Foreign companies will no longer be allowed to do business in Bangladesh unless it enters into a joint venture with a local company, said Finance Minister AHM Mustafa Kamal.
“There are quite a few countries that do trade in the country. They will no longer be allowed be to that because we don’t get any revenue,” he said during a discussion meeting on Thursday (May 16).
He added that the companies have to work in a joint venture with a Bangladeshi company if they want to continue business here.
“That way we’ll get at least half of the revenue,” he said.
The minister said that steps will be taken against those involved with over and under invoicing and the money laundering and terrorist financing laws will be reformed.
“Money laundering here takes place mostly through the banks and NBR [National Board of Revenue],” he said and added that the government was trying to set up scanners to prevent it.
Kamal said that an NBR cell will be opened through which over and under pricing will be monitored.
“They will prepare a report after collecting information on the product prices in different countries. If the difference is significant the products will be confiscated.”
He said that those involved with it will face fines, lawsuits and strict punishments.