A very warm welcome to you all present here this morning of the new year on the occasion of our 40th Annual General Meeting (AGM). We are scheduled today to transact the business of the Annual General Meeting and to adopt strategies for the New Year-2022. I express my thankfulness to you all for the cooperation and support extended to me for the discharge of my duties and for smooth conduct of the affairs of our esteemed council.

Like 2020, the calendar year 2021 was an unusual year witnessing shocks and setback in the field of economy. However, a little relief we got towards the end of the year which was incidentally the first half of our financial year 2021-22. Economically and socially though the year 2020 was unusual, but the year was colorful and eventful politically. We observed with respect the 100th birth anniversary of the father of the nation, Bangabandhu Sheikh Mujibur Rahman. Further 2021 was the 50th anniversary and year of golden jubilee of our independence. We were completely liberated from occupation forces on December 16, 1971.

It may not be out of place here to recollect our economic performance and progress made during the last 50 years of independence. We are now, according to UNO, a lower middle income country. The per capita income stands at $2,554 in place of only $94 in 1972-73. The Gross Domestic Product (GDP) had been increasing by more than 7 percent before “COVID-19”. The food production has increased by more than four times during the last five decades. Export earnings in 2020-21 stood at $3,875 crores in place of only $35 crores in 1972-73. The size of budget in 2021-22 stood at Tk. 6,03,681 crores in place of Tk. 786 crores in 1972-73. The remittance earning was $2,200 crores in 2020. Population below poverty line was only 20 percent in 2019 whereas this figure amounted to 89 percent in 1973. The average longevity stood at 72.8 years in 2021 in place of 46.5 years only in 1972. Bangladesh is now on the path of achieving ‘Sustainable Development Goals (SDG)’.

I am happy to note that Bangladesh despite adverse national and international environment caused by “COVID-19” pandemic, recorded a growth of 5.43 percent as against negative growth in many countries. According to International Monetary Fund (IMF) estimates our growth in current fiscal will be 6.6 percent. The rate of growth will further increase to 7.1 percent in the coming fiscal of 2022-23. Hopefully, however, according to government projection economy will grow by 7.2 percent in fiscal 2021-22 itself.

The tempo of growth and progress, though halted temporarily because of “COVID-19”, has again gained momentum as evidenced by import, export, remittance and agriculture sector.
Latest performance record of the economy available pertains to first half the fiscal 2021-22. During this period, export sector recorded a phenomenal growth driven by higher demand of garments in the European and US market. Total export amounted to $1979 crores during July to November, 2021. It is an increase of 24 percent over the same period last year. Increase in exports was associated with the increase in imports. With the quick recovery of the manufacturing sector, import during July-October increased by 54 percent over the same period last year. Increase in export and import led to increase in revenue of the government. Revenue collected by National Board of Revenue (NBR) during July-November, 2021 amounted to Tk. 1,00,267 crores as against Tk. 87,194 crores.

Remittance, though showed sluggish growth during the first half of the current fiscal, still ended up with an encouraging figure of $860 crores. Industrial credit also increased by 12 percent during July-September 2021-22 compared to last year. Foreign exchange reserve at the beginning of December, 2021 amounted to $44.83 billion. Inflation rate was below six percent.

On activities of the council, details are givens in the annual report. However, I am to happy note briefly that the council distributed blankets, food and masks among the poor and needy people of various areas of the country. Adequate no of masks were handed over by me to the president of Dhaka Club. Amidst Corona Virus, as many as 9(nine) meetings in the country and 5(five) meetings of international organisations were virtually attended by me. In addition, I represented in several meetings of many organizations within the country. Representation was made in two advisory committees of Chattogram and Mongla Port. I gave many interviews to the Tv channels on subjects of our interest. Our News were regularly published in newspapers.

I am delighted to note that since getting judgment in our favour from the higher court on brokerage, the council has now been receiving brokerage regularly. The premises we bought were duly registered during the period under report.

The last Annual General Meeting of the SCB was duly held on January 30, 2021. Nine meetings of the Board were held at our own premises. However, due to Covid-19, no ifter we could arrange during the period under report. Four magazines were duly published in 2021.

At the end, I would like to record my thankfulness to the distinguished directors, honourable members for their valuable contribution. I would also like to record my appreciation for the services rendered by officers and staff of the council.

With best regards,

Md. Rezaul Karim
Chairman