The National Board of Revenue (NBR) has launched a digital hub containing answers to all common queries related to imports and exports as part of its automation efforts, welcoming newcomers to make their mark in external trade.

The digital platform offers Harmonized System (HS) code-specific document requirements and provides information on necessary certificates for imports and exports, applicable tariff rates and more, according to NBR.

The tax administration launched the platform at an event at the NBR headquarters in the capital's Agargaon yesterday.

Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority (Bida), was present as the chief guest.

NBR Chairman Md Abdur Rahman Khan said this platform would serve as a one-stop solution where businessmen can find answers to all their queries.

"It will provide information on the necessary documents for conducting import and export business, applicable tariff rates, and details on any available incentives," he said.

"Many veteran players have long dominated the market, but with the country's growing economy, new businesses are eager to make their mark," the NBR chairman said.

"However, various challenges have obstructed their entry into the market, resulting in an oligopolistic landscape and the emergence of an oligarch class."

At the event, the revenue board also launched an electronic platform within the Automated System for Customs Data (ASYCUDA) World to enable its Authorised Economic Operators (AEOs) to submit customs-related documents.

This will allow them to transport import and export cargo directly between ports and factories, thereby saving time and costs.

AEO status is an internationally recognised standard, granted by customs authorities to compliant businesses. It allows companies to enjoy expedited customs clearance and other benefits due to their high compliance standards and secure supply chain practices.

With the introduction of this digital module, businesses with AEO status can now transport cargo directly from ports to factories or warehouses via the green channel, bypassing physical inspections.

The NBR announced that nine out of the 17 firms with AEO status would be able to use the green channel for overseas trade. The remaining firms must comply with certain regulations to become eligible for green channel clearance.

Additionally, the NBR awarded AEO status to Unilever Bangladesh and Berger Paints Bangladesh.

BIDA Executive Chairman Harun said the full implementation of the AEO system will ease pressure on the NBR and the business community, adding that other government agencies could learn from this project.

At the event, the NBR also unveiled its Customs Strategic Plan 2024-28.

Zaved Akhter, president of the Foreign Investors Chamber of Commerce and Industry, said that, in relation to the country's gross domestic product, the foreign direct investment rate is currently below 1 percent.

"On the other hand, in Vietnam, it ranges from 4 percent to 5 percent. To reach that benchmark, we have the potential to attract $10 billion in FDI, and that should be our target," he said.

However, achieving this requires simplifying the business environment. Initiatives such as the adoption of AEO will help bolster the confidence of foreign investors, said Akhter, also the chairman of Unilever Bangladesh Limited.

Rupali Chowdhury, managing director of Berger Paints Bangladesh Limited, said, "The AEO advantage allows us to reduce lead time, minimise inventory, and utilise working capital quickly. As a result, it will bring significant benefits to businesses across all sectors."

However, she urged the authority to reduce the timeline for obtaining AEO certification.

"The root cause of most import-export issues is the Harmonized System (HS) Code. We don't want to hide anything from the government. Therefore, it is essential to take the opinions of businesses from the relevant sectors when making decisions related to HS codes," she said.