President of Federation of Bangladesh Chamber of Commerce and Industry, FBCCI, MD. Jasim Uddin said Banks collect short-term deposits, so they cannot make long-term loans, the apex organization of traders commented that customers are defaulting despite their reluctance.
He further added the issues in a program called ‘Bond Market: The Ultimate Long Term Solution’ at FBCCI’s head office on Tuesday, October 11. Prime Minister’s Adviser on Private Industries and Investments Salman F. Rahman and Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof. Shibli Rubayat-Ul-Islam are present as chief guests on the occasion.
On the occasion, FBCCI president told that banks do not have the potential to provide long-term loans. As a result, defaults are hiking. The world has a 127 trillion bond market. hence, neighboring country India’s corporate bonds account for 16pc of the GDP. Its GDP in Bangladesh is 8pc.
FBCCI President further said, to become a developing country, our export market should reach USD300 billion. That’s why we have no choice but to make our industry bigger. If we have to transform into a developing country, we need to develop these industries. In that case, this top leader advised the businessmen to give importance to the bond market.
“We need to campaign to make the bond market bigger and more accessible to all,” he said. If the bond market is big, we will be able to invest on easy terms.
