In a recent seminar organized by the Bangladesh Securities and Exchange Commission (BSEC), Chairman Professor Shibli Rubayat-Ul-Islam highlighted the significance of Purbachal in economic activities, stating it as the most suitable area for large-scale financial endeavours. Emphasizing the collaborative effort required for successful projects in the field of Blue Economies, he urged businesses to actively engage with BSEC’s environmentally sustainable projects. Additionally, he urged everyone to consider the responsible use of marine resources to contribute to GDP and encouraged the adoption of blue and green bonds.
On Friday, February 2nd, Professor Shibli Rubayat-Ul-Islam delivered these remarks as the keynote speaker at the seminar titled “Blue Economy: Funding Prospects and Capital Markets” organized by the Bangladesh Oceanographic Research Institute in Cox’s Bazar. The event commenced at 11 AM at the institute’s campus.
Dr. Towhida Rashid, the Director-General of the Bangladesh Oceanographic Research Institute, presided over the event. Among the distinguished guests were Dr. Sheikh Shamsuddin Ahmed, Commissioner of BSEC, and Executive Director Mohammad Rezaul Karim.
Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubayat-Ul-Islam draws inspiration from Singapore’s example, asserting that foreign investors and businesses are keenly interested in investing in Bangladesh’s Blue Economy. Foreign companies express interest in participating in the country’s shipbuilding industry. He emphasizes the need for research on how to harness marine resources and capitalize on the possibilities within. Professor Shibli encourages the exploration of opportunities amid the abundance of resources and their practical utilization.
Highlighting Bangladesh as a potentially prosperous nation in the Blue Economics domain, he commends Prime Minister Sheikh Hasina’s visionary leadership that has enabled the country to possess a vast maritime area covering two-thirds of its land. Blue Economy, with its focus on private accounts and the Chittagong Stock Exchange as a financial hub, is gaining global significance. Professor Shibli envisions reduced government dependency and increased opportunities for private financing if innovative ideas can be effectively implemented. Purbachal is identified as the most suitable area for large-scale economic activities, and he urges businesses to collaborate with BSEC in environmentally sustainable projects to facilitate successful ventures.
In a seminar, BSEC Commissioner Dr. Sheikh Shamsuddin Ahmed expressed that political instability is often considered a significant hindrance to the development of Blue Economics in many countries. However, he noted that in Bangladesh, the government is committed to fostering Blue Economics development. To prioritize Blue Economics development and financing, it is essential to involve the private sector, as relying solely on the government may limit the potential of this sector.
Dr. Sheikh Shamsuddin Ahmed highlighted that nearly 20 ministries are currently involved in the development of the Blue Economy in Bangladesh. To expedite progress, coordination among all stakeholders is crucial. While the country has made advancements in policy and legal measures, the practical implementation of these policies needs acceleration. He emphasized the need for a comprehensive approach beyond revenue-centric activities to effectively utilize the production potential of the Blue Economy.
Furthermore, the Commissioner mentioned that BSEC is working in collaboration with the IFSC for the formulation of guidelines for green bonds in Bangladesh.
In the seminar, Dr. Towhida Rashid, the Director-General of the Bangladesh Oceanographic Research Institute, presented “Bangladesh’s Blue Economics Potential and Government Plans for Blue Economics Development.” The presentation covered various aspects, including the global and national scenarios of Blue Economics, economic values in Bangladesh, potential areas, and the role of the government’s national plans and initiatives.
The event also featured a primary article presentation titled “Blue Economy: Funding Prospects and Capital Markets” by Mohammad Rezaul Karim, the Executive Director of BSEC. He provided insights into the global and Bangladesh-specific perspectives of Blue Economics, emphasizing the need to harness the potential of Purbachal for large-scale economic activities.
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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