FBCCI to help strengthen bond market

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will take initiatives to make Bangladesh's bond market as strong as the markets in the developed countries.

This was stated by Md Amjad Hossain, Director-in-Charge, FBCCI Standing Committee on Capital Market and Bond at the committee’s first meeting held at the FBCCI office in Dhaka on Sunday.

He said, “There is a lack opportunity for long-term financing in setting up industries in the country. If the bond market expands, investment will be encouraged and employment will increase. If the domestic industry develops, it will be easier to meet the post-LDC challenges.”

He also said that there are plans to undertake awareness activities to increase the involvement of large organizations in the capital market.

Urging for the development of the bond market, he said that if the bond market improves, the dependence on the capital market and the banking sector will decrease. Ultimately, diversification of fundraising will increase.

Speaking as the chief guest at the meeting, FBCCI Vice President Md Amin Helaly said that there is no alternative to a planned strategy to take the development of Bangladesh to the next level.

He called upon the standing committee to disseminate information and knowledge regarding capital market for its further development.

Shakil Rizvi, Chairman of the standing committee, informed that there are plans to provide trainings on capital market to grassroots entrepreneurs and potential investors through district chambers.

The members of the committee emphasized on introducing corporate bonds, reducing transaction costs, formulating detailed policies, increasing the number of institutional investors in the capital market and increasing the number of mutual funds.