PM for simplification of project approval process to attract investors

Prime Minister Tarique Rahman has directed authorities to simplify the project approval process in order to attract both local and foreign investors.

He also assured full support for genuine investors willing to invest in long-shut state-owned industrial units.

The directive came at a meeting held on Monday at the Prime Minister’s Office in the Bangladesh Secretariat under the Cabinet Division. The meeting was attended by officials from relevant ministries and departments to review the current condition of closed factories under the Ministry of Textiles and Jute and discuss necessary steps.

The prime minister said the government is committed to creating an investment-friendly environment, emphasising that removing existing complexities in the investment process is essential to achieving that goal.

A senior official present at the meeting noted that lengthy delays in obtaining final project approvals often discourage both domestic and foreign investors. In addition, the need to secure clearances from multiple agencies has become a major obstacle.

In this context, the prime minister instructed authorities to streamline the approval process and make it more time-efficient. He said approvals from ministries or agencies that are not essential should be eliminated from the process.

He also stressed the importance of easing access to loans to encourage private investment in closed state-owned factories. Relevant ministers were instructed to take prompt and effective measures in this regard.

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PM holds meeting on closed factories

The meeting was attended by Commerce, Industries, Textiles and Jute Minister Khandakar Abdul Muktadir; Political and Industrial Adviser to the Prime Minister Ruhul Kabir Rizvi; Economic and Planning Adviser Dr Rashed Al Mahmud Titumir; State Minister for Textiles and Jute Shariful Alam; Principal Secretary to the Prime Minister ABM Abdus Sattar; Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Ashik Chowdhury; Chairman of the Bangladesh Textile Mills Corporation (BTMC) Brig Gen SM Zahid Hasan; and Chairman of the Bangladesh Jute Mills Corporation (BJMC) Kabir Uddin Sikder, among others.