Economy
FBCCI Hosts Iftar, Doa Mahfil for Diplomats and Dignitaries
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex trade organization of the country, organized an Iftar and Doa Mahfil at a hotel in the capital today to honor ambassadors, diplomats, and dignitaries.
A press release stated that ministers from various ministries, members of parliament, ambassadors, diplomats, editors, CEOs of print and electronic media, top businessmen, and other dignitaries attended the iftar mahfil.
FBCCI President Mahbubul Alam, speaking on the occasion, highlighted Bangladesh’s rich cultural heritage and history of hospitality. He emphasized the country’s diversity, where people from different faiths and backgrounds live together harmoniously. Alam expressed pride in Bangladesh’s unity in celebrating all religious occasions.
Addressing the diplomats and business leaders, Alam underscored their role in fostering international cooperation and understanding. He highlighted Bangladesh’s thriving business community and increasing opportunities for investment and trade. Alam expressed confidence in strengthening economic ties through collaborative efforts for a prosperous future.
During the event, guests prayed for the economic development, peace, and welfare of Bangladesh and its people.
State Minister for Commerce Ahsanul Islam Titu, Foreign Secretary Masud Bin Momen, Commerce Senior Secretary Tapan Kanti Ghosh, and former FBCCI Presidents Mahbubur Rahman, Kazi Akram Uddin Ahmed, Mir Nasir Hossain, Sheikh Fazle Fahim, and Md Jashim Uddin, along with FBCCI Senior Vice President Md Amin Helaly, Vice Presidents Khairul Huda Chopol, Dr. Joshoda Jibon Deb Nath, Shomi Kaiser, Rashadul Hossain Chowdhury (Ronni), and Md. Munir Hossain, were among the dignitaries present.
Also in attendance were ambassadors from India, Indonesia, Norway, Malaysia, Argentina, Sri Lanka, Denmark, diplomats from various countries, editors of print and electronic media, FBCCI directors, business leaders, and other dignitaries.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
