Country witnessing upward trend in economy: Muhith

Published: October 07, 2018 16:44:28 | Updated: October 08, 2018 16:22:08

Finance Minister Abul Maal Abdul Muhith has said the country is witnessing an upward trend in economy as the Awami League-led government has remained in office without any interruption for almost 10 years.

The minister opined that Bangladesh would reach in a place from where it would be poised for becoming a prosperous country if Prime Minister Sheikh Hasina could assume office for another term.

“If everything goes well, we will be able to attain most of the Sustainable Development Goals as well as reach closer to becoming a developed country by 2041 as dreamt by our Prime Minister," Muhith hoped.

"But, for that I believe there is a need for various types of actions and activities,” he added.

The finance minister came up with the remarks while inaugurating the week-long “World Investor Week-2018” at the Krishibid Institution auditorium in Dhaka on Sunday, reports BSS.

The Bangladesh Securities and Exchange Commission (BSEC), in accordance with a declaration of the International Organisation of Securities Commissions (IOSCO), a global cooperative of securities regulatory bodies, is observing the week to create awareness among stock investors.

Muhith underscored the need for further raising investment by the country’s private sector,

He hoped that the investment ratio to GDP would further raise from the current level of around 30 per cent and thus dynamism would be infused in the upward trend of the economy.

Muhith noted that the country’s investment ratio to GDP is comparatively lower than other countries like India as well as the contribution of the private sector to the overall investment is higher with around 21-22 per cent while the rest come from the public sector.

Muhith said that the growth in investment was behind the economical development over the last 10 years in Bangladesh adding that private sector can further boost this investment level alongside the public sector.

Turning to role of the BSEC, the Finance Minister said the country’s capital market watchdog has been able to create a base for further flourish of the capital market over the last 25 years since its inception. “Now it’s time for it (capital market) to be grown up,”

Putting emphasis on the role of the BSEC to raise investment from the capital market for ensuring overall development of the country, the Finance Minister hoped that the capital market regulator would be able to play its role efficiently in the coming days.

Presided over by BSEC Chairman, M Khairul Hossain, Financial Institutions Division Secretary Md Ashadul Islam spoke on the occasion as special guest.

To mark the Week, BSEC has chalked out a seven-day program of cultural events, discussions, reunions, and seminars.

The Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) will also arrange different programs in Dhaka and Chittagong to mark the week.

The stock exchanges, merchant banks, and asset management companies are expected to provide necessary support in observing the week.

In 2017, the BSEC for the first time observed World Investor Week on a broader scale.

Share if you like