Scandinavian Ambassadors visit BIAC on 5 May, 2019

It was a pleasure to welcome H.E. Charlotta Schlyter (Ambassador of Sweden to Bangladesh), H.E. Winnie Estrup Petersen (Ambassador of the Royal Danish Embassy to Bangladesh) and H.E. Sidsel Bleken (Ambassador of the Norwegian Embassy to Bangladesh) to BIAC today. BIAC Chairman, Mahbubur Rahman welcomed the Ambassadors to BIAC followed by a presentation on the importance of ADR and emergence of BIAC by the CEO Muhammad A. Rumee Ali.

M A Akmall Azad (Director, BIAC) presented the activities and achievements of BIAC over the years. Mahbuba Rahman Runa (Senior Counsel, BIAC) shared her perspective on the importance of creating a human resource capacity in the country. Rubaiya Ehsan Karishma(Counsel, BIAC) mentioned how BIAC can assist potential investors in protecting themselves against the risk of non-performance of contracts.

Mr. Ali pointed out that, the present process of loan recovery of for financial institution under the Artha Rin Adalat Ain 2003 aims at recovery of bad debts through liquidation of impaired assets. It is considered that in many situations recovery through a going-concern concept is a better option for the economy and other stakeholders.

BIAC Chairman, Mahbubur Rahman, mentioned that, the presence of a licensed ADR option in enforcement of contracts is not well-known among the foreign investors. He requested the Ambassadors, that the Embassies can play an important role in helping BIAC to disseminate this information to potential investors. The Ambassadors appreciated the effort BIAC continues to make in the country and are willing to assist in the advocacy of ADR.

Anwar-Ul Alam Chowdhury Parvez (President of Bangladesh Chamber of Industries and Managing Director of Evince Group), encouraged the Ambassadors to get more involved which in turn will also encourage the Government to take ADR forward.Other distinguished guests included Rokia Afzal Rahman (Vice President, International Chamber of Commerce-Bangladesh), Md. Fazlul Hoque (Managing Director of Plummy Fashions Limited) and Parveen Mahmud, FCA and Ataur Rahman (Secretary General, International Chamber of Commerce-Bangladesh).