Govt easing visa system for foreign investors

The government is working to modernise the visa system for foreign investors by digitising fee payments and tightening regulations with tougher penalties for malpractice, according to the Bangladesh Investment Development Authority (Bida).

"We are addressing issues like visa conversion, as many complaints have been reported even at the field level," said Chowdhury Ashik Mahmud Bin Harun, executive chairman of Bida.

He said the authorities were enforcing stricter punitive measures against those engaged in wrongdoing.

"The visa policy will make life harder for those who violate rules, while providing an easier process for reliable operators. If someone defaults, the penalties will be severe," Ashik Chowdhury added.

"Our aim is to simplify the process while increasing penalties to reduce malpractice. In some areas, we are simplifying procedures," he said.

Citing an example, he said that the visa-on-arrival fee process had been cumbersome. "To ease the process for daily visa handlers, a Chinese operator can now pay in RMB [the official currency of China]," he said.

"We have fixed the RMB equivalent of $50 at 440 yuan for the next six months, facilitating business transactions without the hassle of daily currency exchange," he added.

Ashik Chowdhury said the comprehensive policy review was designed to resolve persistent problems in the current system.

He said that the online security clearance process began on October 1.

Besides, the number of required documents has been consolidated and cut drastically from 34 to 11, a move he described as a "major achievement". In the past, conflicting instructions often led to requests for a wide range of unnecessary papers.

Md Delwar Hossain, additional secretary of the Ministry of Home Affairs, and Bida Director General Md Ariful Hoque also spoke at the event.