IFC supports Bangladesh’s BOI in simplifying business processes

Tuesday, 28 December 2010 00:01 - - {{hitsCtrl.values.hits}}

IFC, a member of the World Bank Group, is helping Bangladesh’s Board of Investment simplify investment registration procedures for local and foreign investors with a new online registration service system that helps save valuable time.

The online service, launched yesterday by the Board of Investment, is supported by the Bangladesh Investment Climate Fund. The fund is managed by IFC in partnership with the United Kingdom’s Department for International Development and the European Union.

“Our government aims to increase industry contribution to Gross Domestic Product, which can only be achieved by creating a conducive business environment for private sector growth,” said Dilip Barua, Bangladesh’s Minister of Industries. “The online registry is a significant step in this process.”

The online registry is one of several initiatives by the Board of Investment to simplify and automate services, and it is part of a broader Digital Bangladesh program launched by the government earlier this year.

Through the platform, investors can complete registration procedures, including submitting an application, attaching documents, tracking status, providing interactive feedback, and seeking approval, without visiting the Board of Investment’s office or using an intermediary. The new online system substantially reduces the application and processing time.

Dr. Samad, Board of Investment’s Executive Chairman, said, “We wanted to get rid of cumbersome procedures and introduce a truly investor-friendly system. So we simplified the process, reducing steps by 40 percent and eliminating several unnecessary documents.”

“Our support of the Board of Investment’s new registry is in line with our work to improve the ease of doing business for local firms as well as foreign investors,” said Ian Crosby, Manager of IFC Advisory Services in Bangladesh. “IFC’s work with investment-promotion agencies around the world has had positive outcomes for generating private investment.”

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. IFC creates opportunity for people to escape poverty and improve their lives.

It does so by providing financing to help businesses employ more people and supply essential services, by mobilising capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $ 18 billion in fiscal 2010.