The Bangladesh Investment Development Authority (BIDA) on Sunday granted Authorised Economic Operator (AEO) status to ten companies, a move aimed at streamlining customs procedures and reducing export lead times.
The AEO certification functions akin to an airport’s "green channel" enabling businesses to bypass certain customs checks at ports, thereby facilitating quicker cargo clearance., said a press release on Sunday (23 February).
This initiative is expected to not only enhance production and export efficiency but also alleviate congestion at ports.
BIDA Chairman Ashiq Chowdhury remarked that the AEO licence is designed to encourage best practices in corporate governance rather than impose additional bureaucratic hurdles. Companies with a strong track record in consumer rights protection, tax compliance, and governance are eligible for the certification.
While the AEO framework is commonplace in developed economies, Bangladesh had introduced the concept on paper as early as 2013. However, businesses were unable to fully utilise the benefits until now.
"BIDA’s mandate is to improve the ease of doing business in Bangladesh. The real challenge was implementing this within government mechanisms," Chowdhury stated in a Facebook post.
On 21 October last year, the National Board of Revenue (NBR) and BIDA jointly decided to revive the programme, setting a deadline to roll it out by March 2025.
The ten companies granted AEO status are Unilever Bangladesh, Berger Paints Bangladesh Ltd, GPH Ispat, BSRM, Square Pharmaceuticals PLC, Popular Pharmaceuticals Ltd, Incepta Pharmaceuticals Ltd, Fair Electronics, ACI Godrej Agrovet Pvt Ltd (Feed Division), and TOA Personal Protective Devices Bangladesh Ltd.
