing session in Dhaka’s InterContinental Hotel, he said the goal is to shorten the business startup process from nearly one year to just 14 days, allowing companies to open letters of credit for machinery imports by the 15th day. The session was jointly organized by the International Labour Organization and the Bangladesh Investment Development Authority.

Muktadir emphasized that the United Nations’ recommendation on Bangladesh’s graduation from the least developed country category should be treated as an opportunity for planned institutional and economic strengthening. He said the government’s recent budget reflects priorities such as simplifying business processes, reducing licensing complexities, and diversifying markets. The Commerce Ministry has also established a Responsible Business Conduct Cell to coordinate among government bodies, regulators, business groups, and development partners.

He added that a committee has already identified areas to reduce time and procedural overlaps, and a zone announcement on implementation is expected in July.