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Muhith worried over stagnant investment

Venture capital company BD Venture starts journey

STAR BUSINESS REPORT
Finance Minister AMA Muhith yesterday urged investors to move faster to take the country's stagnant investment-GDP ratio up to 40 percent.
“There has been an investment deficiency in the country — it has been stuck at 25 percent for the last seven years. To give it a big thrust, you need to move fast to 32 percent to 40 percent,” he said.
He spoke at the launch of the country's first venture capital firm, BD Venture Ltd, at Ruposhi Bangla Hotel in Dhaka.
Venture capital is the money provided by investors to startup firms and small businesses with perceived long-term growth potential.
This is an important source of funding for start-ups that do not have access to the capital market.
Muhith said venture capital was a high-risk and high-profit endeavour, but he hopes it turns out to be an important means of investment.
He also highlighted the role of non-governmental organisations, such as the Nobel Peace prize-winning Grameen Bank and BRAC, in providing funds to entrepreneurs over the years. "But, where we have failed so far is that we didn’t create an institution, which circles around these various ideas,” he said.
Aftab ul Islam, chairman of BD Venture, said there is a need to move from the traditional mode of financing like bank loans to venture capitalists.
He said venture capital will be most effective in leveraging the potential of young entrepreneurs.
"As a former chairperson of SME Foundation I am aware of the vibrancy and potential of entrepreneurs. There is a silent
revolution going on in the country."
The new company will not only provide equity and capital but also guidance to budding entrepreneurs to help them create jobs, he added.
Islam called for a conducive environment and regulatory regime so that foreign investors are attracted to the untapped sector.
BD Venture is mainly looking to invest in information technology, agriculture and agro-based industries, food processing, renewable energy, health care service, education, tourism and light engineering, the firm's Managing Director Shawkat Hossain said.
Mutual Trust Bank's Chairman Arif Dowla said, this is the kind of fund that celebrates innovation.
"It should have been done much earlier in Bangladesh as the country is abounding with talents."
"In Bangladesh there are many talented people but they lack resources. There are also people who have the money but they lack the talent to make the best out of it. This initiative will be a marriage between talents and money." Mutual Trust Bank, National Bank, Green Delta Insurance, Bangladesh General Insurance, LankaBangla Finance, DataEdge, Asia Pacific General Insurance, MIDAS Financing and IPE Capital hold a combined 80 percent stake in the newly launched firm.
The remaining 20 percent is owned by renowned professionals, bankers and businesspersons.
For now, the firm's authorised capital is Tk 50 crore and paid-up capital is Tk 10 crore.
BD Venture's Vice Chairman Mamun Rashid also spoke.