The government on Tuesday granted Chowdhury Ashik Mahmud bin Harun, chairman of the Invest Bangladesh Authority under the Prime Minister’s Office, the rank of state minister with corresponding pay and benefits.

A Cabinet Division order said he would receive the salary, allowances and ancillary benefits of a state minister while serving as chairman. The decision takes effect immediately.

Ashik Chowdhury was appointed to the post on a one-year contract on August 21, a day after the Invest Bangladesh Act 2026 came into effect.

The new authority was formed by merging the Bangladesh Investment Development Authority (BIDA), the Bangladesh Economic Zones Authority (BEZA) and the Public Private Partnership Authority (PPPA). It is responsible for expanding investment, serving investors and co-ordinating investment-related activities. Investment functions will now be handled through the new body.