Institutions Facilitating Trade and Investments in Bangladesh
The following government and trade institutions will regulate and facilitate investment for most sectors;
- Bangladesh Investment Development Authority (BIDA), previously known as Board of Investment (BOI), was established for dealing with matters relating to local and foreign investments. All incoming investments need to be approved beforehand by BIDA. The regulatory body aims to promote domestic and foreign investments by simplifying the bureaucratic challenges for entering the Bangladesh market.
- In addition to BIDA, Bangladesh Export Processing Zone Authority (BEPZA) and Bangladesh Economic Zone Authority (BEZA) are also vested with the same roles and authorities, within their Export Processing Zones and Economic Zones.
- Bangladesh Bank (BB) is the country’s central bank. The central bank must be formally notified while bringing in any international investments, including portfolio investments brought into the capital market. All incoming investments must be reported to BB through commercial banks.
Trade bodies and chamber
- Dhaka Chamber of Commerce and Industry (DCCI), established in 1958, is a non-profit, service-oriented chamber serving as the first point of contact for SMEs. DCCI provides market-oriented inputs during the government’s policy formulation process with respect to import, export and investments. The chamber regularly publishes guidebooks for facilitating trade and commerce.
- Foreign Investment Chamber of Commerce and Industries (FICCI), established in 1963, is composed of 188 members across industry, service and manufacturing sectors. Classified as a Class ‘A’ chamber of commerce, FCCI is affiliated with FBCCI, International Trade Center (Geneva) and World Trade Organization (Paris).
- Metropolitan Chamber of Commerce and Industry (MCCI), founded in 1904, is the oldest and the pre-eminent trade organization of Bangladesh. Its membership roll encompasses leading commercial and large industrial organizations of the country, including public sector corporations and local as well as multinational companies. Presently, almost all major enterprises of the manufacturing and service sector are among its members. The Chamber provides a wide range of professional services to its members.
- Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), established in 1973, is the apex trade organization of Bangladesh playing a pivotal role in consultative and advisory capacity, safeguarding the interest of the private sector in the country. FBCCI maintains close relations with Trade and Industrial Associations and other mercantile and public bodies abroad. FBCCI is the member of different international bodies, such as International Chamber of Commerce (ICC), Islamic Chamber of Commerce and Industry (ICCI), Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI), and the SAARC Chamber of Commerce and Industry (SAARC CCI).
- International Chamber of Commerce (ICC), Bangladesh chapter, established in 1994, is comprised of major Chambers of Commerce & Industry, Business Associations, Stock Exchange, Banks, Non-banking Financial Institutions, Insurance Companies, Trans-national companies, Law Firms and large Corporate Houses having significant interest in international trade. Its activities include promotion of foreign trade and investment, trade policy reviews, business dialogues, seminars & workshops both at home and abroad on related policy issues, harmonization of trade law & rules, legal reforms, updating businesses with the ICC rules & standards for cross border business transactions.
- Bangladesh Garment Manufacturers and Exporters Association (BGMEA) is one of the largest trade organizations representing the Ready-Made Garment industry. Starting its journey in 1983, BGMEA is dedicated to promote and facilitate the apparel industry through policy advocacy to the government, services to members, ensuring workers’ rights and social compliance at factories. BGMEA started with only 12 members in early 1980’s and presently has around 4500 member factories. Around 40% of BGMEA member factories are knitwear and sweater manufacturer, and the rest 60% are woven garment manufactures.
- Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA), established in 1996, is an apex body solely to represent knitwear sector of Bangladesh. It was formed as a trade association to facilitate and promote knitwear business. Today BKMEA is an organization of about 2000 knitwear manufacturers.
- Chittagong Chamber of Commerce and Industry (CCCI), established in 1906 as Chittagong Chamber of Commerce, restarted its journey under its new name in 1959. CCCI is an industry-led and industry-managed organization which represents the business and corporate sector in Chittagong, Bangladesh. The organization acts as a major advocate promoting the strategic economic development of Chittagong as the nation’s business capital and a regional economic hub. Mahbubul Alam is the present president of the organization.
- Bangladesh Association of Software and Information Services (BASIS), established in 1997, is the national trade body for software and information and communication technologies companies in Bangladesh. Established in 1997, the association has been working with a vision of developing vibrant software & IT service industry in the country. Every year BASIS organizes BASIS SOFTEXPO, the biggest software and ITES exposition in Bangladesh.IT companies in Bangladesh started exporting software around two decades ago. Bangladesh ranks 21st in IT outsourcing, business process outsourcing and software development and, on its course, to exceed US$5 billion in export by 2021.