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Tuesday, November 10, 2009

NRB quota in IPOs likely to go up

Collection : The Financial Express

Finance Minister AMA Muhith said Monday the government may raise the existing quota in the initial public offering (IPO) for Bangladeshi expatriates based on their demand for the same.
"We will consider increasing the present 10 per cent quota for non-resident Bangladeshis (NRBs) in IPOs if their demand goes up," Mr Muhith said during a meeting with members of the Bangladesh British Chamber of Commerce (BBCC), led by its Chairman Shahagir Bakth Faruk, at the Secretariat.
The finance minister's observation came after the members of the visiting trade delegation sought Bangladesh government steps for facilitating NRBs' investment in the country's capital market.
Responding to another observation, the finance minister said the government will come up with a package of invectives for boosting investment in the country's shipbuilding industry.
"It (shipbuilding) is an emerging industry of Bangladesh where you can invest," the finance minister told the delegates.
He also went on: "Our incentives are very good. The government has already offered tax exemption and tax-holiday facilities to some sectors like power and energy and readymade garment," Mr Muhith said.
He, however, urged the BBCC trade delegation to invest more in Bangladesh, especially in the fields of power and energy, healthcare, transportation, human development and tourism.
Referring to the existing power and energy situation of Bangladesh, the finance minister also told the trade representative: "You can see how to invest more in power and energy sector... it will be helpful for us."
The government has already initiated a public private partnership (PPP) for the development of infrastructure sector in Bangladesh, Mr Muhith said, adding that the private investors - both local and foreign - can take advantage of it.
Following a proposal made by the BBCC delegate for constituting a 'Spice Board' with a view to helping boost Bangladesh's exports of spices to the ever-growing UK market, Mr Muhith expressed his government's willingness to consider such proposal.
They informed the finance minister that such board is necessary for exporting Bangladesh's spices to the UK, as has been constituted in India.
The BBCC chairman said the trade delegation has come to Bangladesh for exploring the investment opportunity here, and also strengthening further the trade and investment relations between UK and Bangladesh.
"We are keen to boost the bilateral relations between UK and Bangladesh, especially in the areas of trade and investment," Mr. Faruk said.



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