(BSS) - Significant advancements have been reported in investment facilitation initiatives across ministries and departments in the country.

The updates were revealed at the 5th Investment Coordination Committee meeting chaired by Chief Adviser`s Special Envoy on International Affairs Lutfey Siddiqi, said a press release of Chief Adviser`s Press Wing tonight.

"Our focus on execution and holding each other accountable at this meeting demonstrates our commitment to improving the operating environment for businesses. We have a long way to go but we are going there with clear intent, rigour and transparency," said Lutfey Siddiqi.

Bangladesh Bank Governor Ahsan H Mansur, Chief Adviser`s Special Assistant for ICT Faiz Ahmed Taiyeb, BIDA Executive Chairman Chowdhury Ashik Mahmud Bin Harun, NBR Chairman Abdur Rahman Khan, along with various secretaries and private business stakeholders, attended the meeting.

Amendment to Free of Charge (FOC) Import Policy:

The Ministry of Commerce has agreed a policy amendment in principle to abolish quotas for Free of Charge (FOC) imports by 100 percent export-oriented companies.

The Import Policy Order amendment should be completed within two weeks. This reform is expected to significantly reduce inventory costs and enhance competitiveness.

According to BGMEA, the unconditional implementation of this FOC policy could have a multibillion dollar impact on export revenues.

Digital Infrastructure Takes Centre Stage:

A cornerstone achievement is the successful launch of Phase 1 of the Bangladesh Business Portal in September 2025, establishing a unified digital gateway for investors.

Phase 2, scheduled for completion by December 2025, will introduce the Business Starter Package and Single Sign-On functionality integrating 29 government services into one streamlined platform.

The system will ultimately achieve data interoperability with Bangladesh Single Window (BSW), ASYCUDA, and the Customs Bond Management System (CBMS), creating an unprecedented level of coordination across regulatory agencies.

The initiative aligns with Bangladesh`s broader digital governance strategy and responds directly to investor feedback, which calls for reduced processing times and enhanced transparency.

Port and Customs Modernisation Accelerates:

The government is implementing transformative changes at Chattogram Port, including the ongoing construction of Laldia Yard and the Taltala Container Yard, with the latter`s 6.25-acre facility expected to be operational very soon.

These expansions directly address container congestion issues.

A major decongestion initiative is underway to clear over 6,000 containers at the port, with inventory processing completed on almost all of them and specialised auctions already placing 403 containers.

Work is also underway, through a seven-member expert committee, to establish clear protocols for the disposal of dangerous goods.

On the technology front, the Automated Risk Management Software (ARMS) is progressing through API installation phases, promising to revolutionise cargo inspection through data-driven risk profiling.

The Central Bonded Warehouse framework has advanced to the draft SRO stage and awaits summary approval. Meanwhile, new scanner procurement guidelines now authorise the Port Authority to purchase scanners, with specifications from the National Board of Revenue.

The Chattogram Port Authorities now communicate directly with the National Board of Revenue for rapid resolution of issues, copying but not going via the Ministry of Shipping.

Banking and Financial Services Reforms:

Responding to private sector requests, the central bank has helped activate Real-Time Gross Settlement (RTGS) services at port-area bank branches and is pursuing round the clock service availability to match the operational realities of international trade.

Bangladesh Bank is developing comprehensive flowchart documentation of payment processes for export-import transactions, which will be disseminated through digital channels to diagrammatically clarify regulatory processes.

A policy review is underway regarding advance payment limits for imports, Export Retention Quota (ERQ) flexibility, and dollar transfer mechanisms from Bangladesh taka accounts - reforms that could substantially improve working capital management for export-oriented industries.

Streamlined Business Registration and Licensing:

Single-Entry Points have been established for entrepreneurs to access services in Dhaka South, Dhaka North, Chattogram and Sylhet City Corporations.

The Local Government Division intends to roll out similar platforms for gradual rollout across the nation, ensuring consistency with BIDA`s platform architecture.

In response to feedback, trade license renewal options are now extended from one to five years, reducing the burden of renewing annually.