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Investment development law okayed

  • Published at 07:18 pm August 31st, 2015

The Cabinet has approved in principle the draft of Bangladesh Investment Development Authority (BIDA) Law 2015.

The decision was taken at the Cabinet’s regular meeting, presided over by Prime Minister Sheikh Hasina, at the Secretariat yesterday.

Cabinet Secretary M Musharraf Hossain Bhuiyan briefed the reporters after the meeting. “The Privatisation Commission and the Board of Investment (BoI) will be abolished once the BIDA law is passed by parliament,” he said, because “the two institutions failed to execute their objectives.”

The Privatisation Commission has been able to convert only 58 government organisations, which is less-than-expected performance in the eyes of the Cabinet, he said.

Musharraf further said the government hoped that the country’s investment would be accelerated through the formation of the new investment authority.

According the draft law, all officers and employees under both the BoI and the Privatisation Commission would be transferred to the BIDA, which will also take over the assets and liabilities of the two institutions.

The prime minister will be the chairman of the 17-member governing body of the BIDA, while the finance minister will be the vice-chairman and the minister concerned will be a member.

The chief executive officer of the BIDA will be the executive chairman of the governing body, said the cabinet secretary.