Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Metropolitan Chamber of Commerce and Industry (MCCI) has said the Export Promotion Bureau's (EPB) decision to extend the validity of the registration certificate from one year to five years is a significant milestone in simplifying procedures and reducing bureaucratic hurdles for exporters in the country.
This proactive measure will undoubtedly facilitate the growth of Bangladesh's export industry and empower businesses to operate with greater efficiency and stability, the elite chamber said in a statement on Thursday.
The MCCI has also applauded the EPB for their recent decision to extend the validity of the registration certificate, also known as the enrollment certificate, to five years.
"By providing a longer validity period, the EPB has effectively reduced the administrative burden on exporters, allowing them to focus more on their core activities, such as product development, market expansion, and enhancing their global competitiveness," the chamber also pointed out.
MCCI believes that this decision will enhance the confidence of exporters in Bangladesh and attract foreign investment by showcasing the government's commitment to supporting and promoting the export sector. The extended validity of the registration certificate will contribute to strengthening Bangladesh's position as a reliable and competitive player in the global market.
"We also deeply appreciate other government agencies and ministries who have been actively cooperating with the private sector to promote trade and commerce by easing various regulatory processes," the MCCI also added in the press release.
MCCI was the pioneer in moving this proposal of extending the tenure of all licences from a yearly renewal system to a five-year one. The Ministry of Commerce was the first to introduce a trade licence for a period of five years. Subsequently, the Ministry of Environment also came up with a policy for environmental clearance certificates.
MCCI congratulated all government officials and private sector representatives who made relentless efforts to facilitate the ease of doing business in Bangladesh.