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Govt to continue support for stock market development: PM

News Desk |
Inserted: 17:05, Sunday 08 January 2017 || Updated: 18:17, Monday 09 January 2017

Govt to continue support for stock market development: PM - Business
Prime Minister Sheikh Hasina addressing the inaugural function of the Financial Literacy Programme at Bangabandhu International Conference Centre on Sunday (January 8, 2017)

Dhaka: Prime Minister Sheikh Hasina on Sunday said the government would continue its all out support for the development of the country’s stock markets.

“The incumbent government will continue its all out support for the development of the stock market which will be a dependable source of long term funding in building a developed Bangladesh,” she said.

The premier came up with the assertion while formally inaugurating the Financial Literacy Programme at a function at Bangabandhu International Conference Centre in the morning.

From the function, she also inaugurated the newly-constructed 10-storey office building of Bangladesh Securities and Exchange Commission (BSEC) at Agargaon in the city.

Pointing out that financial literacy is very important for proper investment of the savings money of the people, Sheikh Hasina said the people of the country sometime make investment whimsically.

“They lose everything by making whimsical investment, and financial literacy is very essential to prevent the people from it," she said.

Sheikh Hasina added that it's necessary for the people to know how and where they would make investment.

The premier expressed her firm optimism that Bangladesh Securities and Exchange Commission (SEC), Stock Exchanges and listed companies would build a strong stock market by ensuring transparency and accountability side by side with establishing good governance.

She added: “I hope it would create a scope for massive investment and employment in service and infrastructure sectors and play an important role in national economy.”

Sheikh Hasina underscored the need for making conscious investment in the capital markets of the country and not making investment whimsically based on rumours only.

In this connection, the premier categorically mentioned that the investors whether they are big or small will have to invest in the stock markets by taking the risk of their investment.

She said that many investors cannot analyse appropriately the financial statement and other information and they become loser depending on rumours and assumption.

After losing everything, she said, they have a tendency to blame the government and the finance minister for their losses.

Besides, the investors would be able to make profit by making decisions considering their financial capability and probability of getting benefits, she said.

She said the government has also undertaken measures for proper training at home and abroad for the officials of the SEC.

The government would also continue special incentive packages for protecting interests of small investors, she said, adding that BSEC (Public Issue) Rules, 2015 has been framed to bring transparency in the IPO process.

Sheikh Hasina said her government has been working to flourish industrial sectors and develop country's infrastructure, create employments, uphold financial discipline and stability.

Stock market create opportunities of supplying long term capital for the industries to achieve economic prosperity of the country while the investors get opportunity to invest their small savings in the stock markets, she added.

Sheikh Hasina wished a very strong position of the stock market as the main source of long term funding in various sectors of the country including industrial and infrastructure sectors to expedite economic growth.

Pointing out a memorandum of understanding (MoU) signed between Securities and Exchange Board of India (SEBI) and BSEC, the premier said steps have been taken to introduce new instruments and increase efficiency on investigation, supervision and oversee process in light of the MoU.

Sheikh Hasina said stability has been restored in the capital market and confidence of local and foreign investors in the country's capital market has been increased following such steps of the government.

“Bangladesh's stock markets are now being recognized as a fast-growing and potential capital market,” she said.

The premier said her government has been working relentlessly for flourishing industries and infrastructure development, generating employment and upholding financial discipline and stability.

She said the capital market supplies long-term investment to mills and factories for achieving economic prosperity of the country.

Besides, the people get a scope for investing their savings in securities, by creating huge employment alongside flourishing the industries, she said.

The premier MoUs have also been signed with China, Japan and India on G2G basis to establish four special economic zones for boosting more local and foreign investments, she said.

Sheikh Hasina said currently a very good congenial and investment friendly atmosphere is prevailing in the country while the government has announced very attractive incentive packages for the developer and industrial units like tax rebate, duty free import and exports.

Finance Minister Abul Maal Abdul Muhith addressed the function as the special guest, while SEC Chairman Dr M Khairul Hossain gave the welcome speech.

The BSEC has launched the countrywide Financial Literacy Programme for the stock market investors with the slogan ‘Careful Investment, Prosperous Future’.

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