"Govt is working for building robust capital market"

Live Correspondent: Prime Minister Sheikh Hasina today said her government has been working to build a strong and stable capital market giving necessary financial education and all possible protection to investors as she opened a regional seminar on investors’ promotion.

“The present government is working on creating a strong Capital Market, which will meet long-term financing needs to the investors”, she said while inaugurating the four-day “Regional Seminar on Financial Literacy and Investor Protection” in a city hotel here.

The seminar is being jointly organized by Bangladesh Securities and Exchange Commission (BSEC) and the Asian Development Bank (ADB). “Our government is continuously extending its all out cooperation through providing policy support, law amendments and infrastructure building for creating a stronger capital market,” the premier said.

The prime minister also vowed to ensure accountability and good governance to eradicate corruptions at different levels in the capital market. Stressing the need for increasing the participation of retail investors in the capital market, she said “Our Capital Market is still being driven by retail investors. To make Capital Market vibrant, we need to increase the participation of institutional investors there.”

Spelling out the measures taken by the government for building a strong capital market, the prime minister said “In 2019-20 fiscal year, limit for the tax free dividend income has been raised to 50,000 from 25,000 for the investors in the market.”

A number of different bonds including fixed income financial product have been issued at our initiative while two rules have been adopted on Short sell and Risk-based Capital Adequacy, she also said.

Noting that the government has taken initiatives for capacity building of the BSEC including adopting a new organogram, the prime minister said “Construction of a new building for the Bangladesh Securities and Exchange Commission has already been completed.”

Highlighting her government’s massive development works carried out in the last 10 years, the prime minister said “Our Government has tirelessly been working for economic development and poverty alleviation in the country. As a result, Bangladesh has fulfilled all criteria for becoming a developing country.”

“Income and purchase power of our people have increased at present. Poverty rate has decreased to 21 percent. Per capita income has raised to 1 thousand
and 909 US dollar. Besides, inflation rate has been kept at 5.4 percent,” she added.

In last ten years, one and a half crore people were employed, she said, adding that status of five crore people have been upgraded into middle income
class from the lower income class.

During the last decade, the present government has invested chiefly in roads and highways, bridges, metro rail, elevated expressway, rail infrastructure and communication, ports, telecommunication, electricity, nuclear power, LNG, education, health, social safety net and special economic zone, the premier said.

 

Dhaka 8 July (campuslive24.com)//MIH

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