FDI likely to be allowed in stock market: Joy

ICT Advisor to the Prime Minister Sajeeb Wazed Joy said Thursday the government is considering to allow overseas entrepreneurs to invest in the country's stock market 'directly' to attract more foreign investment.
"We've already discussed with the authorities of the Bangladesh Securities Exchange Commission (BSEC) on this issue," Mr Wazed said. The regulator is expected to prepare a guideline within a couple of months, he added.
"I hope foreign companies could be able to invest directly in the Dhaka Stock Market from next month (June)", the ICT advisor said while he was addressing a digital investment summit in the capital as chief guest.
Telenor Group, Accenture and Bangladesh Association of Software and Information Services (BASIS) along with the ICT Division under the ministry of posts, telecommunication and information technology jointly organised the investment summit for the first time in Bangladesh.
State Minister for ICT Zunaid Ahmed Palak also addressed the summit.
The country's existing rules do not allow foreign companies to invest directly in the money market.
However, they can invest under the local brokerage houses.
Mr Wazed talked about many issues of the country particularly ICT affairs. He told the summit that considering the importance, the government is also revising the national telecom policy, allowing 'technology neutrality' for the mobile-phone operators.
"You, (mobile-phone operators) will be happy to know that the government is revising the telecom policy, keeping tech neutrality as major provision so that the operators could provide advance telecom related services," Mr Wazed said. The country's mobile-phone operators are persuading the government to revise the existing 17-year old national telecom policy, allowing tech neutrality.
Besides, the operators have also expressed their inability to participate at the spectrum auction unless the government revises the policy in line with their demands.
He said because of ICT advancement in the country, the cost has been reduced by 50 per cent, totaling Tk4.5 billion per annum while the government saves Tk0.65 billion for the same period.
He, however, underscored the need for an immediate reform in the country's education sector to grab digital opportunities, ensuring optimum use of the technology.
"In this regard, the government is planning to set up vocational institutes across the country, aiming to produce the required number of IT enabling workforce," the advisor added.
Commenting on the government's Vision 2021 for a Digital Bangladesh, Mr Palak said the government has already started working to revise the National Telecom Policy to make it more dynamic and relevant.
Telenor CEO Jon Fredrik Baksaas, one of the main organisers of the summit, reiterated his company's commitment towards a connected Bangladesh that spans nearly 20 years.
He said the ICT impact is very strong. For countries like Bangladesh there are two usages of ICT - building solutions that support local needs and also using the skills to develop and deliver ICT solutions internationally.
President of Carrier Network Business Group Huawei Technology Co. Ltd. Zou Zhilei and BASIS President Shameem Ahsan, among others, addressed the inaugural session.
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