The Board of Investment (BoI) yesterday introduced online registration system to help investors get their proposals approved faster and with less paper works.
With the web-based automation, the prospective investors will be able to complete registration within just a day compared to six days in the existing manual system.
Currently, the investors also need to go through 13 stages to get approval from the state-run agency, but in the new system they will face only three steps, officials said.
Industries Minister Dilip Barua inaugurated the web-based application at a ceremony at the BoI office in Dhaka.
“The system has been designed to reduce time and documentation burden on the investors, and to simplify the processing within the BoI,” said Shamsul Islam Chowdhury, director (communication) of the board, while making a presentation on the system.
He said, under the new system the investors will submit applications to the BoI for verification. After verifying, the state-run agency will give approval. “The system will increase transparency and accountability and enhance performance.”
The online platform will enable the investors to complete the entire registration process, including submitting an application, attaching documents, tracking status, providing interactive feedback and seeking approval, without visiting the BoI office or using an intermediary.
International Finance Corporation (IFC), a member of World Bank Group, is helping the board simplify the investment registration procedures for the local and foreign investors.
The online service is supported by Bangladesh Investment Climate Fund, which is managed by IFC in partnership with the United Kingdom’s Department for International Development and the European Union.
Dilip Barua said the initiative is a landmark improvement in creating a congenial environment for business in the country. “I hope it will help attract more investors from home and abroad. Once the system starts functioning, it will make the registration process faster than we can imagine.”
Ian Crosby, manager of IFC Advisory Services in Bangladesh, said: “Our support to the BoI’s new registration system is in line with our initiative to increase the ease of doing business for the local and foreign investors.”
He said Bangladesh has tremendous growth prospect in attracting investments, but the country lacks a simple window for wooing the investors. “There are a number of obstacles. But the online registration will definitely benefit the investors,” Crosby said.
Syed A Samad, executive chairman of BoI, said they have introduced the online system to improve the delivery system.
M Anis Ud Dowla, president of Metropolitan Chamber of Commerce and Industry, Dhaka, said the board has a big role in attracting the investors. A friendly BoI will benefit the investors much, he added.
Joint Stock Companies and Firms’ Registrar Ahmedur Rahim and Bangladesh Women Chamber of Commerce and Industry President Selima Ahmad also spoke.
