To remove longstanding bureaucratic complexities, slow approval procedures and policy barriers that have hindered business and investment, the government has announced sweeping reforms. A mandatory seven-day deadline will be introduced for decisions on approvals and licences in an effort to simplify procedures for entrepreneurs.

If a government agency fails to respond within the stipulated period, the application will be deemed automatically approved. At the same time, the government has set ambitious goals of transforming Bangladesh into South Asia’s most competitive investment destination, building a trillion-dollar economy and creating 10 million jobs.

These plans were outlined at the conference titled “Roadmap for Trade, Growth and Economic Diplomacy 2026”, organised by the Ministry of Foreign Affairs and the Bangladesh Investment Development Authority (BIDA) at a hotel in the capital on Saturday. Senior policymakers presented future strategies on economic reform, investment, employment, economic diplomacy and ease of doing business. Speakers included Foreign Minister Dr Khalilur Rahman, Minister for Local Government, Rural Development and Cooperatives Mirza Fakhrul Islam Alamgir, Finance Minister Amir Khosru Mahmud Chowdhury, and BIDA Executive Chairman Chowdhury Ashik Mahmud Bin Harun.

The Finance Minister said that deregulation and the removal of unnecessary controls and restrictions are among the government’s highest priorities. He noted that entrepreneurs often face their greatest difficulties during the approval process, with some investments currently requiring between 19 and 40 separate approvals, slowing investment and increasing business costs.

He said the government is preparing a fundamental overhaul of the system.

All relevant government agencies will be brought under a central coordination framework. Once an investment or business application is submitted, the responsible authority must provide a decision within seven days. If no response is received within that timeframe, the approval or licence will be considered automatically granted.

“Deregulation is the key. We will not stop at policy announcements; we will ensure implementation,” he said.

The Finance Minister added that merely relaxing regulations would not be enough and that the country’s financial structure must also be reconfigured to reflect new realities. Rising costs of multilateral and bilateral borrowing have placed existing financing arrangements under pressure. Bangladesh currently spends around Tk 125 billion annually on interest payments alone—funds that could otherwise be invested in education, healthcare and infrastructure.

He also said state-owned enterprises must become less dependent on government funding and instead raise finance based on their own commercial strength. Strengthening the capital market, he added, is essential for long-term investment.

BIDA Executive Chairman Chowdhury Ashik Mahmud Bin Harun said the government’s objective extends beyond economic growth. It aims to transform Bangladesh into a trillion-dollar economy through investment-led development while creating 10 million jobs. He described the establishment of political stability and policy continuity as one of the country’s most significant recent achievements, helping to strengthen investor confidence.

He stressed that job creation is not solely the government’s responsibility and that the private sector must also play a leading role. The government’s task, he said, is not to run businesses but to ensure a favourable business environment. Energy shortages, logistical weaknesses and excessive regulations remain major obstacles to investment, and the government is pursuing a coordinated strategy to address them.

According to the BIDA chief, the current fiscal year’s budget is among the most investment-friendly in recent years. Several restrictions have been eased, and a new process is being introduced that would allow investors to begin factory construction within 14 days. At present, the same process can take between 180 and 365 days.

On the energy sector, he said ensuring uninterrupted energy supplies is a strategic priority for a production-oriented economy. Initiatives include industrial-scale solar projects on unused government land, simplified regulations for rooftop solar power generation and expansion of energy infrastructure. Plans are also in place to install additional floating LNG terminals within six to twelve months, launch land-based LNG terminal projects and finalise the scope of the ERL-2 project.

Highlighting the need to overcome weaknesses in ports and logistics, he said Bangladesh must develop world-class port management systems to remain internationally competitive. The government aims to deliver visible improvements within a year. Work is also progressing on a Chinese Economic Zone and potential free-trade zones. In addition, 20 loss-making state-owned enterprises are being considered for privatisation or public-private partnership arrangements.

Speaking as chief guest, Mirza Fakhrul Islam Alamgir said the government is working to build a secure, stable, industrialised and prosperous Bangladesh. He said the administration is prepared to make any necessary sacrifice to realise the vision of a “new Bangladesh”.

“The benefits of development will not be confined to large industrial groups. Small farmers, workers, marginal entrepreneurs and small business owners will also be established as key drivers of the national economy,” he said.

He noted that the government inherited an economic structure in which many institutions had become weak and is now seeking to rebuild them to ensure inclusive development. He also highlighted efforts to strengthen local government institutions and bring public services closer to citizens. Addressing international investors, he said they would not be disappointed if they placed their confidence in Bangladesh’s potential.

Foreign Minister Dr Khalilur Rahman said the global economy is currently facing multiple challenges, including slow growth, geopolitical tensions, climate risks, trade barriers and energy shortages. Financing costs for developing countries have also risen significantly.

“However, the government is working to turn these challenges into opportunities,” he said.

He added that restoring the confidence of domestic and international partners is the government’s immediate priority. Bangladesh is committed to establishing itself as a stable, predictable and business-friendly country. Embassies and high commissions abroad are being restructured to serve not only as diplomatic missions but also as active centres for trade and investment promotion.

The Foreign Minister further noted that artificial intelligence, blockchain technology, 5G and the Internet of Things are rapidly reshaping global trade. If Bangladesh can adapt quickly to this new “trade-tech” reality, he said, it has the potential to become South Asia’s most competitive investment destination.

Representatives from international financial institutions, development partners, foreign missions, multinational corporations and leading business organisations participated in the day-long conference. Discussions highlighted the government’s determination to drive a new phase of economic transformation through deregulation, business-friendly reforms, improvements in energy and logistics, increased investment and large-scale job creation.