Dhaka, Bangladesh (BBN) – Bangladesh has taken a move to establish commercial courts to attract foreign direct investment (FDI) through resolving disputes on trade, commerce and banking promptly.
This was disclosed at a meeting between high ups of Bangladesh Bank (BB), the country’s central bank and Law Commission-Bangladesh, held at the central bank headquarters in Dhaka on Monday with BB Governor Fazle Kabir in the chair.
Talking to the BBN, a senior official of the Commission said the commercial court is a new concept in Bangladesh to attract investment particularly FDI inflow.
Different countries including India have already established such courts to facilitate investment through reducing cost of doing businesses, according to the officials.
The Commission has also prepared a draft amendment on the existing Arbitration Act, 2001 with fixing timeframe for dispute resolution within one year and fixation of fee, they added.
They also said the proposed commercial court will deal with commercial issues including foreign trade, banking, insurance and commodities to settle disputes as early as possible.
Former Chief Justice ABM Khairul Haque, chairman of the Law Commission -Bangladesh, Justice ATM Fazle Kabir, commissioner and Fowzul Azim, chief research officer of the Commission attended the meeting.
Among others, Advisors of the BB Allah Malik Kazemi and SK Sur Chowdhury, Deputy Governor of the central bank SM Moniruzzaman and Chief Economist of the BB Dr. Faisal Ahmed attended the meeting.
The Commission has taken the moves in line with a proposal of Bangladesh Investment Development Authority (BIDA) to facilitate FDI inflow in Bangladesh, according to the officials.