FBCCI
FBCCI wants power rationing for uninterrupted production
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called for power rationing for uninterrupted production as "factories are experiencing unusual production disruption due to load shedding."
FBCCI President Md Jashim Uddin made the call at the third meeting of its standing committee on power, energy and utilities in Dhaka Wednesday.
He also called for a short, medium and long-term roadmap for ensuring energy security.
FBCCI Vice-President MA Momen said Bangladesh is now more developed in the energy sector than before. He called upon all to work together to deal with the power crisis.
Also Read: Good governance major challenge to implement budget: FBCCI
Abul Kasem Khan, director-in-charge of the FBCCI committee, called for an emphasis on coal-fired power generation.
"The energy sector will create huge employment in future. So, it needs more attention from the policymakers," Humayun Rashid, chairman of the committee and managing director of Energypac Power Generation, said.
FBCCI directors Bijoy Kumar Kejriwal and Md Naser also spoke at the meeting.
Businesses reject plan to impose 8pm closing time on shops
Businessmen on Saturday urged the government to postpone the decision of the closure of shops, shopping malls, markets, and kitchen markets after 8 pm till the Eid-ul-Adha.They came up with this call at the first meeting of the FBCCI Standing Committee on Local Garments (Avhantarin Poshak) at FBCCI.They said that Businesses were deprived of the full-scale festival centric sale due to the 2-year long Covid-19 pandemic and incurred huge losses.They said businesses had managed to remain on their feet the help of timely incentive packages, and now are working relentlessly to revive the economy.They apprehended that if the sales close after 8 pm, the process of revival will stumble.Read: FBCCI preparing a master plan to face post-LDC challenges
FBCCI senior Vice-President Mostofa Azad Chowdhury Babu in response to the demands of businessmen, called for postponing the government decision till Eid-ul-Adha.“The office goers prefer to visit malls after evening; therefore, the instruction will discourage them to shop, which would put the millions of small and medium entrepreneurs into further loss,” the FBCCI Senior Vice President said.The committee members also called for initiatives to set up a garment village for the manufacturers who produce clothing for the domestic market.They said that garment manufacturers have to procure raw materials from different places and re-package and sell them in the wholesale market which accumulates a huge cost.A dedicated garment village will ease the business process and reduce the cost and also facilitate buyers to afford clothing at a cheaper price.Read: Good governance major challenge to implement budget: FBCCI
Acquiescing with the demands of the businessmen, Vice President M A Momen assured that FBCCI will take initiatives to discuss with the concerned ministry in this regard.“Businesses will face additional challenges after LDC graduation in 2026. Hence, the local sector needs to be stronger,’ he added.While chairing the meeting, Committee chairman and president of Bangladesh Avhantarin Poshak Prostutkarak Malik Samity Md. Alauddin Manik said that they meet the huge domestic demand and thus help reduce import cost. The sector would further flourish if it gets bank loans.Director-in-Charge of the Committee Abu Motaleb complains that the tax-officials harass businessmen in the name of collecting revenue. He calls for the end of the harassment.FBCCI Director Shafiqul Islam Vorosha and Hafez Harun also spoke at the meeting.Co-Chairmen Hazi M H Mostofa, Md. Abul Khayer, Md. Sarwar Uddin Khan, Hazi Md. Tipu Sultan, Md. Kefayetullah Twinkle and Junaed Ibna Ali were also present.
Good governance major challenge to implement budget: FBCCI
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Saturday said good governance is a major challenge in implementing the proposed budget for the fiscal year 2022-23.
FBCCI president Md. Jasim Uddin came with the remark at a press conference on post-budget reaction held at FBCCI Building in Motijheel.
He said, "The size of the budget is very timely to implement the government's commitment to meet the needs and aspirations of people in face of inflation due to Covid-19 pandemic and the Russia-Ukraine war.
He noted the importance of ensuring clear direction and planning for the continuous development of efficiency, transparency, accountability and quality of supervision in the implementation of the proposed budget.
He proposed to include in the budget- employment growth, increased domestic investment, increased food production and continued fertilizer subsidies, emphasis on health, education and human resource development, export diversification, job creation and rural development and completion of PM incentive packages and expansion of social security initiatives.
Read: FBCCI to work for restoring confidence in e-commerce sector
Jasim also expressed his dissatisfaction for not implementing the FBCCI’s recommendations related to tax and VAT.
Replying to a query, the FBCCI president said the trade body does not support money laundering and it brings back the process by paying a nominal tax. This will discourage honest business in the country, he said.
FBCCI senior vice president Mostafa Azad Chowdhury Babu, BKMEA president Mohammad Hatem, DCCI president Rizwan Rahman and leaders of various organizations were present at the press conference.
Finance Minister AHM Mustafa Kamal placed the budget of Tk 6.78 trillion for the fiscal year 2022-23 on June 9.
The proposed budget’s expenditure for the fiscal year 2022-23 is 14.25 percent more than the revised budget for the outgoing fiscal year. The proposed budget is 12.32 percent more than the original budget of fiscal year 2021-22.
No shortage of spices in market ahead of Eid: Spice Traders Association
Wholesale Spice Traders Association has said there is no possibility of price hike in spices as there is no shortage of spices in the market ahead of Eid-ul-Azha.Md. Enayet Ullah, president of association, said this during a discussion on stocks, imports, supply and price situation of daily essential commodities organised by FBCCI on Wednesday with Moulvibazar Traders’ Association.
Also read: FBCCI President mourns deaths in container depot firePresident of
Moulavibazar Traders Association Syed Md. Bashir Uddin said if anyone attempts to manipulate the market ahead of Eid, the association will take punitive action as per the rules.FBCCI President Md. Jashim Uddin called upon the businessmen to run their business with honesty.He said that the whole world is going through an unusual situation right now and traders need to be more responsible at that time.The FBCCI will not take responsibility for a few dishonest businessmen, he said.The president also said that 99 percent businessmen do their business fairly, and they should work together to prevent a handful of dishonest traders.The FBCCI chief further urged the shop owners’ associations to control the retail market price.At the same time, he called upon the traders for decreasing the prices in festivals as the other countries do.He said that the Control of Essential Commodities Act is a very old one.
Also read: OECD delegation interested in FBCCI's Innovation Centre“As the country has been developing fast over the recent years and the trend will be continued further, the Essential Commodities Act should be amended.”In this connection, he said FBCCI has already discussed with the Commerce Ministry and Consumer Rights Protection Department in this regard.Md. Jashim Uddin said that the forthcoming budget is a very crucial one due to the current world perspective.He said that giving relief to the people and curbing the inflation should be the priorities in the upcoming budget.Tax and duty burden on daily essentials should be taken away and the revenue can be collected from imposing extra tax on luxury items, he added.FBCCI Director Abu Motaleb, Harun Or Roshid, Former President of Moulvibazar Babosayee Samity Alhaj Abdur Razzak, General Secretary of the present Committee Azmol Hossain Bablu also spoke at the meeting.Among others, FBCCI Vice-President Md. Amin Helaly, Md. Habib Ullah Dawn, M A Razzak Khan Raj were also present at the discussion meeting.After the meeting, the FBCCI leaders visited a number of wholesale shops at Moulavibazar.
FBCCI thanks PM for rational gas price policy
FBCCI President Md. Jashim Uddin on Sunday thanked Prime Minister Sheikh Hasina for keeping gas prices rational amid the global turmoil caused by the Ukraine-Russia War and the rising trend of LNG price.
He called upon the distribution companies to ensure uninterrupted gas supply to keep the factory production incessant, according to an FBCCI press release.
Also read: FBCCI President mourns deaths in container depot fire
It said that Earlier the distribution companies proposed for more than 100 percent price increase, while the new tariff rate for captive power has been increased by 15.5 per cent, large scale industry by 11.96 per cent and medium industry by 10 per cent.
In contrast, small and cottage industries will pay almost 37 percent lower tariff than current price. The price of gas in the power sector has been increased by 12.81 percent per cubic meter. Reducing tariff will help the small and cottage industries to revive at this stage of the post-Covid economic recovery. It is also expected that the public transport fare will remain the same as the CNG tariff is kept unchanged.
Also read: FBCCI seeks loan moratorium till December
The FBCCI believes that the new rates have been set taking into consideration the capabilities of all types of industries in the country, national and international perspective.
FBCCI president President Md. Jasim Uddin believes that Prime Minister Sheikh Hasina's far-sighted decision regarding gas tariff will further accelerate the country's industrialisation and economic growth.
FBCCI President mourns deaths in container depot fire
FBCCI President Md. Jashim Uddin has expressed deep sorrow at the loss of lives and injuries in BM Container depot fire at Sitakunda in Chattogram.
Also read: PM shocked at loss of lives in Sitakunda fire
In a condolence message on Sunday, the FBCCI president prayed for the salvation of the departed souls extended his deepest sympathy to the bereaved family members.
He called for ensuring maximum safe working environment in all industrial mills, buildings and warehouses to avoid such tragic accident in future.
Also read: Massive fire at Ctg container depot: Death toll climbs to 43, over 200 injured
Tea production increasing by 5 percent each year: Commerce Minister
Commerce Minister Tipu Munshi on Saturday said quality tea production is increasing by 4 to 5 percent each year in the country.
Despite this increase, Bangladesh’s tea export is not increasing in line with the production as domestic consumption of tea increased with the purchasing ability of people, he said.
People in the rural areas are also accustomed to tea, as a result, on an average people are taking 10 crore cups of tea every day in the country, the commerce minister said.
Also read: Panchagarh all set to see record high tea production
Tipu Munshi said this while addressing as the chief guest at the inaugural function of 'Tea Day' at Osmani Auditorium in the capital on Saturday. The event was jointly organized by the Ministry of Commerce and Bangladesh Tea Board.
Expatriate Welfare Minister Imran Ahmed, FBCCI President Jasim Uddin, Bangladesh Tea Board Chairman Major General Ashraful Islam, Bangladesh Tea Association Chairman M Shah Alam and Tea Traders Association Chairman Omar Hannan, among others, spoke on the occasion. Senior secretary of commerce ministry Tapan Kanti Ghosh presided over the function.
Also read: Time to invest in Bangladesh, Tipu Munshi tells Nordic countries
Tipu Munshi said the production of tea increased to 96.51 million kg in 2021 which was 60 million kg in 2009. If the production would not grow, tea consumption is required to meet by importing.
The minister urged the tea garden owners to work more for the welfare of 1.49 crore workers, who are working hard to develop this sector.
FBCCI seeks loan moratorium till December
The Federation of Bangladesh Chamber of Commerce (FBCCI), apex body of traders, has sought special loan moratorium facility till December this year.
The FBCCI president Md. Jasim Uddin sought this benefit due to the global economic downfall for Covid-19 pandemic and Russia-Ukraine war.
He told reporters after a special meeting with Bangladesh Bank on Tuesday (May 31).
Jasim Uddin said, "We have requested the Governor of the Central Bank to set up a special fund for long term loans in the banks, which is very important for business.”
Moreover, FBCCI sought more remittance incentives. A remittance fighter who sends remittances from outside the country is encouraged when he gets some opportunities, even though he is being offered benefits including CIP.
READ: FBCCI chief condoles Muhith's demise
After the meeting, Bangladesh Bank Executive Director and Spokesperson Sirajul Islam said, "We will consider the issues of FBCCI."
However, no decision is going to be announced now.
“The FBCCI has requested for an increase in remittance incentives, but Bangladesh Bank will not take any decision in this regard alone. This matter is related to the government,” he added.
OECD delegation interested in FBCCI's Innovation Centre
A visiting delegation of the Organisation for Economic Co-operation and Development's (OECD) Development Centre has shown interest in the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Innovation Centre – to be set up to meet Bangladesh's post-LDC challenges.
The FBCCI will set up an innovation centre for skill upgradation, research and innovation to deal with the new situation after 2026, the trade organisation's leaders told the delegation during a meeting Wednesday.
Read: Serbia keen to invest in food storage industry in Bangladesh: FBCCI
They sought the OECD's support for the initiative.
Annalisa Primi, head of the Economic Transformation and Development Division at the Development Center, expressed her interest in the FBCCI centre and hoped to learn more about it.
Serbia keen to invest in food storage industry in Bangladesh: FBCCI
Serbian Foreign Affairs Minister Nikola Selakovic has expressed his country’s interest in investing in the food storage industry of Bangladesh.
The visiting minister expressed his interest during a courtesy call on FBCCI senior vice-president Mostofa Azad Chowdhury Babu on Thursday.
Selakovic said his country's storage companies are one of the best in the world and Bangladesh can also benefit from Serbia's investment in this sector.
“ Serbia has free trade agreements with Europe, the Eurasian Economic Union and Turkey. Bangladesh may benefit by establishing joint ventures and export at zero duty to those free trade countries,” he said.
Read: Govt mulls amnesty to bring back laundered money: Finance Minister
He also expressed interest in signing two agreements on double taxation and investment protection and promotion with the government of Bangladesh to increase bilateral trade.
Serbia is also keen to take skilled and semi-skilled manpower from Bangladesh for construction and agriculture sectors, the minister said.
At the same time, the minister urged Bangladeshi students to go to Serbia to study agricultural engineering as the country provides world best facilities of its kind.
In response, Mostofa Azad Chowdhury said that 30 percent of agricultural products are wasted in Bangladesh every year due to lack of packaging, transportation and storage.
The two sides also agreed to sign a memorandum of understanding between the Serbian Chamber of Commerce and Industry and the FBCCI soon.
Read: Finance minister directs regulators to boost investment in stock market
The meeting also discussed import of sunflower seeds, contract cultivation of wheat in Serbia, and establishment of the Serbian Embassy in Dhaka.
Serbia's assistant minister for bilateral relations Vladimir Maric, Foreign Minister's Adviser Ivan Jaksic, FBCCI Vice-President Habib Ullah Dawn, Director Amzad Hossain, Shomi Kaiser, Dr. Nadia Binte Amin, Abul Kasem Khan and Secretary General Mohammad Mahfuzul Hoque, were, among others, present in the meeting.