The funding promotion ecosystem in Bangladesh is fragmented, with funding promotion agencies (IPAs) working in isolation in desire to as a cohesive unit, constant with the closing draft of the White Paper on the Voice of Bangladesh’s Economic system.
The doc, submitted to the executive adviser of the intervening time authorities this day (1 December), said that even supposing the Bangladesh Funding Pattern Authority (BIDA) is intended to help because the central physique for funding fortify, its effectiveness is hindered by heart-broken coordination with moderately about a IPAs, regulatory our bodies, and service suppliers.
Furthermore, it acknowledged these regional offices of BIDA equally face infrastructural inhibitions from totally the dispute of the One Conclude Companies and products (OSS) platform to easily and within the shortest lengthily process factors linked to investments.
“A identical fortify constructed-in machine one-slay funding for transparency, good aquire of tape, and serving to the machine create investor confidence exists in Malaysia, Singapore, and Dubai. Then all every other time, such initiatives maintain yet to be prioritised in Bangladesh, which made the OSS of BIDA dysfunctional,” acknowledged the draft doc.
It mentioned that files inconsistencies are evident within the strategies maintained by moderately about a IPAs.
In line with the White Paper, an prognosis of 3,111 industries registered with BIDA (2019–2024) finds that many maintain investments below Tk15 crore, raising questions about the need of BIDA registration for such minute-scale projects, which might perchance furthermore function with a trade licence.
In line with the Long-established Working Scheme (SOP), investments under Tk100 million produce not require a venture profile.
Furthermore, discussions relate that many industries registered through BIDA’s OSS are non-operational.
It said that the absence of a centralised Master OSS, at the initiating planned to integrate products and companies from agencies admire Bangladesh Export Processing Zone (BEPZA), Bangladesh Economic Zone Authority (BEZA), and Hi-Tech Park Authority (HTPA), hampers files accuracy and coordination.
Additionally, the White Paper Committee found that the dearth of officials authorised to supply severe products and companies equivalent to fire security, taxation, and environmental compliance right through all IPAs additional complicates the process.
It acknowledged duplication in registrations right through agencies might perchance be resolved by introducing a particular investor identification machine to fortify transparency and effectivity.
