Bangladesh is an important market for trade finance within Asia and the country has become one of Asia's most remarkable success stories recently, said president of International Chamber of Commerce (ICC), Bangladesh, Mahbubur Rahman.
Mahbubur Rahman came up with the remarks at the closing ceremony of ICC Workshop on Trade Finance and Best Practices in Demand Guaranteesorganised by ICC Bangladesh at a city hotel in Dhaka on Wednesday.He cautioned that with the growing business complexities, technological changes, market expectations and financial crimes, trade services are becoming increasingly challenging for banks and financial institutions of our country, similar to the other trading nations.
Time has come to identify the exposure of banks on international bank guarantees; and it seems crucial now to formulate guideline/sets of rules for such guarantees and adopt international rules associated with bank guarantees and standby LCs, he mentioned.
Workshop Resource Person Dr Andrea Hauptmann, Senior Global Consultant on Trade Finance, Raiffeisen Bank International AG, Austria and ICCB Secretary General Ataur Rahman also spoke on the occasion, said a press release on Thursday.
A workshop on the same topic held in Chittagong on 16 April.A total of 123 participants from banks, BIBM & Law Farm in Dhaka and70 participants from banks in Chittagong attended the workshop.