Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Mahbubul Alam called upon the government, private companies, and industry owners to invest in the industrialisation of the capital market.
He made the appeal during his speech as the chief guest of an FBCCI Standing Committee meeting on capital market and bonds on Sunday, saying, "There is no alternative to investing in industrialisation to strengthen the country's capital market.
"It is also a relatively easy for industry owners. But sadly, only a few big companies have entered the capital market so far."
He urged the top companies in Bangladesh and abroad to join the capital market. He also commented that it is important to have safe exit facilities for capital market investors.
Referring to the increase in foreign direct investment (FDI) that will occur as the capital market improves, the FBCCI president urged all stakeholders to work together to develop the markets. He also suggested organising a discussion meeting on this issue at the FBCCI.
Committee Chairman and former FBCCI director Asif Ibrahim highlighted the crucial role of the capital market in achieving the goals of Smart Bangladesh Vision 2041, including LDC graduation and Smart Bangladesh. He pointed out that the capital market is currently lagging behind the overall market in the country and stressed the need for collective efforts to establish a strong capital and bond market by reducing reliance on banks.
Former FBCCI senior vice-president and standing committee director-in-charge Muntakim Ashraf remarked, "The number of large investors in the capital market is significantly lower than that of small investors. This situation should be improved."
He opined that mass media cooperation can play a major role in the development of the capital and bond markets.
The businessmen sought the cooperation of Prime Minister Sheikh Hasina.
While participating in the open discussion, the speakers said that the size of Bangladesh's capital and bond markets needs to be increased. For this reason, investors need to be encouraged, and public awareness should be increased. Additionally, simple rules and regulations should be provided to the stock exchanges.
