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Tuesday, Sep 02nd

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Bangladeshi plans to set up commodities exchange in Burma

Wali-ul-Maroof Matin, currently the Chairman and Managing Director of the Bangladesh based Alliance Capital Asset Management Limited, is setting up a commodities exchange in Burma that will be open to international investors, according to a company statement.

“Seeing the opportunity I took the initiative six months ago to run the commercial operations for the commodities exchange in Burma for at least nine months,” said Matin.

Burma’s commerce ministry has recently approved the project. A commodity exchange is a marketplace where various commodities and derivatives products are traded.

“Resources in Burma are extraordinary with a huge variety and quantity of rice, wheat, lentil and timber,” Matin said.

“The government and businesses are excited about allowing new ventures in their country.”

After initial talks with the Burma government Matin incorporated the company Myanmar International Commodity Exchange maintaining a 98-percent stake. The remaining 2-percent is owned by a Hong Kong investor.

To get the project up and running Matin requires huge capital. Recently he moved to Burma from Dhaka to seek investors.