Regulatory Environment and Governmental Bodies for Promoting Investment

Md. Joynal Abdin*

Business Consultant & Digital Marketer

Co-Founder & CEO of Bangladesh Trade Center

1. Investment Related Laws:

• The Foreign Private Investment (Promotion and Protection) Act, 1980
• The Bangladesh Export Processing Zones Authority Act, 1980
• The Investment Board Act, 1989
• The Bangladesh Private Export Processing Zones Authority Act, 1996
• The Bangladesh Economic Zones Act 2010
• Bangladesh Investment Development Authority (BIDA) Act 2016

2. Investment Related Policies:

• Private Sector Power Generation Policy Of Bangladesh 2004
• Bangladesh Private Sector Infrastructure Guidelines 2004
• SME Policy Strategies -2005
• Policy Guidelines for Enhancement of Private Participation in the Power Sector, 2008
• National Tourism Policy 2009
• Renewable Energy Policy of Bangladesh 2009
• Plot Allocation Policy in BSCIC Industrial Estate 2010
• Policy and Strategy for Public-Private Partnership (PPP) 2010
• Export Policy 2015 – 2018
• Import Policy Order 2015-2018
• National Industrial Policy 2016

3. Trade, Companies, Commercial or Mercantile Laws:

• The Contract Act, 1872
• The Partnership Act, 1932
• The Drugs Act, 1940
• The Bangladesh Small and Cottage Industries Corporation Act, 1957
• The Negotiable Instruments Act, 1881
• The Drugs (Control) Ordinance, 1982
• The Bangladesh Standards and Testing Institution Ordinance, 1985
• The Companies Act,1994

4. Securities & Exchange Laws:

• The Securities Act, 1920
• The Securities and Exchange Ordinance, 1969
• The Depository Act, 1999

5. Taxation, Customs & Revenue Laws:

• The Customs Act, 1969
• The Income Tax Ordinance, 1984
• The Value Added Tax Act,1991
• The Travel Tax Act,2003
• The Finance (2008-09 FY) Act 2009

6. Banking & Financial Institution Laws:

• The Banking Companies Act, 1991
• The Financial Institutions Act, 1993
• The Money Laundering Prevention Act, 2009

7. Insurance Laws:

• The Insurance Act, 2010

8. Land/Property Laws:

• The Transfer of Property Act, 1882
• The Registration Act, 1908

9. Imports-Exports & Shipping Laws:

• The Bills of Lading Act, 1856
• The Imports and Exports (Control) Act, 1950

10. Labor and Industrial Laws:

• The EPZ Workers Association and Industrial Relations Act, 2004
• The Bangladesh Labor Act, 2006

11. Consumer Laws:

• The Consumer-Right Protection Act, 2009

12. Intellectual Property Laws:

• The Patents and Designs Act, 1911
• The Copyright Act, 2000
• The Trade Mark Act, 2009

13. Foreign Trade & Foreign Exchange Laws:

• The Foreign Exchange Regulation Act, 1947

14. ICT laws:

• The Information and Communication Technology Act, 2006
• The Bangladesh High-Tech Park Authority Act, 2010

15. Public Procurement Laws:

• The Public Procurement Act, 2006

16. Environmental Laws:

• The Bangladesh Environment Conservation Act, 1995

17. Procedural Laws:

• The Arbitration Act, 2001
• The Artha Rin Adalat Ain, 2003 (The Money Loan Court Act 2003)

18. Tourism Laws:

• The Bangladesh Tourism Reserved Area and Special Tourism Zone Act, 2010

19. Fire Service Laws:

• Fire Prevention and Extinction Act, 2003

Regulatory Environment and Governmental Bodies for Promoting Investment, This is the summary of two chapters from the book “Most Prospective Sectors to Invest in Bangladesh” of the Author. To purchase the book click here.

2. Introduction to the Policies and Laws:

1. The Foreign Private Investment (Promotion and Protection) Act, 1980: This is a revolutionary act for facilitating and promoting foreign Investment in Bangladesh. This act was adopted in 1st April 1980 by the government of Bangladesh. Main objective of this act was to provide promotion and protection of foreign private investment in Bangladesh. This act allowed a foreign entity to development of capital, technical and managerial resources of Bangladesh; discovery, mobilization or better utilization of the natural resources. It resulted into strengthening of the balance of payment of Bangladesh; increasing employment opportunities in Bangladesh; and the economic development of the country.

2. The Bangladesh Export Processing Zones Authority Act, 1980: This is another first generation act while government shifted its direction from state owned socialism motive towards free market economy and private sector development policy. This act was adopted in 26th December 1980. It was formulated to establish the Bangladesh Export Processing Zones Authority (BEPZA). BEPZA is responsible for creation, development, operation, management and control of export processing zones (EPZ) and for matters connected therewith. EPZ is a name of success in Bangladesh to attract foreign investment and increase the export / international trade of the country.

3. The Investment Board Act, 1989: This act was adopted in 2nd March 1989 to establish the Board of Investment. Objective of the Board of investment was to inspire investment in private sector and organize investment related logistic support for promotion of private sector. Primarily the Board of investment was attached with the Ministry of Industries and later on it was looking after by the Prime Minister’s Office. There is a criticism in the market that the Board of Investment failed to perform its duty as per expectation. But it has many successes as well. Very recently this Board of Investment has been abolished by the government and created a new entity titled Bangladesh Investment Development Authority (BIDA) under the Bangladesh Investment Development Authority (BIDA) Act 2016. The Bangladesh Investment Development Authority (BIDA) is the principal private investment promotion and facilitation agency of Bangladesh. The act is created on September 01, 2016.The act mandated BIDA for providing diversified promotional and facilitating services with a view to accelerating Industrial development of the country.

4. National Industrial Policy 2016: The government of Bangladesh adopted latest industrial policy in 2016 titled ‘National Industrial Policy 2016’. This policy emphasized upon achievement of middle income country through sustainable environment friendly industrialization by 2021. With this view in mind National Industrial Policy 2016 emphasized upon development of small and medium enterprises (SMEs). New potential sectors along with the service sector got attention in this policy. It defined different segments of industries, identified high priority sectors, management of industrial wastage, and protection of intellectual property rights. This policy adopted a time bound action plan for the first time to facilitate proper implementation and monitoring.

5. SME Policy Strategy 2005: The government of Bangladesh adopted SME Policy Strategy in 2005. Its successors SME Policy Strategy 2016 is in draft stage under final review of the Ministry of Industries. SME Policy Strategy 2005 was focusing on Government’s commitment to SMEs as vehicles for quality of life improvement, economic growth and poverty alleviation of the common people. The primary role of the government was determined as a facilitator of removing policy obstacles and neutralizing market failures and, providing necessary promotional support. SME Policy recommended to establish an apex organization titled SME Foundation to look after the wellbeing of SME sectors. It identified 11 potential SME sectors namely Electronics and electrical; Software-development; Light engineering and metal-working; Agro-processing/agri-business/plantation agriculture/ specialist farming/tissue-culture; Leather-making and leather goods ; Knitwear and ready-made garments; Plastics and other synthetics; Healthcare & diagnostics; Educational services; Pharmaceuticals/cosmetics/toiletries; Designer, aesthetically-challenging, personal wear and effects; as SME Booster Sectors.

6. The Export Policy 2015 – 2018: The Export Policy 2015-2018 was adopted by the government of Bangladesh on 9^th September 2015. This policy focused upon increasing productivity of export oriented sector, ensuring quality of exportable products in competitive price, diversification of export items and market destination, special attention to ICT based and service export, selecting a priority list, selecting one focal point in all Bangladeshi embassies in abroad, activating commercial wings of the embassies to build commercial relations with respective countries in order to increase export of Bangladesh.

7. The Import Policy Order 2015 – 2018: The Import Policy Order 2015 – 2018 of Bangladesh was adopted by the government on 10^th February 2016. This policy focused upon controlling imports of Bangladesh to ensure quality of imported products (allowed), control import of conditionally importable products, and import procedures. This policy determined standards for importable goods for ensuring human, animal and plant life safety and security in Bangladesh. Therefor it is an order with mandatory implementable power like an act.

8. The Bangladesh Small and Cottage Industries Corporation Act, 1957: The Bangladesh Small and Cottage Industries Corporation (BSCIC) act was adopted during the Pakistan regime on 21st May 1957. Main objective of this act was to establish a Corporation for the purpose of promoting the development of small and cottage industries in the country. BSCIC played a very significant role in promotion and development of cottage, micro and small industries of Bangladesh. There are 79 BSCIC industrial estate established by the organization planted the root of industrialization in the country. BSCIC is working to develop, promote and furthering of cottage, micro and small industries of Bangladesh. They are providing all sorts of industrial logistics in BSCIC industrial estates. SCITI is operating entrepreneurship development training for new and potential entrepreneurs throughout the year.

9. The Bangladesh Standards and Testing Institution Ordinance, 1985: The Bangladesh Standards and Testing Institution (BSTI) Ordinance was adopted on 25th July, 1985. Main objective of this act was to establish an Institution for standardization, testing, metrology, quality control, grading and marking of goods. Standardization and ensuring proper quality of products is a very important issue for the safety of life and wealth. Ensuring world class quality is the most significant criteria of a product to enter into the export market. Therefore strong capacity of BSTI could play vital role in maintaining safety and product’s quality in domestic market as well as ensure quick growth of export.

10. The Companies Act, 1994: The government of Bangladesh adopted the companies act on 12^th September 1994. This is the bible of joint stock limited company, association, NGOs operating in Bangladesh. Actually this is the compiled and updated version of few older acts related to the companies and other associations. This is the guiding principle of incorporating, managing, day to day operation, profit sharing, sustaining or dissolution of all sorts of companies in Bangladesh. It is a safeguard for investors, guide book for operating of companies and associations in Bangladesh. It controls registration, classification, MoA & AoA management, role of the directors, transferring of ownership, possible all types of circumstance to operate companies are covered up in this act in details.

11. The Drugs (Control) Ordinance, 1982: The drugs (control) ordinance was adopted by the government of Bangladesh on 12th June 1982. Main objective of this ordinance is to control manufacture, import, distribution and sale of drugs. Therefore it is a sector specific ordinance and guide book for the pharmaceuticals industry of Bangladesh. Pharmaceutical is one of the major contributory sectors of Bangladesh by starting their journey in 1982. Currently Bangladesh is almost self-sufficient in medicine. Bangladeshi pharmaceutical companies are exporting their world class products to 107 countries, including Germany, USA, France, Italy, UK, Canada, Netherlands and Denmark etc.

12. The Contract Act, 1872: This is one of the oldest acts enacted during the British period on 25th April 1872. This is the legal framework related to sign, manage and dissolution / void of contracts. This act is practicing by most of the commonwealth states. Therefor it is universal types of act.

13. The Partnership Act, 1932: This is another inherited act practicing by Bangladesh from British colonial regime. This act was enacted on 8th April 1932. Main objective of this act is to define and direct to manage the rules relating to partnership.

14. Taxation, Customs & Revenue Related Laws: Bangladesh revenue sector is operating and controlling under four acts and one ordinance. These are the Customs Act 1969, The Finance (2008-09 FY) Act 2009, The Income Tax Ordinance 1984, The Travel Tax Act 2003, The Value Added Tax Act1991.

15. Intellectual Property Rights Related Laws: Bangladesh has three separate acts related to copyright, patent and trade mark titled the Copyright Act 2000, the Patents and Designs Act 1911, and the Trade Mark Act 2009 to protect all sorts of intellectual rights of the innovators.

Regulatory Environment and Governmental Bodies for Promoting Investment, This is the summary of two chapters from the book “Most Prospective Sectors to Invest in Bangladesh” of the Author. To purchase the book click here.

3. Governmental bodies to promote entrepreneurship

Bangladesh has a long list of governmental bodies working to promote, support, assist, and develop entrepreneurship, investment, business, trade and commerce. This list is (but not limited to) as follows:

1. National Council for Industrial Development (NCID) – Headed by the Honorable Prime Minister.
2. Executive Committee of National Council for Industrial Development (ECNCID) – Headed by the Honorable Minister, Ministry of Industries.
3. Ministry of Finance.
4. Ministry of Industries.
5. Ministry of Commerce.
6. Bangladesh Bank (the Central Bank of Bangladesh).
7. National Board of Revenue.
8. Bangladesh Tariff Commission.
9. Bangladesh Investment Development Authority (BIDA).
10. Bangladesh Small and Cottage Industries Corporation (BSCIC).
11. Small and Medium Enterprise Foundation (SME Foundation).
12. Bangladesh Industrial Technical Assistance Centre (BITAC).
13. Bangladesh Standards and Testing Institution (BSTI).
14. Bangladesh Council of Scientific and Industrial Research (BCSIR).
15. Office of the Registrar of Joint Stock Companies and Firms.
16. Office of the Chief Controller of Imports & Exports.
17. Trading Corporation of Bangladesh (TCB).
18. Investment Corporation of Bangladesh (ICB).
19. Bangladesh Securities and Exchange Commission (BSEC).
20. The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) along with its allied Chambers of Commerce and Sector Specific Trade Associations.

All of the above ministries / agencies / organizations have direct or indirect contribution on the business environment of Bangladesh. Some of these are promoters, few of these are regulator and others are support institutions. Let’s have a look on the industry promotion / support institutions in brief in the following:

3. National Council for Industrial Development (NCID): Hon’ble Prime Minister of the People’s Republic of Bangladesh is the Chairperson of National Council for Industrial Development (NCID). The Minister for Industries is its Vice Chairman. Formation of the Council is as follows:

1. Hon’ble Ministers & Deputy Ministers for Finance, Commerce, Power and Energy, Agriculture, Textiles and Jute, Environment and Forest, Post and Telecommunication, Science and ICT, Labor and Employment, Civil Aviation and Tourism, Expatriate Welfare and Overseas Employment, Women and Children Affairs, and Fisheries and Livestock.
2. Executive chairman, Board of Investment

• Chairman, Privatization Commission

1. A Member of Parliament from each of the administrative divisions
2. Governor, Bangladesh Bank
3. Secretaries of the relevant Ministries/Divisions (Finance, Industries, Commerce, Planning, ERD, Power and Energy, Textiles and Jute, Post and Telecommunication, Science and ICT, Labor and Employment)

• Members of the Industries and Energy Divisions of the Planning Commission
• Chairman, Bangladesh Atomic Energy Commission

1. Chairman, Tariff Commission
2. Chairman, Bangladesh Small and cottage Industries Corporation
3. Executive Chairman, Bangladesh Export Processing Zones Authority

• Presidents of the FBCCI, DCCI, MCCI, BCI, FICCI, CCCI, NASCIB, BGMEA, BKMEA, BTMA, BJMA, and SMEF.
• President, Bangladesh Employers’ Federation
• Chairperson, Women Entrepreneurs’ Association

1. Government nominated five distinguished industrialists

This council was formed as per the proposal of National Industrial Policy 2010. The Council is supposed to meet once every six months, and the Ministry of Industries is responsible to provide the Council with secretarial assistance. Although the Hon’ble Minister of the Ministry of Industries has been mentioned as the member of the Council, Hon’ble Deputy Minister in Charge of the Ministry is also be included in it.

The Council reserves the right to declare the inclusion into thrust sector of any deserving rising enterprise applying for the same determine the type and terms of incentives to be given and monitor the implementation of Industrial Policy including reviewing and up-dating the list of existing thrust sectors in industrial sector. If necessary, new member may be co-opted in the Council. Representative from a sub-sector might be included in case of discussion on a particular subsector.

Till now the Ministry of Industries is providing secretarial supports to the council. But hopefully this council will be further strengthened by establishing its own secretariat life BCSIR, NSDC etc.

3. Executive Committee of National Council for Industrial Development (ECNCID): An executive committee titled Executive Committee of National Council for Industrial Development (ECNCID) is working with the Honorable Minister, Ministry of Industries in the chair to provide support to NCID. Other members of the ECNCID are the followings:

1. Secretary, Ministry of Industries
2. Chairman, National Board of Revenue
3. Finance Secretary
4. Secretary, Ministry of Commerce
5. Secretary, Ministry of Power
6. Secretary, Ministry of Mineral and Energy
7. Secretary, Ministry of Jute and Textile
8. Secretary, Ministry of Agriculture
9. Secretary, Ministry of Civil Aviation and Tourism
10. Secretary, Ministry of Overseas Employment and Welfare
11. Secretary, Ministry of Forest and Environment
12. Secretary, Ministry of Science and Technology
13. Secretary, Ministry of Post and Telecommunication
14. Secretary, Ministry of Women and Children
15. Secretary, Ministry of Fisheries and Livestock
16. Secretary, Ministry of Labor and Employment
17. Member-2, Privatization Commission
18. Deputy Governor, Bangladesh Bank
19. Representative from the Board of Investment
20. Executive Chairman, BEPZA
21. Chairman, BSCIC
22. Departmental Head, Industry and Energy section, Planning Commission
23. Additional Secretary/Joint Secretary, Ministry of Industries, member-secretary
24. Presidents of FBCCI, BWCCI, MCCI, DCCI, BCI, FICCI

ECNCID convenes meeting every three months. The Committee is responsible to review the competency of the applicant to be recognized as thrust sector and recommend before the NCID. The committee monitors strict compliance of the industrial policy together with the protection of environment and advice solutions in case of any complexity. Probe into complaints/allegations and if necessary, recommend action against concerns if found negligence or indifference of any sort in abiding by the directives. New members might be co-opted into the committee if needed.

3. Bangladesh Investment Development Authority (BIDA): By abolishing the Board of Investment and Privatization Commission a new organization titled Bangladesh Investment Development Authority (BIDA) has been established by the government of Bangladesh. BIDA started its operation on 1^st September 2016. It is the principal private investment promotion and facilitation agency of Bangladesh. The act is created on September 01, 2016.The act mandated BIDA for providing diversified promotional and facilitating services with a view to accelerating industrial development of the country. In addition, the government also entrusted BIDA with some more functions in its service list. Functions of BIDA is as follows [7]:

• Country promotion
• Sector/industry promotions
• Publications on business processes
• Pre-investment information and counseling service.
• Investor welcome service (faster immigration).
• Registration/approval of foreign, joint-venture and local project.
• Registration/approval of branch/liaison/representative offices.
• Approving work permit for the foreign nationals.
• Facilitating utility connections (electricity, gas, water & sewerage, telecom etc.).
• Assistance in obtaining industrial plots.
• Approving remittance of royalty, technical know-how and technical assistance fees.
• Facilitating import of capital machinery & raw materials.
• Approving foreign loan suppliers’ credit, PAYE scheme etc.
• Advocating policy suggestions to the government.
• Assisting the government in framing new policies for private sector development.
• Assisting the National Taskforce on investment climate facilitation.

3. Bangladesh Small and Cottage Industries Corporation (BSCIC): Bangladesh Small and Cottage Industries Corporation (BSCIC) is the prime mover organization in Bangladesh to support industrialization process through creation of an entrepreneurial society. BSCIC was established by an Act of the Parliament in 1957. Vision of this corporation is to accelerate the industrial growth through promotion and extension of Medium, small and cottage industries. Being its Headquarter at Dhaka it has 4 Regional offices, 64 District offices (Industries Service Centre), 74 Industrial Estates and 15 Skill Development Centers at different places of the country, the website of BSCIC (www.bscic.gov.bd) focuses the development program of Medium, Small and Cottage Industries sector in congruence with the govt. policy. Main functions of BSCIC are as follows [8]:

1. Increase of industrial production and productivity in the SCI sector;
2. Creation of employment opportunities;
3. Poverty alleviation;
4. Balanced regional growth;
5. Ensure optimum utilization of economic and human resources;
6. Accelerate overall economic growth of the country through SCI; Services of BSCIC
7. Entrepreneurship development through counseling and training.
8. Provide infrastructural facilities by establishing Industrial Estates.
9. Extend credit facilities to the entrepreneurs from its own fund and also through banks and financial institutions.
10. Preparation of Project Profile and project appraisal proposal.
11. Provide technical and consultancy services for establishing new industrial units and quality improvement of SCI products;
12. Development and distribution of new designs and prototype
13. Innovation and adaptation of appropriate technology in the SCI sector.
14. Collect compilation and dissemination of technical and other information leading to investment, production and marketing of SCI.
15. Conduct research, studies and survey in the SCI sector.
16. Other pre and post investment counseling.
17. Regulatory Functions.
18. Registration of small and cottage industrial unit.
19. Recommendation for exemption of duties and taxes.

• Recommendation for import entitlement of raw materials and packaging materials.

3. Small and Medium Enterprise Foundation (SME Foundation): SME Foundation is established by the Government of Bangladesh under Ministry of Industries as an apex institution for SME development in the country. The major activities of SME Foundation are implementation of SME Policy Strategies adopted by the Bangladesh Government, policy advocacy and intervention for the growth of SMEs, facilitating financial supports for SMEs, providing skill development and capacity building training, facilitating adaptation with appropriate technologies and access to ICT, providing business support services, etc. It is mentionable here that the Foundation is working for the development of enterprises and entrepreneurs who belong to micro, small and medium categories as per Industrial Policy 2010. Besides the general supports to the development of SMEs and entrepreneurs the Foundation is providing diversified supports to the existing and potential women entrepreneurs in order to position them into the mainstream business community. Major objectives of SME Foundation is as follows [9]:
   1. To promote, support, strengthen and encourage the growth and development of SMEs.
   2. To plan, program and finance interventions for delivery by private sector organizations.
   3. To institute SME Awards in order to promote competitiveness among the SMEs.
   4. To facilitate SME access to finance by creating and supporting appropriate strategies and institutions.
   5. To rationalize public sector approaches and support structures for SME development.
   6. To create a pro-growth and pro-poor business environment.
   7. To create appropriate incentives, mechanisms and support structures to facilitate the formation of new enterprises.
   8. To identify and report policy anomalies, market and institutional failures those are prejudicial to the legitimate interests of SMEs.
   9. To create a database on SMEs and SME sectors.
   10. To encourage in building linkage among the national and international institutions working for SME development.
   11. To develop capacity of public and private sector SME service providers.
   12. To enhance productivity, etc.

3. Bangladesh Industrial Technical Assistance Centre (BITAC): Bangladesh Industrial Technical Assistance Centre other-wise known as BITAC is the successor to Pakistan Industrial Technical Centre (PITAC). It was renamed BITAC after the independence of Bangladesh. BITAC was established in 1962 by merging two other productivity oriented public sector organizations namely IRDC & PIPS. With the establishment of BITAC practice oriented activities for productivity Promotion and improvement of Productivity were created through its laboratory and workshops support. The main objective of BITAC is therefore, promotion of the national economy through development of product, process and skilled manpower. BITAC has Five Centers in Bangladesh at Dhaka, Chittagong, Chandpur, Khulna and Bogra. Broad objectives of BITAC includes:

• To upgrade the skills of the industrial personnel in technical and managerial fields.
• To disseminate modern technical know-how among industrial personnel through seminars, group discussions, demonstrations publications, film show, etc.
• To extend consulting services to industrial organization and industries primarily in the private sector.
• To organize program for capacity buildup in SME sector.
• To promote productivity consciousness in the people by encouraging them to form productivity associations in industrial Centers etc.
• To co-operate with international and national organizations and agencies engaged in activities for increasing industrial productivity.
• To adopt such measures and take such steps and do all such things as many be conducive to the promotion of cordial relations between the Centre and persons interested in the objectives of the Centre.
• To secure the recognition of the Centre in Bangladesh and other foreign counties.
• In conjunction with the upgrading program and to make it more effective, the BITAC shall:
• assists in the design and manufacture of newly developed jigs, fixtures, gauges, molds, dies, punches, tools and products (proto-type0 for industries and agriculture;
• develop products, processes and tools, etc. to help industries in improving the quality, increase production, reduce cost and utilizing indigenous raw materials and to increase the scope of indigenous manufacture and
• Conduct productivity studies in such selected plants as may be determined and recommend ways and means for improvement.
• To do all such other lawful things as the Centre may think identical or conducive to the attainment of any or all the objectives of the Centre mentioned above.

3. Bangladesh Council of Scientific and Industrial Research (BCSIR): Bangladesh Council of Scientific and Industrial Research (BCSIR) is the leading multidisciplinary Public Research Institute of the country commenced its magnificent journey as the ‘East Regional Laboratories’ of the Pakistan Council of Scientific and Industrial Research (PCSIR) in January 1955 in the premises of the Polytechnic Institute at Tejgaon, Dhaka. Dr. Muhammad quadrat-i-khuda, the eminent scientist and educationist, conceived the idea and took initiative for establishing such a laboratory in this part of the continent. At the beginning, this regional multidisciplinary research unit had five-research divisions-viz. Natural Product Division, Food and Fruit Research Division, Fuel Research Division, Glass and Ceramic Research Division, and Leather Research Division.

The Bangladesh Council of Scientific and Industrial Research came into being in 1973 on the basis of the Cabinet Resolution No. 1(24)/73-BCSIR, dated: 16 November 1973 [10]. At that time, the Council comprised of its headquarters in Dhaka and the other two regional research units one each in Chittagong and Rajshahi and functioned under the Ministry of Industries. Subsequently, the Parliament enacted the Ordinance No.  of 1978 as an autonomous body. This ordinance is known as the Bangladesh Council of Scientific and Industrial Research Ordinance, 1978. Professor Dr. Mofizuddin Ahmed was the first Chairman of BCSIR and served here from 23 November 1973 to 21 November 1979. At present, the BCSIR functions under the Ministry of Science and Information and Communication Technology. Major objectives of the BCSIR are as follows:

• To initiate, promote and guide scientific, industrial and technological research having a bearing on problems connected with the establishment and development of industries and such other allied matters as the Government may refer to it;
• To establish, maintain and develop laboratories, workshops, institutes, centers and organizations for furtherance of scientific and industrial research with the object of utilizing and exploiting the natural resources of the country in the best possible manner;
• To give grants-in-aid for scientific, industrial and technological research schemes and projects of the universities established by law and other research institutions;
• To adopt measures for the commercial utilization of discoveries and invention resulting from the research carried on by the Council, universities or by any other research organization;
• To collect and disseminate information of scientific, industrial and technological matters and publish scientific papers, reports and periodicals on such matters;
• To encourage establishment of industrial research organizations;
• To maintain contact with scientific, industrial and technological research organizations of other countries;
• To take out patents and make arrangements for the industrial utilization of research processes developed in the institutes and laboratories established by the Council;
• To establish such libraries, museums, experimental plantations and herbaria as the Board may consider appropriate;
• To do such other acts and things as may be necessary for carrying out the purposes of the Ordinance.

Regulatory Environment and Governmental Bodies for Promoting Investment, This is the summary of two chapters from the book “Most Prospective Sectors to Invest in Bangladesh” of the Author. To purchase the book click here.

*Author’s Short Profile:

Mr. Md. Joynal Abdin is a Business Consultant & Digital Marketer based in Dhaka, Bangladesh. He is also Co-Founder & CEO of Bangladesh Trade Center. Previously he served at Dhaka Chamber of Commerce & Industry (DCCI) as Executive Secretary; DCCI Business Institute (DBI) as Executive Director; SME Foundation as Deputy Manager; and the Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) as Assistant Secretary.

The list of services Mr. Abdin is offering includes but not limited to Business Research and Documentations like Feasibility Study, Project Proposal Preparation, Writing Business Manual, Standard Operating Procedures etc.; Export Market Selection and Product Positioning at Home and Abroad; Buyers-Sellers Matchmaking; Website Development; Search Engine Optimization (SEO); and Social Media Marketing etc.

Regulatory Environment and Governmental Bodies for Promoting Investment, This is the summary of two chapters from the book “Most Prospective Sectors to Invest in Bangladesh” of the Author. To purchase the book click here.

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