Investment development authority launched

The Bangladesh Investment Development Authority (BIDA), a new entity constituted by abolishing the Board of Investment (BoI) and the Privatisation Commission (PC), started working yesterday to boost private investment and industrialisation in the country, reports BSS.
"BIDA has started working formally from yesterday and the new entity will run its activities from the existing office of BoI at Dilkusha Jibon Bima Bhaban and PC's Paribahan Pool Bhaban office until a new office is given to BIDA," Navas Chandra Mandal, member of former BoI, told the news agency.
Prime Minister Sheikh Hasina is the chairman of the 17-member governing board of the BIDA. Former secretary to Prime Minister's Office and former alternative executive director of the World Bank Kazi Md Aminul Islam has been made the first executive chairman of BIDA.
BIDA will now be able to privatize a public industry worth Tk 100 crore as per the Bangladesh Investment Development Authority Law, 2015. But industry or business entity with value worth over Tk 100 crore, BIDA has to take the matter to the cabinet committee on economic affairs.
If any foreign registered business company wants to open branch office, liaison and representative offices in Bangladesh, it must take permission from BIDA.

Investment development authority launched

The Bangladesh Investment Development Authority (BIDA), a new entity constituted by abolishing the Board of Investment (BoI) and the Privatisation Commission (PC), started working yesterday to boost private investment and industrialisation in the country, reports BSS. BIDA has started working formally from yesterday and the new entity will run its activities from the existing office of BoI at Dilkusha Jibon Bima Bhaban and PCs Paribahan Pool Bhaban office until a new office is given to BIDA, Navas Chandra Mandal, member of former BoI, told the news agency. Prime Minister Sheikh Hasina is the chairman of the 17-member governing board of the BIDA. Former secretary to Prime Ministers Office and former alternative executive director of the World Bank Kazi Md Aminul Islam has been made the first executive chairman of BIDA. BIDA will now be able to privatize a public industry worth Tk 100 crore as per the Bangladesh Investment Development Authority Law, 2015. But industry or business entity with value worth over Tk 100 crore, BIDA has to take the matter to the cabinet committee on economic affairs. If any foreign registered business company wants to open branch office, liaison and representative offices in Bangladesh, it must take permission from BIDA.