Govt to promote alternative investment for start-up | 2019-07-24

Govt to promote alternative investment for start-up

Staff Correspondent

24 July, 2019 12:00 AM printer

Government will work together with fund managers to support newly emerged innovative business known as start-up.

Minister Tipu Munshi also appreciated the contribution of venture capital fund management activities while a delegation of venture capital firms called on at secretariat office recently.

In a statement, from Venture Capital and Private Equity Association of Bangladesh (VCPEAB) informed that delegation focused on different issues including fostering foreign investment.

VCPEAB Chairman Shameem Ahsan led the delegation including representatives from major fund managing firms in alternative investment.

Among others, Commerce Ministry Additional Secretary Obaidul Azam, VCPEAB Vice Chairman Zia Uddin Ahmed, General Secretary Shawkat Hossain and board member Shafique-ul-Azam were at the meeting.

Alternative investors requested the minister to provide tax incentives and policy support for the growth of venture capital and private equity industry, according to the source.

Business leaders said the sector can directly contribute in boosting foreign trade, local innovation and export. It will help to create home-grown import substitutes.

During the meeting, Commerce Minister Tipu Munshi said the government will look into the proposals and take measures to allow the investors for more sustainable private equity investments for greater benefit of the economy.

Pegasus Tech Ventures General Partner Shameem Ahsan said the foreign direct investment (FDI) flows must increase substantially to fuel the local startups.

“We would like to jointly organise roadshows and investment summits with the ministry to create awareness among foreign investors of success stories of local startups, infrastructural capacity and skilled human resources,” Shameem explained.

BD Venture Managing Director Shawkat Hossain said venture capital will support entrepreneurs, who will create job while Bangladesh requires more entrepreneurs so that many employments are created.