The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has demanded reduction of corporate tax in the backward linkage industries to help their growth.

Businesses have demanded a corporate tax fixed at 10 to 15 per cent for the backward linkage industry to increase competitiveness.

They came up with this call at the first meeting of the FBCCI Standing Committee on Backward Linkage Industries held on Thursday at FBCCI office in the city.

Abul Kalam Bhuiyan, chairman of the committee said, lowering the corporate tax to 10 to 15 per cent would help in the development of the backward linkage industry.

He also demanded that the entrepreneurs get industry plots at affordable cost for the expansion of the industry.

Speaking as the chief guest at the meeting, FBCCI Vice President M A Momen said that today's most of the giant companies have started their journey as backward linkage industry.

The role of this industry in the overall development of the country is undeniable. Industrialization is not possible without development of this sector.

If there is no backward linkage, the supply chain of the industry will break down. Therefore, the development of this industry is very important. He called upon the government to give due importance to this sector in setting policy, they said.

Director-in-charge of the committee Joshoda Jibon Debnath called upon the backward linkage industrialists to take concerted initiative to establish a separate industrial zone for the sector.

He assured cooperation to get the necessary bank loan for this. The expansion of the backward linkage industry is essential to meet the challenges of post-LDC industrialization, he added.

At the meeting, the businessmen pointed out harassment of revenue and port officials, excessive licensing and renewal provisions, violation of PPR in government procurement process, duty inequality in importing the same product between export oriented and backward linkage industries as major obstacles to its development.

At the same time, they demanded inclusion of backward linkage industry in the forthcoming industrial policy, provision of land at affordable rates, making BSCIC more dynamic and improved, giving priority to local products in government procurement as per PPR and discouraging imports to protect locally produced products.

FBCCI Secretary General Mohammad Mahfuzul Hoque, directors Bijoy Kumar Kejriwal and Harun or Rashid, co-chairmen of the committee Chaitanaya Kumar Dey (Chayan), Md. Salauddin Yusuf, Zia Hayder Mithu and other members, among other were present in the meeting.