FE Report

Commerce Minister Faruk Khan said Sunday the bank interest rate will come down to a single digit within the tenure of the government to optimise use of savings and make the local products cost effective.

"We've already reduced bank interest rate to 13 per cent. We'll bring it down to a single digit within the tenure of the Awami League government," Faruk said.

The commerce minister was addressing as chief guest a seminar on Investment Situation and Way Forward organised by Bangladesh Chamber of Industries (BCI) in the city.

SME Foundation chairman Aftab ul Islam and president of Bangladesh Chambers of Commerce and Industry (FBCCI) Annisul Huq were special guests at the programme.

Currently, more than Tk 380 billion was lying idle with the 48 commercial banks of the country.

Commerce Minister said: "I know this (bank interest reduction) is not a good news for the bankers, but in reality, our intention is to encourage investment and create employment through reduction in bank interest."

Mr Faruk also said new company registration time at the Registrar of Joint Stock Companies and Firms (RJSCF) will be made within six hours by December 31 this year.

"You will be happy to know that company registration time at the (RJSCF) will be shortened to six hours from several weeks," Mr Faruk said at the seminar which was presided over by the BCI president Shahedul Islam Helal.

The minister said the government had completed all formalities to offer the speediest registration to the new companies.

He said the government is actively considering withdrawing duties on the furnace oil import saying: "We've learnt that many companies are facing serious gas crisis, for this we are actively considering withdrawing the duties."

Addressing the seminar FBCCI president Annisul Huq said that the government should ensure participation of the opposition members in parliament as a prolong boycott of the House by the opposition parties might give birth to street agitations.

FBCCI chief said: "We don't want a repeat of the political chaos for the sake of investment."

"Both parties, ruling and the opposition, should keep their pledges made to the people before the general election as it will help promote investments."

Criticising the sloth of the Board of Investment, FBCCI chief said the institution should be made more active.

SME Foundation Chairman said although nine months had passed no groundbreaking ceremony of a big project had taken place.

Mamun Rashid, country chief of Citi Bank NA presented keynote paper on the issue.

Mamum in his paper stressed the need for infrastructure development, private sector-led growth, developing new investment avenues, development of capital market, and improve external relationships to promote investment and boost export.

Former BCI president AK Azad, FBCCI director Abdul Hoque, DCCI director Shekil Chowdhury, Bengal Group Chairman Morshed Alam, Industrialist Matlub Ahmed, president of Women Chamber of Commerce and Industry Selima Ahmed, among others, spoke at the seminar.