Chittagong, Bangladesh: A Bangladeshi capital market expert- Wali-ul-Maroof Matin- is going on for setting up a commodities exchange in Burma that is opening itself up to international investors, according to Alliance Capital Asset Management statement. Seeing the opportunity, I took the initiative individually six months ago, to run commercial operations of the commodities exchange in Burma need at least nine months, said Matin.
“The Burma’s commerce ministry has recently permitted us to complete our project.”
A commodity exchange is a marketplace where various commodities and derivatives products are traded. Agricultural products and other raw materials such as— wheat, barley, sugar, maize, cotton, cocoa, coffee, milk products, pork bellies, oil and metals— are traded in most commodity markets across the world.
“Resources in Burma are extra-ordinary with a huge variety and quantity, such as— rice, wheat, lentil and timber,” Matin said. “The Myanmar government and the business bodies are excited about allowing new ventures in their country,”
After initial talks with the Burma government, he incorporated a company —Myanmar International Commodity Exchange—in Burma to set up the commodities exchange.
Matin owns a 98 percent stake in the firm, while a Hong Kong-based investor owns 2 percent.
However, he will require a huge capital to set up the commodities exchange. He left Dhaka for Burma on June 23 to share his project with prospective financiers and investors as well as the government.
In Burma, the country reforms include scrapping media censorship, legalizing trade unions and protests, enacting a new foreign investment law and allowing more freedom for political activists and parties. Seeing this opportunity, I take the step to run, Martin said.