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NEW E-COMMERCE POLICY

Foreigners can't own over 49pc in joint ventures

Star Business Report
The government yesterday approved the long-awaited National Digital Commerce Policy, which does not allow foreign investors to hold a stake of over 49 percent in any e-commerce venture in Bangladesh.
The policy also mandated that the e-commerce entities clearly highlight the details of the products they sell online, which include the product's quality along with its return policy.
They will have to also sign deals with the products' suppliers, delivery channels and payment gateways to ensure that customers' rights are protected properly, reads the policy. The E-commerce Association of Bangladesh (e-CAB) played an important role by organising around 30 workshops in the last two years, as part of efforts to formulate the draft guideline.
Bangladesh Investment Development Authority, the commerce ministry and the ICT division will materialise the policy. This is a huge movement to boost digital commerce and online shopping in the country, said Mustafa Jabbar, telecom and ICT minister.
The government wants to promote home-grown investors and now it is everybody's responsibility to comply with the policy, he said.
The commerce ministry will constitute a cell and go for vigorous campaigns to clear confusion on e-transactions, NM Zeaul Alam, secretary to the cabinet division, said while giving a briefing at the secretariat.
The policy would help create more employment opportunities in the industry, he said.
The policy will properly define what e-commerce is, as it will mainly raise awareness on online based businesses, said Mostafizur Rahman Sohel, convener of BASIS E-Commerce Alliance.
The government and e-commerce entities will work together to familiarise online shopping by making the best use of the new rules, said Sohel, who was also involved in the formulation of the policy.
E-commerce entrepreneurs and leaders of the sector's trade bodies welcomed the new policy, believing it would turn up as a boon for domestic companies.
The policy will be successful in protecting local investors' rights, something the industry insiders have long been demanding, said AKM Fahim Mashroor, founder of ajkerdeal.com, a leading e-commerce venture in the country.
The country needs foreign investments to explore the untapped potential but that does not mean the foreigners will grab and control the sector, said Mashroor, who is also a director of the Bangladesh Association of Software and Information Services (BASIS).
Daraz.com.bd, one of the leading e-commerce players in the country and a sister concern of e-commerce giant alibaba.com, will now have to offload a majority of its shares for the local companies to comply with the new policy.
"Online trading is getting popular in the country by the day and we need to address the issue," Jabbar, who is also a former president of the BASIS, said after the cabinet meeting where the go-ahead for the policy came from.
“Most countries in the world are yet to adopt this kind of advanced policy. Even our neighbouring countries do not have a policy like this."
A specialised "Centre of Excellence" cell will be established under the policy which will work for the development of the sector.
Cross-border online trade has also been addressed in the policy which will widen the scope to export products through online channels, said Muhammad Abdul WahedTomal, general secretary of e-CAB.