Draft of “Bangladesh Investment Development Authority Law, 2015” gets cabinet nod
TODAY TIMESNEWS DESK
The cabinet today approved in principle the draft of “The Bangladesh Investment Development Authority Law, 2015” aimed at setting up a new authority by merging the Board of Investment (BoI) and the Privatisation Commission.
The approval was given at the regular weekly cabinet meeting held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair, BSS reports.
Cabinet Secretary M Musharraf Hossain Bhuiyan briefed reporters after the meeting.
He said that once the law comes into effect, a new authority titled “Bangladesh Investment Development Authority (BIDA)” would be established abolishing together the BoI and the Privatisation Commission.
“The BIDA would help boost investment in the country and ensure efficient use of unused lands of the public sector industries,” the cabinet secretary said.
According to the draft law, he said, all officials and employees working under the BoI and the Privatisation Commission would be transferred to the BIDA.
Besides, all the assets and liabilities of the BoI and the Privatisation Commission would also be owned by the Bangladesh Investment Development Authority or BIDA.
About the structure of the new authority, the cabinet secretary said that a 17-member governing board of the BIDA would be formed with the Prime Minister as its chairman and the finance minister as its vice-chairman.
The ministers of the ministries concerned like Commerce, Industries, Power, Energy and Mineral Resources and Land would be members of the board, he said. Formula The Daily Sun