In a recent development, Professor Shibli Rubayat-Ul-Islam, the Chairman of the Bangladesh Securities and Exchange Commission (BSEC), has extended an invitation to German investors and businesses to participate in Bangladesh’s journey towards economic development. This call was made during the “Investment Flash Mob: Networking Launch” event held at the ‘J.W. Marriott Hotel Frankfurt’ in Frankfurt, Germany on Wednesday, November 1, 2023. The event was organized jointly by BSEC and the Bangladesh Investment Development Authority (BIDA).
In pursuit of attracting global investors and promoting investment opportunities in Bangladesh, the ‘Bangladesh Investment Summit’ is being organized consecutively in various countries around the world. The most recent summit took place in Frankfurt, Germany, with the primary agenda being the expansion of trade and commerce and encouraging German investors and businesspersons to consider Bangladesh as an attractive, accessible, and profitable destination for foreign investments.
The event in Frankfurt commenced at 10:00 AM local time, with opening remarks from Md. Nojibur Rahman, Chairman of the Capital Market Stabilization Fund (CMSF) and former Chief Secretary to the Prime Minister. After the welcoming speech, an audio-visual presentation highlighted Bangladesh’s economic development. During the event, Professor Shibli Rubayat-Ul-Islam, Chairman of the Bangladesh Securities and Exchange Commission (BSEC), presented a talk titled ‘Fifty Years of Bangladesh: The Rise of the Bengal Tiger,’ emphasizing the long-standing bilateral relations between Bangladesh and Germany, commercial ties, and mutual cooperation. He also highlighted Bangladesh’s position as Europe’s largest trading partner.
Furthermore, Professor Shibli Rubayat-Ul-Islam praised the notable achievements of German companies, German NGOs, and institutions in Bangladesh and commended Bangladesh’s strategic position in South Asia. He underscored the potential and opportunities for investment in Bangladesh, advocating for Germany to take an active part in Bangladesh’s developmental journey.
In the context of recent global economic indicators, such as high GDP growth, poverty reduction, declining child mortality, increased food production, female participation in the workforce, expanding domestic markets, demographic dividend, skilled labor force, and political stability, the Chairman of BSEC painted a positive picture of Bangladesh’s economic growth and its various facets. He also emphasized that over the past 15 years, Bangladesh had transformed its economy from a $70 billion to a $465 billion one.
Moreover, he encouraged German investors to explore business expansion and investment in various promising sectors of Bangladesh, and he called upon them to play a significant role in the socioeconomic development of Bangladesh.
At the event, speeches were delivered by Shaikh Yusuf Harun, the Executive Chairman of the Bangladesh Economic Zones Authority (BEZA), and Martin Geskes, the Managing Director of Planquadrat GMbH, as well as Lokman Hossen Mia, the Executive Chairman of the Bangladesh Investment Development Authority (BIDA). In addition, Mokammel Hossen, the Secretary of the Ministry of Civil Aviation and Tourism, Hanns Christoph Siebold, Vice President of the Frankfurt Chamber of Commerce and Industry, and Ali Reza Majid, a member of the Board of Investment Promotion Zone Authority (BEPZA) and Additional Secretary, also spoke at the event. The event featured a question-and-answer session based on the opinions and questions of the attendees.
This successful event in Frankfurt, Germany is expected to boost the participation of foreign and expatriate investors in Bangladesh’s capital markets, leading to a substantial influx of foreign investments into Bangladesh, according to experts present, who expressed optimism about the outcomes.
Beximco Taps Iqbal Ahmed as New Managing Director
Beximco Pharmaceuticals has announced the appointment of Iqbal Ahmed, a current director, as the new managing director for a five-year term.
hmed, who has been serving on the board since 1985, will assume the role pending approval from shareholders at the upcoming annual general meeting. The move follows the resignation of the company’s former managing director, Nazmul Hasan, who stepped down from the position after assuming a ministerial role in the government.
6 More Companies to Enter ‘Z’ Categories Starting Tomorrow
Starting tomorrow, Monday (March 4), shares of six companies will be transferred to the ‘Z’ category on the Dhaka Stock Exchange, as directed by the Bangladesh Securities and Exchange Commission (BSEC).
The decision stems from various factors, including the failure to host the annual general meeting, production shutdown for over six months, and many other reasons.
However DSE mentioned two companies from the textile sector, two from the pharmaceutical and chemical sector, one from the financial sector, and one from the insurance sector. The affected companies are Prime Textile, Prime Finance, New Line Clothings, Far East Islamic Life Insurance, AFC Agro Biotech, and Active Fine Chemicals Limited. The ‘Z’ category is typically assigned for companies facing financial troubles or regulatory issues, signaling caution for investors.
Grameenphone’s Stock Plunge 8.72% after Lifting Floor
The stock of Grameenphone (GP) experienced a significant decline of 8.72% immediately after the removal of the floor price restriction.
According to the directive of the Bangladesh Securities and Exchange Commission (BSEC), the floor price restriction on shares of Grameenphone Limited is set to be lifted from today, March 3rd.
Yesterday, GP shares were traded at Tk286.60 each. However, Today, experiencing a drop of Tk25.00 from the opening price at the Dhaka Stock Exchange (DSE). The session witnessed the exchange of a total of 7 lakh 43 thousand 710 shares, amounting to Tk19 crore 46 lakh.
This downturn in GP stocks had a notable impact, resulting in a decline in the key index DSEX, settling at 6,215 by the end of the day trading. The Bangladesh Securities and Exchange Commission (BSEC) had earlier issued a directive to withdraw the floor price restriction on Grameenphone stocks on 3 March. The floor price is the lowest set by the securities regulator, determining the minimum price at which a stock can be traded. In January, the BSEC lifted the floor price for most stocks, 18 months after its introduction.
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