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BIDA, ILO ink MoU to streamline OSS for investors

BIDA, ILO ink MoU to streamline OSS for investors

Bangladesh Investment Development Authority (BIDA) on Tuesday (Aug 16) inked a Memorandum of Understanding (MoU) with the International Labor Organization (ILO) to streamline one-stop service (OSS) for investors.

In presence of BIDA Executive Chairman Md Sirazul Islam, BIDA Executive Member Mohsina Yasmin and Country Director of ILO Bangladesh Tuomo Poutiainen inked the MoU on behalf of their respective organizations at BIDA conference room in the city, said a press release.

Under the agreement, ILO will support the integration of safety licenses of four national regulators to BIDA-OSS.

Over the course of a year, ILO will provide necessary support to Bangladesh Fire Service and Civil Defence Department (BFSCD), Chattogram Development Authority (CDA), Department of Inspection for Factories and Establishments (DIFE) and Rajdhani Unnayan Kartripakkha (RAJUK) to integrate and operate their licensing systems to BIDA OSS.

Additionally, ILO will facilitate the simplification of application and payment process in BIDA-OSS, and support an awareness campaign to promote the system among investors.

These activities will be conducted under the remit of ILO's RMG programme funded by Canada and the Netherlands. The programme would also provide essential technical and financial support to BFSCD, CDA, DIFE and RAJUK to interconnect their safety licencing systems to BIDA-OSS.

In his speech, Md Sirazul Islam said, "BIDA is pleased to collaborate with the ILO to streamline our one-stop service system. We believe the harmonization and simplification of BIDA-OSS will help investors save time and cost for setting up their businesses."

Tuomo Poutiainen said, "Investment in workplace safety protects businesses from occupational hazards and improves the brand image of Bangladesh. We hope integrating relevant safety licencing systems in the BIDA-OSS and simplification of the OSS process is a necessary step to attract more local and foreign investors to apply for safety permits."