Bangladesh's financial sector has ability to survive: British HC

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FE Report
British High Commissioner to Bangladesh Stephen Evans Sunday lauded the strength of the country's financial sector that, he said, has the ability to survive the ongoing global economic turmoil.
"I think the country's financial sector has the real chance of surviving the turmoil," Mr Evans told the foreign investors in Bangladesh at a regular monthly meeting in a city hotel as the guest of honour.
Praising the country's existing set of rules in the financial sector he said the financial institutions in Bangladesh follow the rules and do not expose themselves beyond their assets.
Chaired by the Foreign Investors' Chamber of Commerce and Industry (FICCI) president Waliur Rahman Bhuiyan the function was addressed among others by Chevron Bangladesh president Steve Wilson. Emirates area manager in Bangladesh Hanif Zakaria delivered a brief presentation on Emirates airlines.
Speaking at the function the British High Commissioner, however, said that the remittance flow from abroad might be affected if the economies of the Gulf countries, where maximum number of Bangladeshi expatriates work, are affected due to the global financial turmoil.
The country has true potentials to progress having tremendous scope of foreign investments in many still untapped sectors like energy, port, infrastructure and information and communication technology, Mr Evans said.
The global economic turmoil might be a boon for the local ready-made garment (RMG) sector, as the consumers of the developed countries like USA and UK would buy low-cost clothing items from Bangladesh.
The international community including the European Union and many developed countries would be looking for investments in the country following the global financial turmoil, he said.
The senior most diplomat of the British High Commission in Bangladesh also tagged the country's growth potentials with a number of 'ifs and buts' saying the country must have to be managed politically to ensure its economic growth.
"I don't think this country can achieve the growth potential that it has unless managed politically," Mr Evans said.
He termed the December 18 election as crucial one and appreciated the caretaker government for providing fundamental conditions to hold an election.