‘Amendment of some laws needed to increase investment’

Secretariat Correspondent: Law, Justice and Parliamentary Affairs Minister Anisul Huq has expressed his opinion for changing, revising and amending to the concerned laws to increase investment in the country.

The minister came up with the opinion while talking to newsmen after holding a meeting with a three-member delegation of Bangladesh Investment Development Authority (BIDA) at his secretariat office on Thursday noon.

BIDA executive chairman Kazi M Aminul Islam led the delegation.

Anisul Huq said, "There is no alternative to increase investment for turning Bangladesh into a developed country by 2041. But due to some legal difficulties, the investments are getting delayed. Besides, investment climate of international standard is also needed to bring more investment.”

The BIDA chief also drew his attention towards amending to and ratifying four or five concerned laws, adding, the ministry also giving due importance to this end, the minister said.

"The existing Customs Act was formulated in 1969. We will formulate Customs Act anew. We need to change, revise and amend to some sections of companies act. Though the contract act is very effective, but we will have to change it a little to make it updated. Other than these, we need to make some changes in arbitration act and insolvency act," Anisul added.

In reply to a query, Anisul said the matter can be placed before the parliament during the session designated for passing different acts prior to the budget session.

"Some changes will be made right now and some will be made gradually," the law minister said.

risingbd/DHAKA/Feb 2, 2017/Noimuddin/Amirul