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Special economic confce abroad this year to boost exports

Says commerce adviser

Star Business Report
The government has a plan to organise some special economic conferences abroad tiiis year to boost exports and attract foreign investment, the commerce adviser said yesterday.
"The first one of this kind would be held in the Gulf region," Dr Hossain Zillur Rahman told a discussion at the Metropolitan Chamber of Commerce and Industry.
He said the conference is designed as an opportunity to boost exports of goods and manpower and to look for foreign involvement in economic development in Bangladesh. He said there are thousands of Bangladeshi expatriates in the Gulf region and the special conference will try to understand their problems and facilitate further manpower exports in the countries of the region.
"Foreign companies may be encouraged to insure with the Bangladeshi insurance compa-
nies at the economic conference,” the adviser noted.
Bangladesh faces image crisis in foreign countries. The country is often dubbed as a corrupt and disaster-prone country and ultimately foreign investors fear to come here for business. The conference would help highlight the country's potentials, the adviser said.
Bangladesh Insurance Association (BIA) organised the discussion focusing on the industry's problems. AKM Rafiqul Islam, president of BIA, delivered addresses of welcome. Mahbubur Rahman, president, Internationa] Chamber of Commerce and Industry-Bangladesh, was present among others.
The BIA president placed some issues before the commerce adviser. These are: Amendment of insurance law, problems with reinsurance and claims settlement, taxes issues and investment of life fund.
Hossain Zillur Rahman said the industry is passing through a transition period.
"The industry is getting developed and it has proved that the sector needs regulatory changes," he added.
The adviser told the discussion that an amendment to the laws Is now under process and it will be finalised soon.
"The issue awaits the law ministry'snod," he said.
On the reinsurance issue, the commerce adviser said he needs to talk to both the Sadharan Buna Coproration (SBC) and insurance companies for an acceptable resolution of the problem.
As per law, all general insurance companies must place 50 percent of their reinsurance with the SBC. The BIA president requested the adviser to go for relaxation in the ceiling.
On the settlement of claims, Hossain Zillur Rahman said he would sit with the SBC soon on how to resolve the outstanding claims. The BIA president said some 400 claims involving Tk 229 crore remained pending with the SBC until December 2006.