DSE to set up desk to attract foreign investors

Dhaka Stock Exchange (DSE) has been working to set up a dedicated international desk as part of its initiatives to attract foreign portfolio investors.

Announcing this while addressing a session about the capital market in a two-day International Investment Summit 2021 organised by the Bangladesh Investment Development Authority in Dhaka on Monday, DSE Managing Director Tarique Amin Bhuiyan said, “We should focus on getting more foreign investments in the local capital market.”

As part of the efforts, the DSE already started to collaborate with many brokers at home and abroad, he said.

He said engagements have been planned with east and west countries. “Our primary focus is to attract foreign investment from China which is already our strategic partner. On the other hand, we’re also looking for investment from the UK,” he said.

“More than 6 lakh NRBs are now living in the UK. If we convinced at least one lakh of them and can bring $20,000 or $30,000,” said the DSE managing director.

Speaking at the event, Bangladesh Securities and Exchange Commission (BSEC) commissioner Shakih Shamsuddin Ahmed presented a list of the upcoming investment options including commodities exchange, exchange-traded fund (ETF), and bonds.

The BSEC is in talks with the New York Stock Exchange to introduce ETF in the local stock markets, he said.

Founder and CIO of UK’s Dawn Global Management Maurits Pot said Pakistan, India, and others countries have several investment instruments but Bangladesh did not have not

a single one. “ETF will be a better alternative investment option of mutual funds.”

International Finance Corporation (IFC) Principal Investment Officer Christina Ongoma joined the event virtually and said her organization will support the development of Bangladesh’s capital market.

Former BSEC Commissioner and Vice Chairman of Shanta Asset Management Arif Khan suggested simplifying NITA (Non-Resident Investor’s Taka Account) accounts to increase the participation of foreign investment in the capital market of Bangladesh.

Adviser to the prime minister on Economic Affairs Mashiur Rahman, Chittagong Stock Exchange Chairman Asif Ibrahim, and Senior Partner of Rahman and Rhaman Huq, KPMG in Bangladesh Adeeb H Khan also spoke at the event, among others.