DHAKA, Feb 5, 2024 (BSS) - The Metropolitan Chamber of Commerce and Industry (MCCI), in partnership with Policy Exchange Bangladesh (PEB), with the support of the UK Government's Foreign, Commonwealth and Development Office (FCDO), today launched the Purchasing Managers' Index (PMI) for Bangladesh at MCCI's Gulshan office in the city.

Matt Cannell, Acting British High Commissioner and Development Director to Bangladesh, graced the event as the guest of honor, said a press release.

The event was moderated by Farooq Ahmed, Secretary-General and CEO, MCCI.

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.

He believed the PMI could play a key role in sustaining Bangladesh's development trajectory.

Dr M Masrur Reaz, Chairman, PEB, said that MCCI, PEB, and FCDO had come together to make robust data available regularly throughout the year.

As the PMI provided actionable and quantifiable insights about the economy, it was very useful for the stakeholders, he said.

He believed it would help make business and policy decisions.

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.