Company law to be modernised to meet current needs: Muktadir

Commerce and Industries Minister Khandakar Abdul Muktadir today said the government wants to modernise the country's company law in line with the needs of the present time.

"We have sought clear opinions and recommendations from private-sector entrepreneurs and business leaders to make the existing company law modern and business-friendly," he said.

The minister was addressing a consultation meeting on the proposed amendments to the Companies Act, 1994, held at the FBCCI office in Motijheel as the chief guest.

He urged business leaders to take 30 to 60 days, if necessary, to thoroughly review the draft law and provide their recommendations.

Muktadir said updating the Companies Act, 1994, in line with contemporary needs has become essential.

The proposed draft has been prepared drawing lessons from successful models and experiences of developed and efficient economies, including Singapore, he said.

"There is no need to be impatient in conducting economic activities and taking decisions. The business community will be the main beneficiary of the new law," he continued.

The government only frames regulations, while the private sector drives the core economic activities, he added.

The minister described the private sector as the main driving force of the country's economy and stressed the importance of formulating effective and timely laws for businesses.

He said the government would give due importance to the views of businesspeople in amending the company law.

"The country's economy is passing through a period of transition. We have to move forward patiently with proper planning. The government and the private sector must work together to build a strong economic foundation for the future," he said.

Addressing the business community, Muktadir said the private sector would ultimately implement the company law in practice.

"Therefore, the law should be amended in such a way that entrepreneurs can conduct their businesses easily, normally and comfortably," he said.

The minister said the government has set several policy targets and parameters to address the challenges Bangladesh will face during the three years following its graduation from the Least Developed Country (LDC) category.

"Amending the company law is an important part of this process," he added.

FBCCI Administrator Fazlul Haque chaired the meeting while former MCCI President Barrister Nihad Kabir presented the keynote paper.

BGMEA President Mahmud Hasan Khan, BKMEA President Mohammad Hatem, DCCI President Taskeen Ahmed, BTMA President Shaukat Aziz Russell and Bangladesh Chamber of Industries (BCI) President Anwar-ul Alam Chowdhury Parvez, among others, attended the meeting.

Business leaders and representatives from different industrial sectors were also present.