Sunday, 5 February, 2023

Proper regulations can help improve e-commerce sector

Say speakers at a discussion

  • Staff Correspondent
  • 15 December, 2022 12:00 AM
  • Print news
Proper regulations can help improve e-commerce sector
Commerce Minister Tipu Munshi

Proper regulatory measures can improve the image of the country's e-commerce sector that has been dented by some fraud incidents and help boost the business in the country, said speakers at a discussion.

They said the development of the sector was helping the economy in ways as the sector was set to expand further over the next few years.

Citing some research works, the speakers said the business-to-customer e-commerce market in Bangladesh was expected to grow by 17.61 percent on an annual basis, aimed at reaching Tk 659.66 billion in 2022.

The discussion was held at the Pan-Pacific Sonargaon Hotel in Dhaka on Monday. Bangladesh Online Entrepreneurs Association (BOEA), a platform of more than 1,000 e-commerce entities from across the country, organised the discussion.

Commerce Minister Tipu Munshi attended the event as the chief guest.

According to them, the e-commerce market size in 2021 was about Tk 568.70 billion and will be around Tk1.5 trillion by 2026.

The speakers added that the sector was gaining momentum through the country’s registered e-commerce companies, non-registered online platforms and social media-based trading pages where mostly young people were engaged as entrepreneurs.

They highlighted that the sector involved travel and hospitality, online food service, media and entertainment, healthcare and wellness, and technology products and services.

Commerce Minister Tipu Munshi said that the government was working with e-commerce platforms to help the sector grow in a healthy way so that it could overcome the image crisis.

He said that the Ministry of Commerce has been working with other business bodies such as the FBCCI to regulate the sector better.

 “Such a discussion by the Bangladesh Online Entrepreneurs Association is very important to build consensus about the ways for moving forward. It has created an opportunity to bring the experts, market leaders, young entrepreneurs and leaders of other sectors together,” the minister said.

Mentioning that e-commerce has a prospect of being a billion dollar business in the country, the minister said all involved in the sector should maintain their service quality for creating its good image.

"It has a great prospect to flourish more in the future. The people involved in e-commerce must ensure service honestly and maintain quality," he said.

President of BOEA Mostary Morshed Smriti said she dreams of the association to bring in all the online-based young entrepreneurs to build stronger bonding among them to grow as a group.

“Challenges are there. This platform will continue to support the entrepreneurs so that they can face all the challenges and grow together,” she said.

The discussion was also attended by Sylhet-3 Member of Parliament (MP) Habibur Rahman Habib, Additional Commerce Secretary AHM Shafiquzzaman, Professor Aichi Healthcare Group Chairman Professor Dr. Moazzem Hossain, Associated Press (AP) Bureau Chief Julhas Alam, BOEA Vice President Akhtaruzzman Sarker and India Importer Chamber of Commerce Vice President Nipa Jannatul, among others.