http://www.newagebd.com/2009/feb/16/front.html#12
Govt to set up commodity exchange market
Pilot project of such a market for jute and potato soon
Staff Correspondent
Commerce Minister Faruk Khan said the government would set up a vibrant commodity exchange market within a year to develop the country’s agriculture marketing system and to stabilize the prices of essentials.
He said a pilot project on commodity exchange might be started in Dhaka under the Securities and Exchange Commission.
‘A wing of the SEC will monitor a pilot project on commodity exchange for two commodities — jute and potato,’ he told reporters on Sunday after a presentation on the feasibility of the commodity exchange system in Bangladesh.
Associate Professor Selim Raihan of the Dhaka University’s Bureau of Economics presented the findings of research conducted by a 3-member team.
The team, led by Professor Fariduddin Ahmed who is the head of the economics department of Dhaka University, worked for about a year, studying the success of commodity exchange markets in neighbouring countries like India, Pakistan and Nepal.
The commerce minister said a further study would be carried out on warehouse facilities, quality control and awareness of the concept of commodity exchange in local businessmen.
‘We have also felt that another study should be carried out for a ten-year plan of the commodity exchange market in Bangladesh,’ said Faruk.
The presentation meeting, attended also by commerce secretary Feroz Ahmed and SEC chairman Faruq Ahmed Siddiqui, decided to hold an inter-ministry meeting in the third week of March to finalise a pilot project of commodity exchange for jute and potato.
The meeting also decided to make field-trips to Nepal and some African countries to study development, protection of farmers’ interests and prevention of manipulation of the commodity exchange market.
The feasibility study suggested that a pilot project can be completed at a cost of an $18.24 million and more than fifty per cent of the fund should be spent on Information Technology.
