Bangladesh Securities and Exchange Commission (BSEC) chairman Dr. Shibli Rubayat-Ul-Islam urged the government to facilitate the gold sector in penetrating foreign markets as it earlier facilitated the garments sector to help reach today's position.
He said: "If the country's gold sector cannot hit the foreign market, we will make a mistake then. So, the gold sector should also get the same benefit that the garments sector gets in terms of exports, as it is also an export item."
The BSEC chairman was addressing a seminar organized by Bangladesh Jewellers Association (BAJUS) on Saturday (February 11).
He said, "No research is done on this sector. I thank BAJUS for organising the fair for the last 3 days and it is responding at various places. Currently, the role of gold is the most behind everything from the circulation of money. Countries including China and India are now reserving gold as the demand for gold is increasing in these places. Gold is a very valuable commodity, but we do not understand its importance."
He said it is the ideal time and our projections ahead, our GDP is increasing, our per capita income is increasing and, our living standard is increasing. So, the demand for gold will increase. The huge market that is being talked about, and the huge potential that is being talked about, are being created. We will be successful, if we can go ahead in a planned way.
Centre for Policy Dialogue (CPD) research director Khondaker Golam Moazzem presented the keynote at the seminar.
He said the global jewellery industry is likely to grow at a rate of 8.2% by 2030 which will reach as high as US$502 billion by 2030. The total demand for gold in 2022 is 4741 tonnes. India and China are the top two gold jewel consuming countries in the world.
According to Bangladesh Jeweller’s Association (BAJUS), there are 40,000 firms in the country. As per BAJUS, 50 lakhs people are employed in this industry.
The government should extend necessary support in developing an export-oriented sector, he said.
All kinds of illegal trade of gold and jewellery should be stopped, he said, adding BAJUS should closely work with concerned government agencies to stop illegal trade.
Shah Mohammad Mahboob, Executive Chairman of Bangladesh Investment Development Authority (BIDA) General, Dr Ahsan H Mansu, Executive Director of Policy Research Institute of Bangladesh (PRI), Dr Mahfuz Kabir, Research Director, Bangladesh Institute of International and Strategic Studies (BIISS), Dilip Kumar Roy, Former BAJUS President and Dr Dewan Aminul Islam Shahin, Vice-President of BAJUS were also present at the seminar.
Bangladesh Investment Development Authority (BIDA) Executive Chairman Shah Mohammad Mahboob said: "We also want to support new sectors in terms of investment. If you propose on behalf of BAJUS about your issues, we can talk to the government."
Policy Research Institute of Bangladesh (PRI) Director Dr Ahsan H Mansur said: "Our revenue department had a tendency to ban gold, thereby it stops our exports. We need to bring about a change in the mindset of the government to expand this industry It is part of our history and tradition for thousands of years."
Bangladesh Institute of International and Strategic Studies (BIISS) Research Director Dr Mahfuz Kabir said: "You have to take a strong stance to change the policy that we have for SME loans. By doing this, you can move forward in the area of design and capital. A vision needs to be fixed as well."
Former BAJUS President Dilip Kumar Roy and its Vice-President Dr Dewan Aminul Islam Shahin, also spoke at the seminar.
BDST: 1658 HRS, FEB 11, 2023
MN/SMS
