Cabinet okays law for boosting investment
With a target to encourage local and foreign investment in the country, the government today approved a draft of One Stop Service Act, 2017.
According to the proposed law, ministries concerned will have to process an investment application within seven days, Cabinet Secretary Shafiul Alam said.
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He was talking to reporters after the weekly cabinet meeting at the Secretariat in Dhaka with Prime Minister Sheikh Hasina in the chair.
Four government organisations including Bangladesh Economic Zones Authority (Beza) and Bangladesh Hi-Tech Park Authority (BHPA) will be merged as a single entity under the act, Shafiul Alam said.
In order to improve Bangladesh’s raking among 188 countries in 2017 Doing Business Index of the World Bank, the government has formulated the law, he said.
According to the index, Bangladesh ranks 176 among 190 countries.
Weak infrastructure and poor business environment are critical problems for Bangladesh to attract both domestic investment and FDI, according to the index.
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