At its Gulshan office in the city, the Metropolitan Chamber of Commerce and Industry (MCCI) today launched the Purchasing Managers’ Index (PMI) for Bangladesh in collaboration with Policy Exchange Bangladesh (PEB) and with funding from the Foreign, Commonwealth and Development Office (FCDO) of the UK Government.
According to a news release, Matt Cannell, the acting British high commissioner and director of development for Bangladesh, was the honored guest of honor at the function.
Farooq Ahmed, the CEO and Secretary-General of the MCCI, served as the event moderator.
The PMI is a leading economic indicator which helps understand the economic health of a country. It provides insights into key economic sectors and captures early trends. The PMI data index is compiled from monthly surveys of private sector enterprises.
In his welcome remarks, MCCI President Kamran T. Rahman said that the PMI datasets had wide-ranging applications and could be used by various stakeholders. It had already been implemented in several nations, he added.
In his opinion, the PMI could be crucial to maintaining Bangladesh’s current rate of progress.
The Chairman of the PEB, Dr. M. Masrur Reaz, stated that FCDO, PEB, and MCCI had joined forces to consistently provide reliable data all year long.
The PMI was very helpful to the stakeholders since it offered concrete and quantitative data about the economy, he added.
He thought it would be useful in deciding on business and policy.
Hasnat Alam, Senior Manager, Market and Policy Advisory, Policy Exchange Bangladesh, gave a brief presentation on the fundamentals and practicality of the PMI Program.
During the open forum, the topics that came up for discussion include correlation between different variables used in the PMI surveys, data reliability, confidentiality, and interpretation challenges.
The guest of honor acknowledged that as Bangladesh undergoes LDC-graduation, it must prepare for the forthcoming challenges that will arise. By leveraging real-time data and insights from the PMI, Bangladesh will be able to tackle future challenges effectively.
Before concluding, he assured of the UK’s continued support to Bangladesh’s development pursuits.
The launch event ended with a vote of thanks from MCCI. Representatives from MCCI members, the business community, think tanks, and the media attended the event.
