Investment barriers removed, now northern entrepreneurs must step forward: Titumir

RAJSHAHI, Aug 4: PM's Finance and Planning Adviser Dr Rashed Al Mahmud Titumir on Tuesday said the government has removed major barriers to investment and taken a series of policy measures to transform Rajshahi and the northern region into a new hub of industry and investment, urging local entrepreneurs to take advantage of the improved business environment.
"The government's goal is not only to recover the economy from recent challenges but also to rebuild it on a stronger foundation to achieve sustainable prosperity," he said.
The adviser made the remarks while addressing a regional conference on agro-processing as the chief guest at the Rajshahi Primary Teachers' Training Institute.
The conference was jointly organised by the Bangladesh Investment Development Authority (BIDA) and Swisscontact.
Dr. Titumir said the government is working under the vision of "Bangladesh First, Bangladesh with Everyone and Bangladesh for Everyone," with balanced regional development being one of its key election commitments.
"Our objective is to bring the lagging regions to the forefront. Regional development has now become one of the government's top priorities," he said.
The adviser said the government has set a target of transforming Bangladesh into a US$1 trillion economy by 2034 and is working to ensure a stable and predictable investment climate to achieve that goal.
Highlighting the government's investment strategy, he said, emphasis has been placed on five key areas, beginning with policy continuity.
To help investors make long-term business decisions, he mentioned that the latest national budget introduced a five-year tax framework and ensured equitable tax incentives for all export-oriented products.
"An investor plans for at least five years. We are providing certainty about the state's policy direction," he said.
Dr. Titumir said the government is also simplifying business procedures through extensive deregulation. 
From obtaining licences to starting factory operations, he said, every stage will be completed within a fixed timeframe and monitored through an online tracking system.
"The government does not want to do business. Its responsibility is to create opportunities, not obstacles," he said, adding that excessive regulations and bureaucratic complexities had previously discouraged private investment.
On financing, he said, reforms are underway in both the banking sector and the capital market, which had suffered from years of irregularities. 
The Bangladesh Securities and Exchange Commission (BSEC) and other relevant institutions are being restructured to build a stronger capital market capable of supporting long-term investment, he added.
Rajshahi Divisional Commissioner Dr A N M Bazlur Rashid chaired the programme.
Executive Chairman of the Bangladesh Investment Development Authority (BIDA), Chowdhury Ashik Mahmud Bin Harun, Rajshahi City Corporation Administrator Md Mahfuzur Rahman Riton, Rajshahi Deputy Commissioner Kazi Shahidul Islam and local entrepreneurs also spoke.�"BSS