Stocks
Bangladesh Pitches Investment Opportunities to the French Market
The Chairman of the Bangladesh Securities and Exchange Commission (BSEC), Professor Shibli Rubayat-Ul-Islam, has revealed that France is actively seeking to become a partner with Bangladesh in a significant business venture. He emphasized that France is a substantial market globally, and having accurate information about Bangladesh is crucial. In the past, France lacked accurate data and insights about Bangladesh, but that is changing. Now, France is well-informed and understands the potential of Bangladesh. Consequently, they are considering Bangladesh as a valuable partner. Previously, they provided aid and had a Bangladesh Donor Club in Paris, but the focus has shifted. Instead of seeking assistance, Bangladesh is now looking for investment opportunities.
On Monday, October 23, “The Rise of Bengal Tiger: Bangladesh-France Trade and Investment Summit 2023” was held in the French capital, Paris. The event was jointly organized by the Bangladesh Securities and Exchange Commission (BSEC) and the Bangladesh Investment Development Authority (BIDA), with the cooperation of the Ministry of Foreign Affairs and the respective embassies of both nations.
The occasion featured the presence of Dr. Hasan Mahmud, the Minister of Information, and Salman F. Rahman, the Prime Minister’s Adviser for Private Industry and Investment. It was graced by special guests including Khondker M. Talha, the Bangladeshi Ambassador to UNESCO, and Ms. Marie Masdupuy, the French Ambassador to Bangladesh. The event also included a video presentation by Professor Shibli Rubayat-Ul-Islam, the Chairman of the Bangladesh Securities and Exchange Commission (BSEC).
The Chairman of the Bangladesh Securities and Exchange Commission (BSEC) highlighted the historical friendship between Bangladesh and France, tracing it back to the establishment of diplomatic relations on February 14, 1972. He noted that the Bangladesh Embassy in Paris was inaugurated on March 17, 1972, on the occasion of the birthday of the Father of the Nation of Bangladesh. Discussing Bangladesh’s foreign policy, he emphasized the country’s commitment to maintaining friendly relations with all nations, without harboring any enmity.
Furthermore, the Chairman emphasized the significant trade ties between the two countries, particularly in the export of various products from Bangladesh to France. These products include garments, accessories, bags, shoes, and processed fish, showcasing the diversity and potential of trade between Bangladesh and France. The remarks underscored the strong foundation of bilateral relations and the promising economic collaborations between the two nations.
The Ambassador of France to Bangladesh, Marie Masdupuy, has expressed France’s interest in exploring investment opportunities in various sectors in Bangladesh. This declaration comes on the heels of a recent visit by French President Emmanuel Macron to Bangladesh, during which both nations engaged in discussions on matters of mutual economic interest.
Pierre-Jean Malgouyres, President of the France-Bangladesh Business Council, announced plans for a business delegation to visit Bangladesh in February or March 2024, with the aim of assessing investment prospects in the country. The delegation will evaluate the existing conditions and potential for investments in various sectors.
The Director-General of the Bangladesh Securities and Exchange Commission (BSEC), Md. Mahbubul Alam emphasized Bangladesh’s economic potential and progress over the past decade. He noted significant advancements in the country’s economic and social sectors, with remarkable infrastructural development. The cost-effective labor force and investment-friendly climate in Bangladesh provide lucrative opportunities for foreign investors. However, Bangladesh’s Securities and Exchange Commission (BSEC) and the Bangladesh Investment Development Authority (BIDA) have organized investment promotion events and roadshows in three European countries to attract foreign investors to explore the potential that Bangladesh offers.
Furthermore, the Chairman added that in the past decade, Bangladesh has made remarkable progress in its economy. It has been on an upward trajectory in all key indicators. However, the opportunities and potential of our economy have not been adequately conveyed to potential foreign investors. This has hindered substantial foreign investments from flowing into the country. Thus, initiatives like investment promotion events and roadshows will play a crucial role in attracting foreign investments.
He further emphasized that Bangladesh offers various incentives for investment, developmental initiatives, an investment-friendly government policy,overall economic situation and FDI were presented to the guests. In particular, how expatriates and foreign investors can directly invest in the stock market, its strategy and overall security are informed.
Istaq Simul, Managing Director of 3i Asset Management Limited, lauded the successful organization of the business summit in Paris by BSEC and BIDA. He expressed hope that this event will substantially boost French investments in Bangladesh, particularly in the stock market and various other sectors. These developments mark a significant step towards strengthening economic collaboration between Bangladesh and France.
Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent loss of 1,023 points, reaching a closing value of 16,690 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, losing 240 points to settle at 5,408 points. Meanwhile, DJIA Index experienced a notable hike, adding 1,218 points during the week and concluding at 40,345 points after a week of gaining.
In contrast, Russell 3000 Index saw a loss in week performance, with a slight drop of 141 point to reach 3,077 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable lost of 126 points, ending the week at 2,091 points.
In the Outgoing week, the European stock market displayed a mixed performance.
Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a loss of 18.49 points to close at 506.56.
The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 195 points or finishing the session at 8,181.
In Germany, the DAX 30 index, added by 605 points to reach 18,301, while France’s CAC 40 decreased by 278 points to stop at 7,352 at the end of the trading day.
Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, decreased by 1,081 points to 33,291. However, Spain’s IBEX 35, lost by 228 points, to close at 11,173.
A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has lost 1,182 points during the week. At the end of the week, the index stood at 82,365 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange dropped by 383 points last week. At the end of the week, the index stood at 24,852 points.
Pakistan Stock Exchange Index ‘KSE 100’, added 459 points last week. After a week of losing, the index settled at 79,002 points.
On the other hand, The Sri Lankan stock market index loss, and the Colombo Stock Exchange index ‘ASPI’ decreased by 94 points in a week. After a week the index settled at 10,775 points.
Bhutan’s stock market index ‘BSI’ dropped by 9 points hence the index stood at 1,500 points throughout the whole week. Nepal’s ‘NEPSE’ lost 22 points, therefore the index stands at 2,727 points.
Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ lost by 75.77 points or 1.31 percent, in the outgoing week. At the end of the week, the index stands at 5,728 points.
