Thursday, 18 August, 2022

‘Bangladesh’s economy now more stable in any indicator’

Prime Minister's Private Industry and Investment Adviser Salman Fazlur Rahman on Sunday laid emphasis on diversification of export and reducing the import to stabilise the currency devaluating trend.

"Bangladesh's economy is now more stable in any economic indicator. We have to diversify our export. The policy that makes RMG sector as successful, we just have to replicate the policy and initiate it to other sectors," he said, reports BSS.

The adviser said this while speaking at a business luncheon meeting called "Robi presents BMCCI Powerlunch" organised by Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) at a city hotel.

The topic of the meeting is "Anatomy of a Macroeconomic Crisis". Salman Fazlur Rahman said    Bangladesh Bank has taken initiatives to reduce imports at the right time.

"When AL-backed government came to power, we have about four thousand MW capacity in electricity but now it has become 22 thousand MW which reveals our potent energy situation," he added.

Malaysian High Commissioner in Dhaka Haznah Md Hashim attended the meeting as the guest of honour while Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Md Jashim Uddin was present as special guest.

Executive Director of the Policy Research Institute of Bangladesh Dr Ahsan H Monsur and Country Client and Market Lead of Pwc Bangladesh Mamun Rashid attended as discussants with Syed Almas Kabir, president of Bangladesh-Malaysia Chamber of Commerce and Industry, in the chair.

Executive Director of the South Asian Network on Economic Modeling (SANEM) Dr Selim Raihan delivered the key note speech.

Jashim Uddin said that the Bank should not impose higher interest to stabilise exchange rate as the SME and other business can be demoralized and fall into distress.

If the cap is lifted, interest rates will rise to 16-17 percent, which will hamper private sector investment, he added.

Haznah Md Hashim thanked the BMCCI to organise the time-befitting seminar saying: "As a brotherly nation and important trade and business associate,

Malaysia will continue to support Bangladesh with all its strength as far as our bilateral bond become strong."

Syed Almas Kabir said BMCCI powerlunch aimed for macroeconomic analysis which broadly focus on Bangladesh's current economic situation and inform the overall health of economy.