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The government has taken a move to bring some changes in the existing digital commerce policy aiming to flourish the sector considering its potential, officials said.
With this end in view the ministry of commerce (MoC) brings some changes to the "National Digital Commerce Policy-2018" that includes simplification of registration for starting e-commerce business, investment ratio, payment and delivery systems etc.
A high official of the MoC, involved with the process told the FE that they brought some changes in the existing policy after discussions with the stakeholders.
The commerce ministry official said that in the existing policy if anyone intends to start e-commerce business, he/she has to face some difficulties for making registration to start business.
Besides, the existing policy has the provision of the investment ratio at 49 per cent and 51 per cent.
But the MoC suggests to incorporate a provision in the policy for cent percent investment in e-commerce business by foreign entrepreneurs.
"If any foreign national wants to invest in the country's e-commerce sector then he/ she could invest cent percent here. And he/she could repatriate profits proportionately," said the commerce ministry official.
He said the objective of the digital commerce policy is to promote trade/ businesses through digitisation that will ensure transparency and accountability in the field of business.
The country has made a significant progress in information and communications technology (ICT) area in recent years.
The growth trajectory of the ICT sector is an indicator of how e-commerce grows in Bangladesh.
The area and popularity of digital commerce have been growing rapidly across the globe.
Internet, social media, mobile apps are among the vital tools for e-commerce businesses.
Internet users, safe server system, use of credit card, reliability on postal services are helpful for creating a favourable atmosphere are also important for expanding e-commerce trade.
Besides, development of ICT infrastructure, broadband internet and hosting, digital payment, digital security, digital procurement and logistic supports are also important for rapid expansion of e-commerce in the country.
"Bangladesh is a fertile ground for e-commerce to take root and benefit companies and end-consumers alike," according to the report of UNCTAD on Bangladesh Rapid e Trade Readiness Assessment.
"Some amendments/ changes in the national digital commerce policy 2018 will help increase foreign investment in the e-commerce sector," senior commerce secretary Md Mofizul Islam told the FE.
He said that the MoC has sent the proposal with some changes of the existing digital commerce policy (2018) to the cabinet division for approval by the cabinet.
After getting the cabinet approval on the proposed changes the digital commerce policy will go the law ministry for vetting.
The government will issue a circular for its implementation after vetting from the ministry of law, justice and parliamentary affairs ministry.