The Financial Express

Govt moves to reduce import, export processing time

| Updated: October 21, 2019 17:12:06

Evaly and Fianancial Express Evaly and Fianancial Express
Govt moves to reduce import, export processing time

The government has set a target of lessening the time of completing import and export procedures to two days and one day respectively by 2022.

Currently, the time for releasing import goods needs eight days while export goods five days through different customs ports.

The target is expected to be achieved under the National Single Window (NSW) project.

Some 39 agencies, both public and private, would be interconnected with the integrated portal to deliver speedy services to the exporters and importers.

The Project Director of NSW, Khondaker Mohammad Aminur Rahman, who is member (customs audit and international trade) of NBR, informed about the plan on Sunday.

International Finance Corporation (IFC) organised the programme at a hotel in Habiganj.

The National Board of Revenue (NBR) is implementing the project with the support of Bangladesh Investment Climate Fund (BICF II).

BICF II is implemented by IFC and funded by DFID. It is providing technical assistance for technical and functional specifications, visioning exercise, NSW memorandum of understanding and legal provisions.

According to the NBR, a total of 3,19,000 importers and exporters are expected to be benefited from reduced time and cost for trade once the system becomes operational.

Mr Rahman said Bangladesh will be considered as lucrative destination for investors if cost and time of doing business can be reduced.

"We have found results of time release study (TRS) on customs port is not satisfactory," he said.

If such situation continues, Bangladesh will lose the competitiveness, he added.

The project director expects the NSW will come into full-fledged operation within two and half years.

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