The government is working to slash the time required to start a business to just 14 days from roughly one year as part of a broader drive to ease licensing hurdles and bureaucratic barriers, Commerce Minister Khandakar Abdul Muktadir said on Monday.

Under the target, a company could ideally open a letter of credit to import machinery on the 15th day, the minister told a debriefing session in Dhaka co-hosted by the International Labour Organization and the Bangladesh Investment Development Authority.

According to a commerce ministry statement, the government is working to reduce complexity in the licensing process and bureaucratic obstacles to ensure a business-friendly environment. A committee has already been formed to identify where delays can be cut and procedural overlaps removed, and a public announcement on implementation is expected next month.

The minister said the UN Committee for Development Policy’s recommendation on Bangladesh’s graduation from least-developed-country status should not be treated simply as an extension of time. Rather, it must be used as a structured opportunity to build institutional capacity, strengthen economic competitiveness, diversify the production base and prepare Bangladesh for the post-LDC environment.

Muktadir said the recent budget had reflected the government’s priorities of business facilitation, licensing simplification and market diversification, adding that a democratic, humane and inclusive economy forms the basis of government and commerce ministry policymaking.

He added that the commerce ministry had established a Responsible Business Conduct cell to improve coordination among state agencies, regulators, business bodies, labour representatives and development partners.

The minister said international buyers, investors and consumers are placing growing importance on stability, sustainability, transparency, compliance and responsible business conduct. Global supply chains are being reshaped by demands for environmental protection, labour rights, human rights, due diligence, climate resilience and geopolitical realities.

Countries that can align economic growth with social responsibility and sustainable development would survive and prosper, Muktadir added, stressing that his government was committed to supporting that transition.

The minister said the government’s goal is to place future growth on a sustainable, inclusive, accountable and internationally aligned foundation.

He added that the government agreed with recommendations to strengthen Bangladesh’s position as a trusted sourcing and manufacturing centre through greater participation in global markets, increased investment and business-process reform.