Dhaka, Bangladesh, December 22, 2010

The Board of Investment (BOI), with assistance from IFC, commenced a simplified investment registration procedures for local and foreign investors with a new online registration service system that helps save valuable time.

“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, Hon’ble Minister of Industries and Vice Chairman of The Board of Investment. “The online registry is a significant step in this process.”

The Online Registration System is one of several initiatives by the BOI to simplify and automate services, and it is part of a broader Digital Bangladesh program launched by the government.  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.

BOI Executive Chairnman Dr. Syed A Samad said, “We wanted to get rid of cumbersome procedures and introduce a truly investor-friendly system.  So we simplified the process, reducing steps and eleminating 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.”

The online service, launched by BOI, is supported by the Bangladesh Investment Climate Fund.