Commerce Minister Faruk Khan on Saturday said the government has been taken initiatives to speedy the Foreign Exchange Regulation Act (FERA) with the endeavour to move country forward through improving countrys trade and investment as well as assured the businessman of immediate implementation of the adopted initiatives.

“The government has already been taken effective measures to remove the obstacles existing in present act and regulation in order to expedite trade and investment,” the commerce minister made the comment in a dialogue organized by International Chamber of Commerce-Bangladesh (ICCB) at its Motijheel office here. He appreciated the role of ICCB in making the efforts to organize the dialogue on FER to get it updated.

Giving assurance of taking up the recommendations with the highest authority of the country, he said he would support the recommendations of the dialogue in order to expedite and make it user friendly.
ICCB President Mahbubur Rahman, said in the present context of free market economy allover the world, it is essential to have the FER Act prepared in such a way that it is more users friendly and helps in the growth and development of economy.

At the same time, the FER should have provision to ensure stop drainage of foreign exchange from the country,” he said adding Guidelines for Foreign Exchange Transactions (GFET)-2009, issued by Bangladesh Bank have some grey areas, which require clarifications or specific directions.
ICCB President further said Bangladesh has a much liberalized foreign exchange rules for foreign investors. But, there are many restrictions for local investors, except banks to invest in a third country.

As a result, Bangladesh is loosing the prospect of earning foreign exchange, he said noting that provision should be there in the Act to allow Bangladeshi investors to invest in a third country to set up industries, offices and branches for expansion of their business.

He also observed that the Bangladeshi people are not allowed to transfer their money through online channels, abiding by the foreign exchange rules. Whereas, neighboring country India allows their nationals to transfer their fund through online channels under its foreign exchange Act. So, this sector must be addressed in the revised Act, he said. Chairman of the ICCB Standing Committee on Banking Technique and Practices Mamun Rashid in his keynote paper explained the need of the regeneration of FER and foreign exchange guidelines and put forward a number of suggested revisions. SAARC Chamber President Annisul Huq and MCCI President Major General (Retd) Amjad Khan Chowdhury took part in the dialogue as panelists.

Among others, former president of BKMEA Fazlul Haque, Dr. Zahid Hussain of World Bank, former president of DCCI Abul Kashem Khan, Managing Director of Pubali Bank Helal Ahmed Chowdhury, former chairman of NBR M. A. Mazid, CEO of Bangladesh International Arbitration Centre Dr. Toufique Ali, and renowned lawyer Rafique ul Hoque participated the dialogue as discussants.