Bangladesh's Purchasing Managers' Index rose sharply in July, driven by the strongest manufacturing performance in months and the highest export earnings in a year, a business survey showed today (9 August).

The composite PMI, compiled by the Metropolitan Chamber of Commerce and Industry (MCCI) and Policy Exchange Bangladesh, jumped 4.9 points to 57.8 in July from 52.9 in June, well above the 50-point threshold separating growth from contraction.

Manufacturing led the recovery, surging 16.6 points to 65.4, its strongest reading in the survey period, with expansion recorded across new orders, exports, output, employment, imports and supplier deliveries simultaneously.

"The July PMI signals broad-based strengthening of Bangladesh's economy, led by a sharp manufacturing rebound and continued expansion in agriculture and services," said M Masrur Reaz, chairman and CEO of Policy Exchange Bangladesh. "The manufacturing recovery coincided with the highest monthly export earnings in 12 months."

The services sector expanded for a 22nd consecutive month, rising 1.4 points to 56.0, while agriculture recorded its 11th straight month of expansion, though growth moderated by 9.6 points to 55.2.

Construction remained in contraction for a second consecutive month, with its PMI standing at 49.3. The reading, however, improved by 9.1 points from June's 40.2, which was its weakest point in the survey period.

Masrur attributed the improvement partly to "improved foreign-exchange conditions" and businesses' expectations of a more supportive environment following the FY2026-27 budget, which included deregulation measures announced last month.

The Future Business Index showed strong expansion across all four sectors, indicating that purchasing managers expect business conditions to improve further in the coming months.

Order backlogs, however, remained in contraction across multiple sectors, suggesting that the pipeline of future work remains thin despite the near-term improvement.

Bangladesh is the world's second-largest garment exporter. Its economy has faced four years of inflation above 9% and historically low private credit growth, making the July PMI improvement a closely watched indicator of whether an economic recovery is taking hold.

The PMI survey was developed with support from the UK government and technical assistance from the Singapore Institute of Purchasing and Materials Management.

Islami Insurance Bangladesh Limited's earnings per share (EPS) rose 30.38% year-on-year in the first half of 2026, while its operating cash flow also improved significantly.

According to unaudited financial statements disclosed on the Dhaka Stock Exchange (DSE), the insurer's net profit increased to Tk8.48 crore in January-June 2026, from Tk6.50 crore a year earlier. EPS rose to Tk2.06 from Tk1.58

In the April-June quarter, Islami Insurance posted a net profit of Tk4.28 crore, compared with Tk3.21 crore in the same quarter of the previous year

NOCFPS surged to Tk2.72 in the first six months, from Tk1.06 in the same period last year.

The company's net asset value (NAV) per share stood at Tk25.75 as of 30 June, up from Tk23.62 at the end of December 2025, an increase of Tk2.13, or about 9%.

Following the earnings disclosure, the company's share price fell 2.90% today (9 August) to close at Tk63.70 on the DSE.

The stock had surged around 86% between March and June, despite the company saying it had no undisclosed price-sensitive information (PSI) behind the unusual price movement.

Meanwhile, Islami Insurance is facing a regulatory investigation over corporate governance allegations made by six former sponsor directors against Chairman Mohammad Sayeed Khokon.

The former directors alleged that Khokon has been running the company from an undisclosed location while retaining financial and administrative authority.

They also alleged that after he became chairman in 2012, the six former sponsor directors were removed from the board without legitimate reasons and replaced by his wife, two daughters, sister-in-law and two companies owned by him.

According to the complainants, family-affiliated directors now number 10 and collectively control around 30.35% of the company's paid-up capital.

They alleged that the family-centric ownership and management structure violates provisions of the Companies Act, Insurance Act and securities laws.

The Bangladesh Securities and Exchange Commission (BSEC) has formed a four-member committee to investigate the allegations, review relevant documents and gather evidence before submitting a report.

The allegations have not been established by the regulator, and the investigation is ongoing.

The Bangladesh Energy Regulatory Commission (BERC) has adjusted the price of Jet A-1 aviation fuel for domestic flights, fixing the new price at Tk159.52 per litre from Tk130.99 - an increase of nearly 23%.

For international flights, the price has been set at $1.0358 per litre, up from $0.8556.

The commission fixed the prices after reviewing the average published Platts rate for Jet A-1 during 5 July to 4 Aug 2026, the US dollar exchange rate used by Bangladesh Petroleum Corporation (BPC) for letter of credit settlements and changes in diesel prices.

For domestic flights, the Jet A-1 price has been set at Tk159.52 per litre, inclusive of customs duties and VAT.

For international flights operated by both domestic and foreign airlines, the price has been fixed at US$1.0358 per litre, excluding customs duties and VAT.

The decision was taken following a hearing held at the commission on Sunday on the relevant report.

BERC said it adjusted the Jet A-1 price after a detailed review of the relevant market and cost factors.

The revised rate will remain applicable for August 2026, unless subsequently adjusted by the commission.

The Investment Corporation of Bangladesh (ICB) has introduced its first-ever securities valuation policy to determine the fair value of its Tk14,983 crore investment portfolio, as the state-owned investment institution grapples with mounting losses and a severe financial crisis.

The new policy aims to improve financial transparency and reduce the risk of overvaluation or undervaluation of assets, particularly its substantial holdings in non-listed securities whose fair values had not previously been systematically assessed.

"As ICB currently faces a severe financial crisis, an initiative has been taken to assess the fair value of these assets, something that was never done before," an ICB official told The Business Standard on condition of anonymity.

The state-owned investment banker has long served as a key institution in advancing industrial growth and deepening its capital market.

From its inception, ICB has provided crucial institutional support to capital-starved firms through underwriting, bridge loans, and equity-backed financing.

Over time, it broadened its scope to encompass pre-IPO placements, debentures, equity participation, bonds, and leasing, alongside active portfolio management in the secondary market.

Despite its expansive presence across listed and non-listed assets, ICB lacked a standardised policy to determine fair market value.

This regulatory gap frequently exposed its annual financial statements to the risk of overestimating or underestimating investment values.

According to International Financial Reporting Standards (IFRS) 13, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Essentially, it's an exit price from the perspective of a market participant, considering current market conditions.

As of June 2025, ICB's total investment portfolio stood at Tk14,983 crore. Of this, Tk365.35 crore is allocated to government securities, while Tk14,617 crore is invested in other market assets.

Non-listed securities account for Tk1,100 crore of its total exposure with the substantial amount in mutual funds Tk894.34 crore, preference shares Tk149.50 crore and Tk53 crore in Ordinary Shares.

Currently, the ICB is struggling to stay afloat due to poor investment choices, severe portfolio erosion driven by market volatility, and a heavy debt burden incurred while supporting the capital market, factors that have dragged the once-profitable institution into crisis.

The situation is so dire that the institution failed to repay funds borrowed under a government sovereign guarantee upon maturity, prompting the government to extend the repayment deadline by another three years.

Furthermore, it is unable to service the interest on loans taken from state-owned banks for stock market investments.

Meanwhile, ICB lost about one-third of the money it borrowed from the government, state-owned banks and investors after years of supporting the stock market, leaving it under severe financial pressure and prompting a fresh appeal for government assistance. ICB reported a net loss of Tk1,214 crore in FY25, forcing it to skip dividend distributions.

The financial stress has persisted into the current fiscal year, with the corporation incurring an additional loss of Tk588 crore through March 2026. As a result, ICB's retained losses have ballooned to Tk1,609 crore.

Requesting anonymity, an ICB official said, "For many years, ICB provided financial assistance to entrepreneurs to support the country's industrialisation. It invested in both listed and non-listed companies. Under those circumstances, investments were made in numerous non-listed firms, but the fair value of these assets was never determined. As ICB currently faces a severe financial crisis, an initiative has been taken to assess the fair value of these assets, something that was never done before."

He added, "The current board is adopting various plans to restructure and save ICB. Initiating the fair value assessment of assets is a key part of these efforts."

The newly introduced framework aligns asset assessments with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS), said in the valuation policy.

It establishes clear valuation criteria across both listed instruments such as equities, debentures, bonds, and mutual funds and non-listed holdings, including preference shares, underwriting securities, and unlisted funds.

To operationalise the policy, ICB has set up a seven-member valuation committee. Operating under specific terms of reference, the committee is tasked with determining accurate market values and submitting quarterly reports directly to the board of directors.

As per valuation techniques, the listed securities valuation method will be the closing price on the reference date at the stock exchanges.

If a listed security has not been traded for the last 6 months, its fair value will be determined using the non-listed securities valuation method.

For unlisted or delisted securities, or those with no trade history in the last 6 months, the valuation committee will determine the fair value using net asset value (NAV) approach derived from reviewing the latest auditor's report.

To deal with non-performing fixed-income holdings, the policy introduces a progressive write-down mechanism for bonds, debentures, and preference shares when scheduled principal or interest or dividend payments fail.

Under these guidelines, investments maintaining regular recoveries are carried at purchase cost as their fair value.

However, if recovery remains uncollected for one year, the fair value is marked down to 75% of the purchase cost, falling to 50% after two years, and written down entirely to zero if default persists beyond three years.

Furthermore, the framework strictly prohibits recognising uncollected interest or dividend income from non-listed securities on an accrual basis, mandating that such returns cannot be booked as income without actual cash realisation.

The depository authority has moved to ensure the security of the shares of non-listed companies, making their transfer easier and preventing fraudulent transactions.

The services will also allow the enterprises to obtain bank loans easily by pledging shares in electronic form.

As per the existing system, the Central Depository Bangladesh Ltd. (CDBL) works as a custodian of the shares of all listed and some non-listed securities kept in dematerialised form.

Following the new development, the CDBL will work as a custodian of other non-listed companies registered with the Registrar of Joint Stock Companies and Firms (RJSC).

The CDBL’s bylaws permit it to work as a custodian of eligible securities -- listed or non-listed.

“The CDBL shall determine the securities that are eligible to be held in dematerialised form, which may include, but is not limited to, listed and unlisted securities of all types, government bonds and treasury bills, mutual funds, commercial papers, certificates of deposit, and other debt instruments,” read the CDBL’s bylaws.

Apart from 637 listed securities, the depository authority presently works as a custodian of some non-listed securities, including open-ended mutual funds, securities of the bourses and the CDBL itself.

It charges companies a fee for keeping shares under its custody.

“The board of the depository authority is likely to fix a small custodian fee for non-listed companies so that they are inspired to avail themselves of the services of the CDBL,” said CDBL’s Managing Director Md. Abdul Mutaleb.

Mr. Mutaleb said they had already discussed the matter with the incumbent chairman and commissioners of the securities regulator, and they applauded the move.

As part of the move, the CDBL will sit with the Institute of Chartered Secretaries of Bangladesh (ICSB) to inspire non-listed companies to seek the services.

As of June 2026, there are 316,150 entities registered with the Registrar of Joint Stock Companies and Firms (RJSC). The CDBL expects many of those companies to show interest in keeping their shares under its custody.

What are the advantages?

In Bangladesh, paper-based share certificates create various practical and security problems, particularly for shares of non-listed companies, ownership of which are not recorded through the electronic depository system.

Physical certificates can be forged, duplicated, stolen, or tampered with. The transfer process for such shares is also lengthy and cumbersome, as companies need to verify certificates, signatures, transfer deeds, and their own shareholder records. Any variation in signature may result in share transfer being rejected.

The share certificates can also be lost, damaged, and mutilated.

Moreover, when a shareholder dies, transferring physical shares to heirs can become complicated because the company involved must verify the original certificates, ownership records, and supporting legal documents.

These matters of concern surrounding paper shares are evident in the operations of the Capital Market Stabilisation Fund (CMSF). The CMSF emerged to ensure distribution of undistributed stocks and cash dividends issued against paper shares of listed enterprises.

A large number of shareholders of listed companies still have paper shares, in which cases dividends remain undistributed -- in the hands of issuer companies.

The shareholders might have forgotten that they had purchased the shares, or that the ownership might have changed, and the new owners are completely unaware of the existence of the assets. Some of those investors might also lack the knowledge that the paper shares had to be converted into electronic form in their own interest.

Dematerialisation improves the security, efficiency, and transparency of share ownerships by replacing vulnerable paper certificates with reliable electronic records, enabling faster transfers and reducing administrative difficulties for both companies and shareholders.

Most importantly, electronic shares kept under the custody of the depository authority will enable companies to secure bank loans easily as the ownership records are clear, transparent and maintained centrally.

The Dhaka Stock Exchange (DSE) has sought expressions of interest (EOIs) from qualified audit firms to update its panel of auditors eligible to audit brokerage houses' financial statements.

In a notice, the bourse asked interested firms to submit their EOIs by 16 August to be considered for enlistment on its auditor panel.

The move follows auditor enlistment guidelines approved by the DSE last year to strengthen oversight of brokerage firms and improve transparency in line with the Securities and Exchange Rules, 2020.

Under the guidelines, brokerage firms must appoint statutory auditors from the DSE-approved panel.

DSE Managing Director Nuzhat Anwar said the bourse plans to update its existing panel of auditors for brokerage firms.

"International best practice involves updating audit panels regularly, as some auditors may join the list while others may be excluded in alignment with the regulator's panel," she said.

She said the DSE was also considering a more compact auditor panel under the Bangladesh Securities and Exchange Commission (BSEC).

"Once this pool of auditors is established, market intermediaries and companies will select auditors from the approved list," she added.

The DSE guidelines require the bourse to seek EOIs from qualified audit firms through its website within the first month of each financial year to update its panel.

Under the guidelines, brokerage firms may appoint an auditor from the panel for up to three consecutive years, subject to approval at their annual general meetings.

Auditors already enlisted with Bangladesh Bank and the BSEC may be included in the DSE panel.

BB and BSEC currently maintain separate auditor panels for banks and non-bank financial institutions, and listed companies, respectively.

The DSE first formed its auditor panel in June 2021 with 61 audit firms, including auditors enlisted by BB and BSEC and six additional firms.

Under the updated guidelines, an auditor will be barred from the panel if it is delisted by BB or BSEC, fails to secure enlistment with the Financial Reporting Council, or is found involved in unethical practices.

An auditor may also be barred if the financial statements of a stockbroker or dealer are found to have been prepared in violation of laws or securities regulations or fail to present a true and fair view of the firm's financial position.

Stocks on the Dhaka bourse fell last week as persistent domestic and geopolitical uncertainties continued to weigh on investor sentiment, triggering broad-based selling despite a recent cut in the central bank's policy rate.

The benchmark DSEX index dropped 34 points over the week to close at 5,860, while the blue-chip DS30 index fell 25 points to settle at 2,191. Of the issues traded, 188 advanced, 179 declined and 22 remained unchanged.

Despite the weak index performance, trading activity picked up. The average daily turnover rose 11.50% week-on-week to Tk1,181 crore, indicating that investors remained active even as risk appetite weakened.

According to EBL Securities, the market started the week on a subdued note as the DSEX struggled to sustain its position above the 5,900-point level. The central bank's first policy rate cut in nearly two years failed to ease prevailing concerns among investors.

Selling pressure intensified amid continued energy shortages and tensions in the Middle East. The uncertainties kept the market largely range-bound despite monetary easing and government measures aimed at addressing the fuel crisis.

Bargain hunters briefly returned to momentum-driven and insurance stocks, helping the market recover some of its earlier losses. However, the rebound lacked enough strength to sustain the broader market.

Renewed buying interest in mutual funds also emerged following the regulator's guidelines on mutual fund conversion. Still, cautious investors remained largely on the sidelines towards the end of the week, with profit-taking and subdued risk appetite outweighing selective buying.

Sector-wise, textile stocks dominated turnover, accounting for 22.1% of total weekly turnover, followed by general insurance at 14% and pharmaceuticals at 11.5%.

Mutual funds posted the highest sectoral gain, rising 4.9%, followed by general insurance and life insurance, which gained 3% and 2.9%, respectively. In contrast, food stocks declined 2.8%, ceramics fell 1.6% and cement dropped 1.3%.

Fareast Finance led the weekly gainers, surging 31.6%, followed by Tung Hai Knitting at 28.6%, GBB Power at 27.7%, International Leasing at 25% and FAS Finance at 20.8%.

S Alam Cold Rolled Steels was the biggest loser, declining 9.3%, followed by Sena Insurance, Apex Spinning, Orion Infusion and Argon Denim, which fell 8.8%, 7.6%, 7.4% and 7%, respectively.

Individual investment in Bangladesh's treasury bills and bonds declined in FY26 for the first time in three years, even as overall investment in government securities rose sharply on the back of increased participation by banks, insurers, and other financial institutions.

According to Bangladesh Bank data, individual holdings of treasury bills and bonds fell by Tk450 crore to Tk7,469 crore at the end of FY26 from Tk7,919 crore a year earlier. Individual investors held just 0.94% of total government securities in FY26.

The decline marks a reversal from the previous two fiscal years. Individual investment stood at only Tk1,102 crore in June 2023, before rising to Tk3,974 crore by June 2024.

Bankers said treasury bills have traditionally attracted more retail investors than treasury bonds because of their shorter maturities, ranging from three months to less than a year.

Retail participation in treasury bills and bonds began to rise from FY24 as yields increased. Higher returns encouraged greater investment from individuals, businesses and, in particular, banks, insurance companies and other financial institutions.

Even so, retail investment in government securities remains modest compared with bank deposits. Bankers attribute this to limited public awareness of treasury bills and bonds, as well as stronger public confidence in banks as a place to keep savings.

Yields on treasury bills and bonds started rising after Bangladesh Bank scrapped the 9% lending rate cap and introduced the SMART-based interest rate regime on 1 July 2023.

They continued climbing and exceeded 12% at one stage in FY25. Bankers said retail investment in government securities had never reached such levels before.

A review of FY25 data shows treasury bill and bond yields hovered close to 12% in some months and surpassed that level in others. During the same period, banks offered deposit rates lower than bills and bonds, depending on the institution. As treasury yields were generally higher than deposit rates, many retail investors shifted funds into government securities.

The trend reversed in FY26 as treasury yields began to ease. As the gap with bank deposit rates narrowed, retail investment in treasury bills declined, while banks offered deposit rates of 9%-11%.

The situation has shifted again this August, with several leading banks cutting deposit rates by 50 to 100 basis points, while some reduced them even further. As a result, deposit rates at those banks have fallen to around 8.5% to 9%.

"Many banks offered deposit rates of 10.5%-11% in FY26, prompting retail customers to move their money back into bank deposits," said Mohammad Ali, managing director of Pubali Bank.

"Retail investors generally seek the highest return over a relatively short period," he said. "Many banks were offering around 10% interest on three-month deposits, whereas treasury bills were not providing comparable returns at the time."

According to Bangladesh Bank data, the yield on 91-day treasury bills averaged around 10.52% in FY26, significantly lower than in the previous two fiscal years, when yields had peaked following the interest rate reforms.

Investment by banks, insurers, financial institutions rises

Despite the decline in retail participation, total investment in treasury bills and bonds climbed in FY26, reaching Tk7.95 lakh crore from Tk6.94 lakh crore a year earlier.

Bankers said the increase was driven primarily by banks, insurance companies and other financial institutions.

They said commercial banks have been allocating more funds to government securities as private sector credit demand remains weak. Bangladesh Bank data show private sector credit growth has remained subdued since August 2024, while growth stayed below 5% for four consecutive months from March to June.

With lending opportunities constrained, banks have increasingly turned to treasury bills and bonds as an alternative investment avenue, bankers added.

The Chittagong Chamber of Commerce and Industry (CCCI) has demanded a 90-day moratorium on gas and electricity bill payments, along with a three-month suspension of loan instalments, for industrial units affected by prolonged utility disruptions.

In separate letters sent today (8 August) to the power, energy and mineral resources minister and the finance minister, the chamber also called for a waiver on penalties for delayed utility payments and a suspension of bank interest on loans taken by affected industries during the period. Both letters were signed by CCCI President Mohammad Amirul Haque

The chamber said sustained disruptions in gas and electricity supply had severely hit production at export-oriented garment, textile and plastic factories, as well as small, medium and large manufacturing units nationwide. Many factories, it said, had either shut down or gone into effective layoff as a result.

In his letter to Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmud, CCCI President Mohammad Amirul Haque said almost all factories had suffered substantial financial losses due to the reduced and erratic gas and power supply.

As production fell, exports and sales also declined sharply, or stopped altogether in some cases, making it difficult for businesses to meet expenses such as wages, bank interest, utility bills and daily operating costs, the letter said.

The chamber urged the government to refrain from disconnecting gas and electricity connections to industrial units and to replace the existing month-to-month payment practice with a 90-day, penalty-free grace period.

It further proposed that penalty-free payment facilities remain in place for at least six months, arguing that the measure would give affected businesses breathing space to recover losses and help sustain uninterrupted industrial production.

In a separate letter to Finance and Planning Minister Amir Khasru Mahmud Chowdhury, the chamber sought a three-month suspension of loan instalment payments along with a waiver of bank interest for industries hit by the utility crisis.

It warned that forcing businesses to keep bearing high borrowing costs amid severe production and revenue losses would deepen their financial distress, which could in turn undermine the government's efforts to accelerate industrialisation and foster a business-friendly investment climate.

The chamber added that the situation could send a negative signal to local and foreign investors about the country's business environment.

It therefore urged the finance ministry to instruct relevant authorities to suspend loan instalments for three months and waive bank interest for garment, export-oriented and other industrial establishments affected by the gas and electricity supply disruptions.

Bangladesh Jewellers Association (BAJUS) today (8 August) raised the price of gold by Tk4,374 per bhori, setting the price of 22-carat gold, including VAT, at Tk234,038 per bhori.

BAJUS announced the new rate in a notice issued this morning, saying it will take effect from 10am the same day.

The trade body said the price adjustment was made in view of the rising price of pure gold in the local market.

According to the new rate, 21-carat gold will now cost Tk223,541 per bhori, 18-carat gold Tk191,931 per bhori, and traditional gold Tk156,822 per bhori, all inclusive of VAT.

BAJUS said the new prices will remain effective at all jewellery outlets across the country until further notice, though making charges will vary depending on the design of ornaments.

Since VAT is already included in the selling price of gold and silver ornaments, it cannot be charged separately from customers, the notice added.

Existing BAJUS rules on ornament exchange and purchase, excluding specified VAT, making charges and stone costs will remain unchanged.

The previous price adjustment was made on the morning of 7 August, when BAJUS cut the price of 22-carat gold by Tk3,266 per bhori to Tk229,664, including VAT.

At that time, 21-carat gold was priced at Tk219,342, 18-carat at Tk188,374, and traditional gold at Tk153,848 per bhori, effective from 10am that day.

With Saturday's revision, the price of gold has been adjusted 100 times in the local market so far this year, with 49 increases, 50 decreases, and one VAT-related adjustment.

While gold prices went up, the price of silver remained unchanged in the domestic market. Currently, 22-carat silver, including VAT, is being sold at Tk4,899 per bhori.

Silver of 21-carat, 18-carat and traditional grades are being sold at Tk4,666, Tk4,024 and Tk3,033 per bhori, respectively.

Silver prices have been adjusted 61 times so far this year, with 31 increases and 30 decreases, according to BAJUS.

Brent crude oil climbed more than $1 a barrel on Friday over ongoing uncertainty about the negotiations in progress that determine control of, and reopen, the key shipping artery of the Strait of Hormuz.

Brent crude futures settled at $83.55 a barrel, gaining $1.06, or 1.3 percent. West Texas Intermediate futures finished at $78.18 a barrel, up 89 cents, or 1.15 percent.

Oil futures settled more than $3 a barrel higher on Thursday as Iran reviewed a bill to ban US and Israeli vessels from the Strait of Hormuz, through which roughly a fifth of the world’s oil and liquefied natural gas normally passed before the war began at the end of February.

Oil prices fell earlier in the week as a possible solution to the conflict looked more likely, part of an on-again, off-again pattern that has persisted since the US and Israel jointly struck the nation in late February, igniting a conflict that has now stretched into a sixth month.

Brent was on course for a weekly loss of more than 8 percent, while WTI lost more than 7 percent.

While this week’s signals on a potential deal have sent a roller-coaster ride in market sentiment, the market remains in the dark as to what needs to happen for the agreement to be clinched, said Vandana Hari, founder of oil market analysis provider Vanda Insights.

“The market is trying to assess if an Iran-Oman agreement would allow a US-flagged vessel to transit the Strait of Hormuz,” said Andrew Lipow, president of Lipow Oil Associates.

“Would it allow a US-owned vessel to go through? Would it allow a vessel headed for a US port to go through?”

Both Iran and Oman are said to have agreed on the route ships would take through the strait, which lies between their two countries. It is unclear if the US will agree to these terms.

Analysts also said that this week’s developments have signalled that hostilities between Iran and the US are not yet over.

Iran is seeking fees of between 5 percent and 7 percent of the price of cargoes from ships using the strait, a senior Iranian official said.

Oman, meanwhile, is discussing fees of about 3 percent while Washington wants no fees at all.

“The longer the supply disruption goes, the longer the world’s commercial reserves are being drawn down,” he said.

Four industry sources have said the proposed deal is not easily workable because of US sanctions and restrictive insurance clauses on any payments.

“The structure of the Iran-Oman agreement in its current form and the power it yields to Iran is nothing that (US President Donald) Trump can accept politically,” said Bjarne Schieldrop at SEB Research. “Trump would face heavy political criticism at home if he did.”

“We need that strait to be reopened fully,” said John Kilduff, partner with Again Capital.

The continued uncertainty about the outcome of the war and the timing of its end keeps traders very anxious, Kilduff said.

The outstanding stock of government guarantees fell by more than 5.0 per cent to Tk 1.015 trillion as of March 31, 2026, from Tk 1.070 trillion three months earlier, as repayments outpaced the issuance of new guarantees, according to the Finance Division.
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The decline is attributed to both repayments against existing guaranteed loans and a limited number of new guarantees issued over the past two years, according to people familiar with the matter.

Of the total outstanding guarantees at the end of March, external guarantees accounted for Tk 534.17 billion and domestic guarantees Tk 480.79 billion.

The government, through the Finance Division, provides sovereign guarantees to domestic financial institutions including Bangladesh Bank as well as foreign financial institutions including foreign banks against loans or other financing facilities extended to government agencies and state-owned enterprises.

Such guarantees expose the government to contingent liabilities because the state may ultimately have to repay the money if the guaranteed entities fail to service their obligations.

The guarantees have primarily been extended to entities operating in strategic and infrastructure-related sectors, including power generation, mineral production and supply, fertiliser manufacturing and state-owned enterprises such as Biman Bangladesh Airlines and the Trading Corporation of Bangladesh (TCB).

At the end of December 2025, the government's outstanding guarantee stock stood at Tk 1.0697 trillion. Of this, Tk 583.83 billion was externally sourced and Tk 485.90 billion from domestic sources.

People familiar with the matter said the issuance of new guarantees had remained limited during the last interim-government period and during the period of transition to the new government following the last national election.

They said the relatively low volume of new guarantees over the past two years, combined with repayments against existing guaranteed loans, had helped reduce the overall stock.

The decline in guarantees could ease the government's contingent-liability exposure in the short term, although the fiscal risk remains depending on the financial health of the entities whose borrowings are backed by sovereign guarantees.

The government therefore needs to monitor the repayment capacity of guaranteed entities closely, particularly state-owned enterprises and companies operating in capital-intensive sectors, where financial difficulties could eventually translate into direct fiscal obligations.

Every major conflict in the Gulf revives the same fear – not simply of higher oil prices, but of whether the region that supplies around one-third of the world's seaborne crude can continue to underpin the global economy.

This time, however, the question runs deeper. If war prolongs and continues to damage production facilities, export terminals or vital shipping lanes, is the age of Middle Eastern oil nearing its end? Is the world prepared to move beyond oil, gas and the Middle East altogether and survive?

The modern economy was built on abundant and affordable fossil fuel. Coal powered the Industrial Revolution, but oil overtook it after the Second World War as Gulf producers rapidly expanded output. Natural gas followed, becoming an essential fuel for power generation, industry and households. Together, oil and gas still account for more than half of global energy consumption despite the rapid growth of renewables.

Is oil really declining?

Although the 21st century is expected to belong to renewable energy, fossil fuels are likely to dominate the global energy mix for decades. Oil and gas will remain indispensable for transport, heavy industry, petrochemicals and heating even as electricity becomes cleaner.

Renewables are booming. But electricity is only a part of the energy demand. Aviation still depends on jet fuel. Shipping still runs largely on oil. Petrochemicals need crude. Heavy machinery and defence depend on petroleum.

Oil's share is shrinking gradually, but its strategic importance remains enormous. The transition is underway, not complete.

Modern globalisation was built on abundant, affordable energy. The Gulf's real advantage has never been just oil – it has been abundant, low-cost oil.

Can the world replace Gulf supplies?

The Gulf countries supply over a fifth of global crude oil production and about 10% of worldwide natural gas production. The region holds roughly 33% of proven global oil reserves and 21% of natural gas reserves.

A major portion of Gulf oil and liquefied natural gas passes through the Strait of Hormuz, making global supply heavily dependent on maritime stability in the region. With war now spreading to the Red Sea, another major sea trade corridor now comes under fresh threat as Yemen-based Houthis targeted Saudi ships on Bab el-Mandeb. Oil and goods leaving the Persian Gulf through Hormuz must travel past the Arabian Peninsula and typically pass through Bab el-Mandeb to reach the Red Sea and the Suez Canal.

When both channels become unsafe, around one-fifth of global oil supplies and one-tenth of natural gas supplies are effectively cut off from the market.

Some potential alternative suppliers are the United States, Canada, Brazil, Guyana, and Norway. Some have already boosted output and exports, but physical constraints remain as they cannot build production, storage and export infrastructure overnight to further scale up supplies.

These producers may benefit in the short term from supply gaps, but they are far from being able to replace the massive supply deficit from the Persian Gulf immediately. Russia and Venezuela could have been better alternatives had sanctions not constrained their production and exports.

Modern globalisation was built on abundant, affordable energy and the Gulf provided that. If prolonged war and persistent sanctions push oil prices to $120-$150 a barrel for months or years, the world will face higher inflation, costlier shipping, and rising prices of food, fertilisers and raw materials, leading to slower trade. For smaller economies like Bangladesh, the impact would be far worse; government subsidies would rise and debt stress would deepen.

Scarce and expensive oil and gas will accelerate the transition to electric vehicles, renewable energy, and emerging alternatives such as hydrogen. But any such transition takes decades.

In the meantime, energy scarcity and high prices could instead reverse the global push for clean energy. Coal is already making a comeback as countries rely on it to generate more electricity. Governments often return to fossil fuels during crises, even while investing in clean energy for the long term. The electricity-hungry AI industry is also prompting the US to invest more in nuclear energy.

What it means for Bangladesh

The world is unlikely to move beyond oil and gas anytime soon, and moving beyond the Middle East as their cheapest and most reliable supplier is even less realistic. Any prolonged disruption in the Strait of Hormuz, Bab el-Mandeb, or the Suez Canal can amplify price shocks and ripple far beyond the region, pushing up inflation, slowing trade and delaying economic recovery across both developed and developing economies.

There are encouraging signs that diplomacy may yet prevail. Despite exchanging threats, the US and Iran have both indicated a willingness to resume talks. If this progresses, Hormuz may reopen. Saudi Arabia, though forming a global group to strengthen maritime security in the Red Sea amid Houthi attacks, has urged the Trump administration for restraint.

While oil multinationals are enjoying a windfall from war-induced price hikes – making an estimated $93 billion in the three months since the war began in February this year – Middle Eastern countries have suffered substantial damage to at least 80 oil and gas facilities, with some requiring up to two years to resume operations, according to International Energy Agency estimates.

The world will continue to need oil and gas. The Middle East also needs to protect its oil resources, which remain the backbone of the region's economies despite ongoing diversification efforts.

The longer a Gulf war lasts, the greater the risk for both the Middle East and energy-importing countries.

For Bangladesh, the stakes are particularly high. Its economy has grown on the back of affordable imported energy and export-oriented trade, both of which depend heavily on the Gulf and the shipping routes through Hormuz, Bab el-Mandeb, and the Suez Canal. Any prolonged disruption would arrive as higher import bills, persistent inflation, and slower economic growth. If the Gulf's oil economy weakens, Bangladesh risks losing its largest manpower market.

Bangladesh has little influence over the course of a distant conflict. What it can do is pursue a balanced foreign policy relating to the Gulf region, diversify energy sources where possible and avoid strategic choices that could jeopardise either its fuel supplies or access to key maritime trade routes.

Bangladesh Bank has formed a Tk100 crore fund to encourage small merchants to adopt Bangla QR, with the fund to be increased if necessary, Governor Md Mostaqur Rahman said today (8 August).

Speaking at a Bangla QR workshop at Radisson Blu Chattogram Bay View's Nilgiri Hall, organised jointly by Bangladesh Bank and the International Finance Corporation (IFC) under the "Cashless Digital Bangladesh" project, he said Bangladesh was drawing on neighbouring countries' experience to expand digital payments.

The country currently records around 1 crore digital transactions a month, but the central bank aims to raise this to 1 crore a day by the end of the current fiscal year - a nearly 30-fold increase in about 10 months.

Limited smartphone use remains a major obstacle, with around 6 crore people still using feature phones. The government is working to provide affordable Android handsets. Users are willing to spend around Tk3,000, while manufacturers say such phones cannot be offered below Tk8,000.

Bridging the Tk5,000 gap could require around Tk30,000 crore, and initiatives are being explored to finance the investment, including instalment-based purchases through mobile operators.

Bangla QR use surges

Bangladesh Bank data show Bangla QR transactions rose from 7,23,378 worth Tk212.05 crore in January 2026 to 62,54,938 worth Tk1,475.95 crore in July - an 8.6-fold rise in volume and nearly sevenfold increase in value in six months.

Bangla QR merchants increased from 13,52,712 in May to 16,85,188 in June and 24,25,133 in July, representing 79% growth in three months and nearly 93% in 10 months.

Cash management costs Tk20,000cr

Md Parvez Anzam Munir, additional director of Bangladesh Bank's Payment Systems Department-1, said cash management costs around Tk20,000 crore annually, covering printing, production, distribution, collection of worn notes and their eventual destruction.

He called the expenditure an "extreme luxury and waste" for a poor country and said greater digital payments could substantially reduce it.

Governor Mostaqur said digital transactions would improve transparency in business finances and reduce risks for small traders who rely on employees to handle money, including concerns over missing funds and irregularities. Digital payments could also provide an alternative to cash for extortion payments.

Bangla QR has been made mandatory for merchant licences issued by city corporations and municipalities, while institutions have been instructed to replace existing QR codes with Bangla QR by 2026. Instant settlement of Bangla QR transactions into merchants' accounts has also been introduced.

Deputy Governor Md Kabir Ahmed said Bangla QR would help build a financially inclusive society. Around 24 lakh merchants now use the system, with about 2 lakh daily transactions worth nearly Tk50 crore. Greater use could also help raise the tax-to-GDP ratio.

Merchants warned of fraud

The workshop warned merchants about scams involving fake calls and SMS impersonating banks, mobile financial services or government agencies, as well as phishing, hacking, malware, fake customer care and fraudulent websites. They were advised not to share personal information, PINs or OTPs or click unfamiliar links.

Chaired by Payment Systems Department Executive Director Md Sirajul Islam, the workshop was attended by Governor Md Mostaqur Rahman as chief guest, Deputy Governor Md Kabir Ahmed and IFC representative Hasan Shahriar as special guests. Around 120 merchants, including 20 women, participated.

Three sessions covered Bangla QR use, benefits and transaction security. Hasan Shahriar said IFC's monthly digital transaction target had risen from 20 lakh to around 1 crore. Senior Bangladesh Bank officials, including Executive Director Md Hanif Mia, also attended.

Kaliakair Hi-Tech Park has so far received $283 million in investment out of proposed investments worth $1.636 billion, Posts, Telecommunications and Information Technology Minister Faqir Mahbub Anam said yesterday (8 August).

He said the state-run facility drew investment proposals worth $629 million from seven companies based in China, Japan, India, South Korea and the United States while visiting the country's first hi-tech park in Kaliakair to assess technology-based industrial development, investment and employment prospects.

Anam said multinational companies, including Google, Meta and TikTok, had also proposed investment in an AI data centre project planned by a US-based company.

"The centre is currently under construction," the minister said.

Officials said the inspection was part of a review of progress under the government's 180-day action plan.

Anam said initiatives had been taken to accelerate investment in the park and make domestic products more competitive globally under the government's "Made in Bangladesh" initiative.

"Fiscal and non-fiscal incentives are also being prepared for investors," he said.

An official statement said 85 companies had so far been allotted plots or space at the park, including seven foreign firms. Of them, 40 have started production or business operations, 28 are setting up plants and 17 are expected to begin construction soon.

The government has spent more than Tk500 crore on basic infrastructure at the park, while companies have invested around $283 million, equivalent to about Tk3,245 crore.

"If a proper business ecosystem is developed, the park could generate direct and indirect employment for around one lakh people," Anam said.

The statement said three mobile phone manufacturers, including Honor and Xiaomi, two laptop manufacturers, one ATM and cash recycler manufacturer, six fibre-optic cable manufacturers and three automobile manufacturers, including Hyundai, are operating at the park.

The park also produces IoT devices, routers, switches, CCTV equipment, air conditioners, refrigerators, home appliances, kidney dialysis machines, kiosks and ATM machines. Two companies are setting up data centres.

The government is preparing further measures to attract investment to hi-tech parks, including duty and tax benefits on capital machinery, VAT benefits on electricity and gas, and incentives for assemblers and emerging technology sectors.

Anam said long-term and predictable policy benefits alongside improved infrastructure could increase local production, reduce import dependence, expand exports and generate skilled employment.

He said the country's first hi-tech park was approved in February 2004 on 231.65 acres in Kaliakair. Another 97.33 acres were added in 2016.

Brent crude oil climbed more than $1 a barrel on Friday over ongoing uncertainty about the negotiations in progress that determine control of, and reopen, the key shipping artery of the Strait of Hormuz.

Brent crude futures settled at $83.55 a barrel, gaining $1.06, or 1.3 percent. West Texas Intermediate futures finished at $78.18 a barrel, up 89 cents, or 1.15 percent.

Oil futures settled more than $3 a barrel higher on Thursday as Iran reviewed a bill to ban US and Israeli vessels from the Strait of Hormuz, through which roughly a fifth of the world’s oil and liquefied natural gas normally passed before the war began at the end of February.

Oil prices fell earlier in the week as a possible solution to the conflict looked more likely, part of an on-again, off-again pattern that has persisted since the US and Israel jointly struck the nation in late February, igniting a conflict that has now stretched into a sixth month. Brent was on course for a weekly loss of more than 8 percent, while WTI lost more than 7 percent.

While this week's signals on a potential deal have sent a roller-coaster ride in market sentiment, the market remains in the dark as to what needs to happen for the agreement to be clinched, said Vandana Hari, founder of oil market analysis provider Vanda Insights.

"The market is trying to assess if an Iran-Oman agreement would allow a US-flagged vessel to transit the Strait of Hormuz," said Andrew Lipow, president of Lipow Oil Associates.

"Would it allow a US-owned vessel to go through? Would it allow a vessel headed for a US port to go through?"

Both Iran and Oman are said to have agreed on the route ships would take through the strait, which lies between their two countries. It is unclear if the US will agree to these terms.

Analysts also said that this week's developments have signalled that hostilities between Iran and the US are not yet over.

Iran is seeking fees of between 5 percent and 7 percent of the price of cargoes from ships using the strait, a senior Iranian official said.

Oman, meanwhile, is discussing fees of about 3 percent while Washington wants no fees at all.

"The longer the supply disruption goes, the longer the world's commercial reserves are being drawn down," he said.

Four industry sources have said the proposed deal is not easily workable because of US sanctions and restrictive insurance clauses on any payments.

"The structure of the Iran-Oman agreement in its current form and the power it yields to Iran is nothing that (US President Donald) Trump can accept politically," said Bjarne Schieldrop at SEB Research.

"Trump would face heavy political criticism at home if he did."

"We need that strait to be reopened fully," said John Kilduff, partner with Again Capital.

The continued uncertainty about the outcome of the war and the timing of its end keeps traders very anxious, Kilduff said.

Private-sector credit growth fell to a historic low of 4.47 percent in June, below Bangladesh Bank’s 5.5 percent target for the month.

The rate was 4.98 percent in May and 4.75 percent in April. In March, it had already hit a record monthly low of 4.72 percent.

Bangladesh Bank spokesperson Arief Hossain Khan said the central bank had cut its policy rate and begun implementing incentive packages to boost lending and economic activity.

But businesses say the energy crisis is choking demand.

Bangladesh Knitwear Manufacturers and Exporters Association President Mohammad Hatem said many factories were operating at less than half capacity, with some down to one-third.

“Buyers have started reducing orders until the situation improves. In this situation, there will be no demand for new loans,” he told bdnews24.com.

Outstanding private-sector credit stood at Tk 18.26 trillion in June, up 4.47 percent from Tk 17.48 trillion a year earlier.

Analysts say banks are accumulating liquidity as lending slows, while energy uncertainty keeps investment subdued and the economy struggles to regain momentum.

Bangladesh Bank’s latest quarterly report attributed weak credit demand partly to slowing economic activity and rising bad loans, which have crossed 32 percent, making banks more cautious about new lending.

Shahjalal Islami Bank Managing Director Mosleh Uddin Ahmed said high interest rates also mattered, but the energy crisis remained the main concern.

BIBM Director General Ejazul Islam said lower credit growth would not necessarily be harmful if lending flowed into productive sectors.

Bangladesh's readymade garment (RMG) shipments are struggling to keep pace with Vietnam, Cambodia, and Indonesia, with the trio recording growth in the US market during the first half of the 2026 calendar year.

Data analysis shows amid China's steep drop, Vietnam's gain of the top market share, as well as the steady growth of Cambodia and Indonesia, are a clear pivot by American brands toward Southeast Asia.

Bangladesh, being the second largest apparel exporter to the US, fetched $4.01 billion in the first half of 2026, down 5.58 per cent from $4.24 billion in the corresponding period of 2025, according to data released by the Office of Textiles and Apparel (OTEXA) on August 4.

Exporters attribute this decline to rising geopolitical tensions, US-Iran conflicts, and economic uncertainties.

weakening demand, which forced American consumers to prioritise essential spending and reduce apparel purchases.

Besides, Bangladesh is losing its competitiveness because of several domestic challenges, including higher energy costs, inadequate gas and electricity supply, rising bank lending rates, and increasing labour costs, all of which have pushed up overall production expenses, they note.

US apparel imports stood at $35.08 billion during January-June of 2026, marking a 7.71 per cent decline from $38.02 billion in the corresponding period of 2025.

The contraction in US retail demand has triggered major shifts across key Asian sourcing destinations.

Vietnam dethroned China as the top US apparel supplier, shipping goods worth $7.85 billion between January and June 2026, marking a modest year-on-year growth of 1.33 per cent.

Cambodia led all major supplying nations in percentage growth, with year-on-year exports expanding 12.61 per cent to $2.13 billion in this period.

Indonesia also posted gains, growing 3.67 per cent to $2.33 billion and moving ahead of India.

India registered a sharp decline in apparel shipments to the US, which dropped 25.19 per cent to $2.12 billion from $2.83 billion in the first half of last year.

China experienced a big decline, with shipments plummeting 37.65 per cent to $3.57 billion from $5.72 billion in the corresponding first six months of 2025.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Mahmud Hasan Khan tells The Financial Express that Vietnam and Cambodia are ahead of Bangladesh in terms of lead time and value-added products.

Though they depend on imported raw materials, they get those within the shortest possible time from China because of their geographical proximity, he notes.

Besides, Vietnam has Chinese investments, which Bangladesh failed to attract due to infrastructure bottlenecks, frequent changes in policies, and political instabilities after the 2024 uprising, the BGMEA leader explains.

Indonesia is doing better because of its manmade fibre-based garment production, Khan says.

According to a recent study by the US Fashion Industry Association (USFIA), American buyers are aggressively consolidating their supplier bases to combat compounding global supply chain disruptions and navigate rising protectionist tariffs, regulatory demands, and fluctuating transpacific freight costs.

The equity benchmark index failed to sustain last week's rebound, shedding some of its gains to close the holiday-shortened week lower as persistent domestic and geopolitical uncertainties weighed on investor confidence, triggering broad-based sell-offs and curbing risk appetite despite the government's continued focus on economic development.
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The week began on a subdued note, with the benchmark index struggling to hold above the 5,900-point mark as investor sentiment remained fragile.

The central bank's first policy rate cut in nearly two years failed to provide the boost investors had hoped for, according to market analysts.

Selling pressure intensified amid persistent domestic energy shortages and heightened tensions in the Middle East, adding to market uncertainty. Consequently, the market remained largely range-bound despite monetary easing and government measures to address the fuel crisis.

Bargain hunters briefly returned to selected momentum-driven stocks and insurance issues, helping the market recover some of its earlier losses. However, the rebound lacked sufficient momentum to lift the broader market sustainably, according to a market review by EBL Securities.

Meanwhile, the regulator's guidelines on mutual fund conversion revived buying interest in the sector, which emerged as one of the week's strongest performers, it said.

Nevertheless, investors remained largely cautious towards the end of the week. Profit-taking, subdued risk appetite and persistent uncertainty outweighed selective buying interest, leaving the market lower for the week.

Subsequently, of the four trading sessions during the week, three sessions remained almost flat while the last session ended sharply lower. Wednesday was a public holiday due to July Mass Uprising Day.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE) finally settled the week more than 34 points or 0.59 per cent lower at 5,861 points. It gained 91 points in the previous week.

The DS30 index, which tracks blue-chip stocks, fell 25 points to 2,192, and the Shariah-based DSES index went down 14 points to 1,181.

Selective heavyweight stocks, including British American Tobacco Bangladesh (BATBC), Beximco Pharmaceuticals, Islami Bank, Al-Arafah Islami Bank and UCB accounted for nearly two-thirds of the benchmark index's weekly loss.

Trading activity, however, remained resilient. While total turnover on the Dhaka bourse stood at Tk 47.27 billion during the week, down from Tk 52.99 billion a week earlier, average daily turnover rose 11.5 per cent to Tk 11.81 billion from Tk 10.59 billion in the previous week, as this week saw four trading sessions instead of regular five.

Textile sector accounted for the largest share of weekly turnover at 22.1 per cent, followed by general insurance with 14 per cent and pharmaceuticals with 11.5 per cent.

Market breadth was positive, as 188 issues gained, 179 declined and 22 remained unchanged on the DSE.

Sectoral performance was mixed during the week. Mutual funds led the gainers with a 4.9 per cent rise, followed by general insurance at 3.0 per cent and life insurance at 2.9 per cent.

On the other hand, food sector recorded the steepest decline, falling 2.8 per cent, followed by ceramics at 1.6 per cent. Cement stocks also came under pressure, declining 1.3 per cent during the week.

Small-cap stocks kept dominance on the turnover list with Sharp Industries PLC becoming the most-traded stocks, with shares worth Tk 300.3 million changing hands, followed by Summit Alliance Port Limited, Malek Spinning Mills, Saiham Textile Mills and ACME Pesticides.

Fareast Finance & Investment Limited was the week's top gainer, soaring 31.60 per cent while S. Alam Cold Rolled Steels Ltd. was the worst loser, shedding 9.30 per cent.

The Chittagong Stock Exchange (CSE) also ended the week lower with its All Share Price Index (CASPI) shedding 35 points to settle at 15,725 while the Selective Categories Index (CSCX) fell 36 points to close at 9,581.

Algeria has sought greater Bangladeshi investment in its manufacturing sector, offering government support to businesses as the two countries look to expand trade and investment ties, Algerian Ambassador to Bangladesh Abdelouahab Saidani said on Friday.

He made the remarks during a visit to the industrial facilities of Max Group, one of Bangladesh’s leading conglomerates.

“I see immense potential for expanding business and investment between Bangladesh and Algeria,” Abdelouahab said.

The visit focused on strengthening bilateral trade, investment and industrial cooperation.

Accompanied by senior officials from the Algerian Embassy, Abdelouahab held discussions with Max Group Chairman Ghulam Mohammed Alomgir.

Abdelouahab highlighted Algeria’s abundant reserves of key industrial raw materials, including steel, natural gas and petroleum, which could be imported competitively by Bangladeshi industries. He also said there are significant opportunities for Bangladeshi manufacturers to export high-quality finished goods to the Algerian market.

The ambassador invited Alomgir to visit Algeria and proposed that Max Group establish a company and manufacturing plant there, assuring full government facilitation.

The support would include assistance with land, utilities and raw materials, as well as a favourable tax regime, he said.

On bilateral cooperation, Abdelouahab said 22 draft agreements have been formulated between Bangladesh and Algeria, with most in the final stages of signing.

He also emphasised the role of the Algeria-Bangladesh Business Forum, comprising business leaders from both countries, in promoting greater trade and investment cooperation.

During the visit, Abdelouahab toured AFA Steel Industries Ltd, which produces springs for various vehicles, and later visited Max Group’s stainless steel pipe manufacturing unit, crockery production line and construction materials division.

He showed particular interest in Maxcrete Limited’s eco-friendly AAC block manufacturing facility.

Alomgir briefed the ambassador on Max Group’s evolution, saying its initial focus four decades ago was import substitution to save foreign currency.

He said the group now plans to shift decisively towards exports, with future investments planned in semiconductors and solar energy, particularly rooftop solar solutions.