Muktadir urges US to help Bangladesh to achieve trillion-dollar economy

Industries Minister Khandakar Abdul Muktadir on Wednesday called upon US businesses and investors to make greater investment in Bangladesh to help the country achieve its goal of becoming a trillion-dollar economy.
"The US companies are interested in becoming partners in this journey," he told reporters after a meeting with a high-level delegation of the US-Bangladesh Business Council at the Industries Ministry conference room in the city, said a press release.
Abdul Muktadir said the government is taking various measures to create an investment-friendly environment and simplify business processes to attract more US investment.
The meeting discussed problems faced by US companies doing business in Bangladesh, as well as the country's future trade and export policies, digital economy and e-commerce, he said.
The two sides also exchanged views on priority sectors that Bangladesh should focus on to achieve its trillion-dollar economy target, the minister said.
He said the government is taking steps to increase export capacity in jute, leather, shipbuilding and ship recycling, with a view to transforming these sectors into multi-billion-dollar export industries. 
Details of the initiatives are expected to be announced next month, he added.
The minister said the proposed free trade agreement (FTA) with the European Union was also discussed with the US delegation, adding that talks on the issue would begin soon.
Highlighting measures to ease business procedures, he said the government is working to ensure easier access to energy, adopt business-friendly policies and introduce necessary liberalisation in the banking sector.
Such measures would also make access to digital and payment gateways easier for IT companies and freelancers, he continued. Regarding complications over trade licences, Muktadir said entrepreneurs would soon be able to apply for trade licences from anywhere in the country through a central portal.
"Necessary documents and fees can be submitted online and the trade licence can be downloaded from there. There will be no need to visit the concerned office and waste time," he said.
The Industries Minister said work is underway to establish a system under which trade licences for all areas of the country can be issued through a single portal, with visible results expected soon.
Responding to a question about major barriers to investment, the minister said the focus was less on barriers and more on simplifying procedures.
"Unnecessary overlaps in various licences, permits and clearances will be identified and removed," he said.
Muktadir acknowledged that Bangladesh had lagged behind in the ease of doing business, but said significant steps had already been taken to simplify business procedures.
"As many approvals and services as possible will be digitised so that businesses do not have to physically visit different government offices," he said, adding that the government is working continuously to make the business and investment environment easier and more effective.
A 33-member delegation of the US-Bangladesh Business Council was led by its adviser NishaBiswal.
Industries Ministry Secretary Abdun Naser and its senior officials were also present at the meeting.�"BSS