Thumbs up to SAFE

THE news of the bourse leaders in SAARC region launching the South Asian Federation of Exchanges (SAFE) chimes in with the dawn of the new millennium. It is an auspicious development especially come as it does at a time when regional cooperation faces a setback from the souring of relations between India and Pakistan over the recent hijack incident. It is reassuring to note that the vision that had originally worked behind the creation of SAARC overriding the differences in the economic standing between countries of the region and their thorny outstanding problems, resurrects itself when the occasion demands. Bourse leaders of India and Pakistan not only enthusiastically responded to the invitation of the Chittagong Stock Exchange president Amir Khosru Mahmud to the first-ever regional meeting of its kind but also helped produce an agreement to launch the federation with a vision to network their futures trade.

While taking delight in bringing the parties together on a common agenda, Bangladesh has a very cogent reason to be satisfied with the outcome in that our stock exchanges have so much to learn from the much older bourses of India and Pakistan.

We would consider the SAFE to be a success if it can bring about mutually beneficial communication or exchange of information, transfer of technology and standardisation of operational procedures across the board. When that stage is reached we will have been truly prepared for cross-border listing and joint membership with an eye to making the 'South Asian zone a lucrative centre for western fund managers.'

The political will required for the purpose should not be wanting because we are in a dire straits of poverty needing finances to be raised collectively for a radical increase in employment opportunities across the South Asian region.