Investment News

7th NCMID meeting: Doing Business reforms accelerated

Dec 06, 2020

7th NCMID meeting: Doing Business reforms accelerated

The 7th meeting of the National Committee for Monitoring Implementation of Doing Business Reforms (NCMID) was held virtually on Dec 6.

NCMID is chaired by the Cabinet Secretary Khandker Anwarul Islam, who has been expediting crucial reforms for improving Bangladesh’s business climate. During the meeting, NCMID members - the ministries, departments and agencies – talked about their efforts to speed up and simplify procedures for investors

In a landmark move, time needed for land mutation has been reduced to 7 days. The two-tier process for providing electricity connections in 7 days has been initiated. Faster digitisation of G2B services and integration with BIDA’s One Stop Service for simplified starting of business was also a major focus. 

Trade licence, electricity connections can soon be obtained through the OSS. The draft Secured Transaction Act was discussed, which is set to establish a Moveable Collateral Registry. Several more reforms under various Doing Business Indicators were discussed in the meeting. Officials of IFC, which provides technical assistance to BIDA, were present in the meeting. 

As the lead agency coordinating Doing Business reforms, BIDA is driving efforts to achieve double digit ranking for Bangladesh in the World Bank's Doing Business index.