Venture Capital can spur foreign investment in many folds

Venture capital companies on Wednesday urged the NBR to make few policy amendments to support the growth of venture capital and private equity industry in the country. 

They said such companies can directly contribute in encouraging local innovation and help solving unemployment in the country. 

Venture capital companies made the plea when a five-member delegation from Venture Capital and Private Equity Association of Bangladesh (VCPEAB), led by its chairman Shameem Ahsan, also General Partner of Fenox Venture Capital met  Md Mosharraf Hossain Bhuiyan, chairman of National Board of Revenue on the day. 

The delegation thanked the NBR for their support in VCPEAB’s mission to create a supportive ecosystem to flourish startups and companies at different stages with the support of venture capital and private equity firms. 

During the meeting they discussed on different issues relating to fostering foreign investment in information technology and other sectors through venture capital. Shawkat Hossain, Secretary General, VCPEAB and Managing Director, BD Venture Ltd.; Waliul Maroof Matin, Director, VCPEAB and Managing Director, Maslin Capital; Dr. Arastoo Khan, Chairman, Build Bangladesh and Meer Sajed-Ul-Basher, Member, VCPEAB and Managing Director and CEO, Impress Capital Limited were also present in the meeting.

Shawkat Hossain, Secretary General, VCPEAB said, We highly appreciate the role of Ministry of Finance and NBR being considerate of the venture capital and private equity industry in the national budget in recent years. We hope NBR relooks at the tax provisions and let go of hurdles in the growth of this very promising sector. 

Mr Shameem Ahsan said : We see young entrepreneurs coming up with brilliant business ideas every day; with no access to fund in traditional financial institutions. Venture capital and private equity brings new economic opportunity in this landscape and potentially greater returns for innovative entrepreneurs. Given the adequate policy support, venture capital can multiply foreign investments in many folds in the next 10 years as evidenced in the India, Japan, Indonesia and USA. 

The NBR chairman said, taking up investment-friendly measures is one of highest priority areas in government’s policy and vision. We will look into these proposals and do the needful for the development of venture capital and private equity firms and greater benefit for the economy. 

VCPEAB works to strengthen the Venture Capital and Private Equity sector and help the sector players to become much more visible and dominant enough to compete in this era of global challenges and competition.Other than the local members, VCPEAB is in touch with many other local and foreign venture capital companies and foreign associations working in this sector. 

-rmc//