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Entrepreneurs Paying Six Times More Than Official Fees to Obtain Licenses

Industry: Financial

Entrepreneurs in Bangladesh face significant challenges obtaining business licences and permits, spending six times the official rates due to bureaucratic inefficiencies. Establishing a garment factory requires about 20 licences, contributing to time and financial burdens. High default rates in the banking sector result in elevated interest rates for loans, further hindering business growth. To address these issues, digital document verification systems are proposed to streamline licensing processes. Germany sees potential in investing in Bangladesh under its China Plus One policy, with a 20% increase in German company presence in recent years. Regulatory barriers, including repetitive licence renewals, impede business operations, highlighting the need for reform. Bangladesh aims to enhance trade with emerging markets like India and China to diversify its export base. Efforts are underway to improve business facilitation through initiatives like the One Stop Service (OSS) at the Bangladesh Investment Development Authority (BIDA), with plans to expand services within three months.

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