Draft of investment dev authority act cleared
Cabinet okays law to abolish Board of Investment, Privatisation Commission
The government will establish the Bangladesh Investment Development Authority (BIDA) and, at the same time, abolish the Board of Investment (BoI) and the Privatisation Commission.
In order to abolish the two government organisations, the Cabinet yesterday approved the draft of the Bangladesh Investment Development Authority Act, 2015.
The Cabinet meeting was held at the Secretariat, with Prime Minister Sheikh Hasina in the chair.
After the meeting, Cabinet secretary M Musharraf Hossain Bhuiyan told reporters that the proposed BIDA would be established to boost investments, especially foreign direct investment, and ensure use of the unutilised lands of public sector industries.
Officials and employees of the two organisations would not lose their jobsthey will work under the BIDA. At the same time, all assets of the two organisations would be owned by the Bangladesh Investment Development Authority or BIDA, he said.
He disclosed that the Bangladesh Investment Development Authority Act, 2015, would be tabled as a bill in the next session of Parliament. After passing the bill, the BoI and the Privatisation Commission would be abolished, he said.
Meanwhile, a proposal was endorsed to transfer funds allocated by the government for meeting the salaries, allowances and other related expenses of the officers and employees of the offices handed over to the upazila parishads, under the Upazila Parishad Act, 1998.
Besides, the Cabinet was also apprised about the participation of commerce minister Tofail Ahmed at an informal meeting of commerce ministers from a number of important member countries of the World Trade Organisation (WTO), held in Paris, France on June 4. Ministers and state ministers attended the meeting; the secretaries of the departments concerned were also present.
