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Bangladesh Investment Development Authority

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Bangladesh Investment Development Authority (BIDA)
Agency overview
Formed2016; 8 years ago (2016)
JurisdictionGovernment of Bangladesh
HeadquartersBiniyog Bhaban, E-6/B Agargaon, Sher-e-Bangla Nagar Dhaka-1207
Websitebida.gov.bd

The Bangladesh Investment Development Authority (BIDA) (Bengali: বাংলাদেশ বিনিয়োগ উন্নয়ন কর্তৃপক্ষ) is the apex investment promotion agency (IPA) of Bangladesh under the Chief Adviser's Office. BIDA promotes and facilitates private investment and advocates business-friendly policies. BIDA also provides regulatory services including registration, approvals and recommendations.

History

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Headquarters

BIDA was formed on 1 September 2016[1] through the Bangladesh Investment Development Authority Act [2] that merged the erstwhile Board of Investment and Privatization Commission.[3]

Organization

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The BIDA management structure is composed of three tiers, which are:

  • Governing Board
  • Executive Council
  • Head office and divisional offices

Services

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  • Pre-investment information and counseling service
  • Investor welcome service through speedier immigration
  • Registration/approval of foreign, joint-venture and local projects
  • Registration/approval of branch/liaison/representative offices
  • Work permit approval for the foreign nationals
  • Approval for remittance of royalty, technical know-how and technical assistance fees
  • Facilitating import of capital machinery & raw materials
  • Approval of foreign loan suppliers’ credit, PAYE scheme etc.
  • Facilitation for utility connections
  • Assistance in obtaining industrial plots

Online One Stop Service (OSS) portal

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BIDA hosts the country's first inter-operable online One Stop Service (OSS) Portal. BIDA established this platform by driving the digitization and integration of the investor services of various ministries, departments and agencies in Bangladesh.

BIDA is working to integrate over 150 services of over 40 separate investor service providers. The International Finance Corporation, a development partner of BIDA, has provided technical assistance for the effective development of the OSS portal.

References

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  1. ^ "BIDA Fuctions (BIDA)". boi.gov.bd. Bangladesh Investment Development Authority. Retrieved 5 April 2017.
  2. ^ "Call to ensure One-Stop Services to draw investment". Dhaka Tribune. 8 March 2017. Retrieved 5 April 2017.
  3. ^ "Commerce minister moves to help BIDA make Bangladesh investment-friendly". bdnews24.com. Retrieved 5 April 2017.


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