A number of policies and regulations need to be simplified for meeting the export diversification targets in national plans and export roadmaps, experts said. 

They made the comment at the 14th Private Sector Development Policy Coordination Committee (PSDPCC) meeting organised by Business Initiative Leading Development (BUILD) and the Prime Minister's Office (PMO) on the latter's premises, said a press release.

"We will regularly review the overall investment scenario in the private sector and set out ways to improve and identify bottlenecks," said Md Tofazzel Hossain Miah, principal secretary to the PMO, while chairing the meeting.

This will be aimed at removing barriers and building cooperation between public and private sectors, he said.

BUILD Chairperson Nihad Kabir pointed out the e-commerce industry does not require a trade licence if it was recognisable through the digital business identification number (DBID).

Referring to a BUILD proposal, she urged to consider the DBID as a document for accessing bank loans.

BUILD CEO Ferdaus Ara Begum, in a keynote presentation, mentioned that out of 72 reforms proposed from the 5th to 11th PSDPCC meetings, 37 were implemented.

She informed that the Local Government Division had already been allowed to issue trade licences with a 5 year-tenure. However, it has not been fully implemented across the country.

Tapan Kanti Ghosh, senior secretary to the commerce ministry, Fatima Yasmin, secretary to the finance ministry, Abu Hena Md Rahmatul Muneem, chairman of the National Board of Revenue, Zakia Sultana, secretary to the industries ministry, Satyajit Karmakar, secretary to the planning division, Shaikh Yusuf Harun, executive chairman of Bangladesh Economic Zones Authority, and Nafiul Hasan, director general of the PMO, were present.