FBCCI
Lockdown not a solution: FBCCI President
Another lockdown is not a solution to prevent Covid infections, rather it increases the misery of low-income people and affects the country's trade and economy, said FBCCI President Md. Jashim Uddin on Wednesday.
He came up with the remark while responding to a question at ‘Meet the Reporters program’ organised by Dhaka Reporters' Unity.
Read: Increased capacity of Ctg Port to cut cost of doing business: FBCCI
He urged people to abide by the restrictions imposed by the government to prevent the third wave of the coronavirus pandemic.
“A lot of export orders are coming now. Fresh lockdown decision will actually disrupt the industry's growth and hurt the economy in the long run. The countries that resorted to lockdown suffered the worst,” he said.
Addressing the programme, FBCCI president said the main obstacle to foreign investment was the lack of adequate infrastructures. But now, various development projects undertaken by the present government including Padma Bridge, Karnafuli Tunnel, Metrorail and 100 economic zones have created investment-friendly environment in the country, he said.
Meanwhile, the FBCCI president urged banks to lend more to small and medium enterprises.
“Bangladesh will face several challenges to protect local industries after the country’s graduation from LDC category. In order to face these challenges, it is important to have free trade agreements with different countries, said the FBCCI chief.
The six blocks account for 90 percent of world trade, so FTA can be signed with six blocs - Regional Comprehensive Economic Partnership (RCEP), European Economic Union, USA, EU, UK and African Continental Free Trade Agreement, said Jashim.
He emphasized increasing the capacity of various ministries including the Ministry of Commerce to negotiate the post LDC challenges.
FBCCI is going to set up an innovation center to enhance the capacity of the private sector, he said adding that this will accelerate research and development in various sectors.
Read: FBCCI for harnessing promise of Bangladesh-Indonesia trade ties
To enhance the FBCCI's own research capacity, 18 experts from various fields have been appointed as panel advisors, he said.
The FBCCI will play a more effective role in formulating various policies based on their analysis and opinions. In order to address the post-transformation challenges of developing countries, Internal Resource Mobilization and Tariff Rationalization, Global Market Access 2021-2026 and Beyond, Investment Measures for Sustainable Inclusive Development and Sustainable Export Development, Subsidies and Incentives have been formulated.
President of Dhaka Reporters Unity Md Nazrul Islam, General Secretary Nurul Islam Hasib and Organizing Secretary Abdullah Al Kafi were, among others, present.
Increased capacity of Ctg Port to cut cost of doing business: FBCCI
If the capacity of Chittagong Port can be increased, it will be possible to lower the cost of doing business in the country by at least 5 percent.
Also, foreign entrepreneurs will be more interested to invest in this country.
As production starts in full swing at the Bangabandhu Industrial City and other economic zones of the country, the pressure on Chittagong Port will go up manifold.
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) made the observations Thursday and called for increasing the capacity of the port.
FBCCI President Md Jashim Uddin said: "The speed of cargo vehicles on the Dhaka-Chattogram highway is 40km per hour now. If this speed is doubled, the competitiveness of the export sector will increase by 6 percent."
Read: No increase in edible oil price now, govt decides after meeting with traders
Chemicals imported through Chittagong Port have to be tested separately before unloading. However, Chittagong Customs does not have an adequate laboratory, and it takes importers 10 to 12 days to get tests done.
FBCCI Vice-President Md Habib Ullah Dawn said importing vehicles through Chittagong Port costs twice as much as Mongla Port. "Such widely differing costs at different ports of the same country are unreasonable."
The FBCCI president said immediate steps should be taken to remove these bottlenecks.
Time to boost bilateral trade between Dhaka and Jakarta: FBCCI
FBCCI President Md. Jashim Uddin on Monday called upon the government to take initiative to harness the huge untapped potentials of bilateral trade between Bangladesh and Indonesia.
Jashim made the call when Bangladesh Ambassador to Indonesia Air Vice Marshal Mohammad Mostafizur Rahman called on him at his FBCCI office.In FY 2020-21, the import-export trade between Indonesia and Bangladesh stood at US$ 1.9 billion, which has a huge potential for further growth.Indonesia has a large market for Bangladeshi medicines, agricultural products, poultry, jute and leather goods and footwear.
Also read: FBCCI seeks to extend loans moratorium facility until June 2022Jashim also urged the ambassador to take initiative so that Indonesia would also invest in an economic zone of Bangladesh.During the meeting the ambassador said that the Bangladesh government is keen to be a sectoral dialogue partner of Indonesia.As the tariff and tax structure in the country is relatively simple, it will be easier for Bangladeshi exporters to capture the market, he said.“Indonesian entrepreneurs are interested in investing in Bangladesh through joint ventures in the pharmaceutical and SME sectors,” he said.He also said that a delegation led by the country's industry minister or commerce minister will visit Bangladesh this year to explore bilateral trade and investment prospects.
Also read: FBCCI preparing a master plan to face post-LDC challengesHe said negotiations are also underway on a preferential trade agreement (PTA) with the country.FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md. Amin Helaly, Director MGR Nasir Majumder and Secretary General Mohammad Mahfuzul Hoque were present during the meeting.
We need to strengthen SMEs, agro-businesses for expanding economy: Tipu Munshi
Commerce Minister Tipu Munshi has said Bangladesh is an agro-based economy so both businesses and government need to give emphasis on this sector including product diversification.
Moreover, “we need to strengthen our SMEs for better expansion of our economy,” he said.
Tipu Munshi came up with the remarks while addressing as the chief guest at the inaugural ceremony of the new extended office space of Dhaka Chamber of Commerce & Industry (DCCI) namely “DCCI Gulshan Centre” on Saturday.
The Commerce Minister also emphasized to work more to do better in all business indices to be competitive in the international market.
He said that the new extension of DCCI (DCCI Gulshan Centre) in the north side of the city is a reflection of its strength and he hoped that DCCI will be able to serve the business community more in the days to come.
Read: Commodity prices to come down in line with global market rate: Tipu Munshi
Jaim Uddin, president of Federation of Bangladesh Chamber of Commerce and Industries (FBCCI) said Bangladesh still lags behind in the logistic sector, but it is necessary to prioritize the logistic sector to attract foreign direct investment (FDI).
He said that removing traffic congestion in the Dhaka-Chittagong highway and ensuring faster services at the sea ports will help boost the economy.
FBCCI preparing a master plan to face post-LDC challenges
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) is preparing a 10-year master plan to face post-LDC challenges in trade and commerce and determine the necessary strategies for logistics in the coming days.
FBCCI President Jashim Uddin said this at a press conference held at the FBCCI office on Sunday.
After emerging as a developing country from a least developed one, he said numerous opportunities will be created for Bangladesh and the FBCCI is formulating the master plan to avail of the opportunities.
“Businesses will create demands for new products.. The size of the economy will also get bigger. Once the implementation of various infrastructure projects taken up by the government is completed, foreign investment will also increase. Then the capacity of transporting goods and ports will also have to be increased,” the president of the apex trade body said.
Also read: 25% price hikes of construction materials: FBCCI urges government to curb price
He said the biggest challenge in the post-LDC period is to increase sector-based capacity to meet the changing global demand. “To address this challenge, the FBCCI is going to set up an innovation centre to enhance the capacity of domestic industries. The concept paper will be submitted to the government next month.”
Jashim Uddin said North South University is working with the FBCCI on Circular Economy and recycling. The FBCCI President hopes that with the completion of these ongoing activities, power generation and recycled products from the country's waste will increase.
The press conference was organized on the occasion of “Bijoyer 50 Bochhor: Lal Shobujer Mohotshab” a 16-day gala celebration.
Also present at the press conference were FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President MA Momen, Md Aminul Hoque Shamim, Amin Helaly, Salahuddin Ahmed and MA Razzak Khan Raj.
Also read: 50 years of Independence: PM inaugurates FBCCI’s gala celebration
25% price hikes of construction materials: FBCCI urges government to curb price
The Federation of Bangladesh Chamber of Commerce and Industries (FBCCI) has urged the government to revise the price of construction materials in the official tender and procurement.
The traders hoped that the construction sector would turn around with the bunch back of Covid-19 pandemic hit the economy of the country, but sky rocked price of construction raw material fallen in hurdle the sector, said FBCCI leaders on Sunday.
In a meeting in the capital of FBCCI, the Standing Committee for Construction Sector came up with the demand to adjust the price variation clause in the government tenders.
READ: FBCCI seeks enhanced trade, investment ties with UK
The price of rods, stones, bricks, sand, Thai glass, aluminum products, SS pipes, indoor fittings and other construction materials have risen 20 to 25 percent in the last 4 to 5 months, they claimed.
The meeting urged that due to the recent price hike, it is not possible to complete the construction work as per the pre-agreed price.
In addition, the government's fiscal policy, including AIT and VAT, is often changed after tenders are submitted. In these cases, the members of the FBCCI's Standing Committee for Construction have suggested that there should be a price verification clause in government tenders.
READ: FBCCI keen to sign MoU with top Spanish trade body
Md. Jashim Uddin, President of FBCCI presided over the meeting held at FBCCI office. FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md. Aminul Hoque Shamim, Director Rejul Kariem Rejnu, and Director in Charge of the Standing Committee Engineer Ghulam Md. Alomgir, Chairman of the Committee Engineer Khan Md. Aftabuddin, Co-Chairmen Engineer S.M. Khorshed Alam also spoke in this regard.
ILO offers to work with FBCCI in further improving industrial safety
The International Labour Organisation(ILO) has expressed its keenness to work with the country's top business body, the FBCCI, to make positive changes in Bangladesh’s industries like RMG sector that has become one of the safest industries in the world through reforms.
The issue was discussed when ILO Bangladesh country director Tuomo Poutiainen called on FBCCI President Md Jashim Uddin at his office.
READ: FBCCI seeks enhanced trade, investment ties with UK
According to a press release issued from the FBCCI, said the ILO, a specialised UN agency, wants to bring about such positive changes in the rest of the industry.
“That goal requires the involvement of the private sector. That's why the United Nations is keen to work with the country's top business body, the FBCCI,” the press release stated.
ILO director also lauded the major reforms in the garment sector after Rana Plaza disaster and the recent initiative by FBCCI and BIDA to inspect factories producing for the domestic market.
He thanked the FBCCI president for setting up the FBCCI Safety Council on the initiative of the present committee.
Tuomo Poutiainen said it would be easier to improve the labour sector in Bangladesh for them if they have FBCCI, the Bangladesh Employers Federation (BEF), and the related organisations.
BEF president Ardashir Kabir proposed to form two working groups in the two respective trade bodies. These groups will jointly review and finalised the draft work plan prepared by the ILO.
The FBCCI president 108 committees have already been formed under the initiative of FBCCI and BIDA who will initially inspect 500 factories.
The FBCCI president said that the FBCCI experts would give their views on the matter after reviewing the draft work plan prepared by the ILO.
READ: FBCCI keen to sign MoU with top Spanish trade body
FBCCI Vice President M A Momen, Md Amin Helaly, Secretary General Mohammad Mahfuzul Hoque and FBCCI Safety Council Adviser Brig. General (Retd.) Abu Naeem Md. Shahidullah were present in the meeting.
FBCCI seeks enhanced trade, investment ties with UK
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has called upon the UK businessmen to come forward for further strengthening trade, investment and economic relations between the UK and Bangladesh.
FBCCI President Md. Jashim Uddin made the call at the Networking Business Meeting with the British Bangladesh Chamber of Commerce and Industry (BBCCI) on Friday in London.
While leading the Bangladeshi business delegation at the meeting, the FBCCI chief said that the UK and Bangladesh have an excellent bond of friendship which is reflected in partnership and people to people links.
The Bangladeshi Diaspora in the UK is taking an active participation in trade and investment through business and economic collaboration, he said.
In the context of the new economic development perspective, there are huge opportunities and prospects for further enhancing the trade and investment cooperation between the two countries, said the FBCCI chief.
READ: No excess profit on essential items: FBCCI to businesses
He also mentioned that though UK is an important export destination of Bangladesh, but still exports of the country to the UK is concentrated to a few items like knitwear, woven garments, frozen fish and textile items.
Bangladesh offers one of the world’s best competitive fiscal and non-fiscal incentives including profit repatriation, tax holiday and duty-free import of capital machinery, he added.
Mostofa Azad Chowdhury Babu, Senior Vice President, FBCCI mentioned that FBCCI and BBCCI can work together in a focused manner to promote our country’s branding and facilitate export diversification, which is a must in the post LDC graduation period.
He urged NRB’s to invest in Bangladesh.
M A Momen, Vice President of FBCCI emphasized on strengthening of relationship between FBCCI and BBCCI for business and economic activities. FBCCI as the apex trade body of Bangladesh is always open to facilitate any business interest in Bangladesh, he assured.
READ: FBCCI thanks govt for opening export-oriented industries amid lockdown
On the same day, FBCCI President along with other members of the delegation had a business meeting with Richard Burge, CEO of London Chamber of Commerce and Industry (LCCI). At the meeting, it was discussed that steps might be taken to sign a MoU between the FBCCI and LCCI under which both can undertake business promotion activities including regular exchange of delegations, business information exchange, joint research, trade fairs and networking events.
FBCCI keen to sign MoU with top Spanish trade body
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is keen to sign a memorandum of understanding (MoU) with the apex Spanish trade body to boost bilateral trade.
"It is important to develop relations between the businessmen of the two countries. So, the exchange of business information will be easier if the FBCCI has an MoU with the Spanish apex trade body, which was agreed by Spanish Ambassador Francisco de Assis Benitez Salas," FBCCI President Md Jashim Uddin said Thursday.
"A draft MoU would be sent to the Spanish embassy soon. Bangladesh is an attractive destination for foreign investors not only for exports but also for its huge domestic market," he added.
Also read: Bangladesh to gain new commercial facilities post-LDC graduation: FBCCI
"Although there is a huge potential to increase trade in Bangladesh, only a few Spanish companies are doing business in Bangladesh. It is possible to increase the trade but for that Bangladesh has to be introduced to the Spanish entrepreneurs," Francisco said while paying a courtesy call on Jashim.
"Spain opened a commercial wing in 2018 to strengthen trade ties. A few companies, including Inditex and Zara are doing business in Bangladesh," he added.
"However, there are many world-class Spanish companies in several sectors, including agriculture and food processing, machine manufacturing. Many of them do not have the right idea about Bangladesh. So, the possibility of trade relations between the two countries is still untapped."
Also read: Bengal Group’s Jashim Uddin elected FBCCI president
Announcing the establishment of 100 economic zones across the country, the FBCCI president said, like China, Japan, Korea and India, Spain can select a dedicated economic zone to set up factories.
Mostofa Azad Chowdhury Babu, senior vice-president of the FBCCI, highlighted the possibility of joint ventures of businessmen of the two countries for investment in the ceramic and tiles sector.
FBCCI vice-presidents MA Momen and Md Habib Ullah Dawn, director Mohammed Riyad Ali and CEO Mohammad Mahfuzul Hoque were also present.
Bangladesh, Canada plan to launch JWG to boost trade, investment
Canadian High Commissioner to Bangladesh Benoit Prefontaine has expressed his country’s interest to launch a joint working group by November to increase trade and investment between Bangladesh and Canada.
The two countries agreed to form a joint working group in 2017 and a term of reference has also been intended for this purpose but it has not yet materialized.
High Commissioner Prefontaine met Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md. Jashim Uddin on Thursday and discussed the issue.
He said Canada has already nominated four representatives from the private sector.
Welcoming the initiative of the Canadian High Commissioner, FBCCI President Jashim said he himself co-chairs the group.
The FBCCI will hold talks with Bangladeshi businessmen in preparation for the formation of the joint working group this month.
Read: Dhaka seeks preferential trade facilities from Canada till 2030
He said many countries have invested in the 100 specialized economic zones in Bangladesh which can also appear to be attractive for Canadians’ entrepreneurs.
The FBCCI Chief called for investment in primary textile, leather products, energy and power, ceramics, furniture industry, infrastructure and blue economy sectors.
Praising Bangladesh's progress, the Canadian High Commissioner said that despite being one of the most promising economies in the region in terms of socio-economic indicators, economic growth and the huge domestic markets, Bangladesh is still unfamiliar to Canadian investors.
Therefore, the entrepreneurs of the country are not considering Bangladesh in terms of new investments.
However, the Canadian embassy has already appointed a senior trade commissioner to improve trade relations with Bangladesh.
Read: Canada joins hands with Brac to support vulnerable people
During the meeting, FBCCI Vice-President MA Momen said global investors are looking for alternative investment destinations of China for various reasons.
Canadian companies may consider Bangladesh in this regard, he said, and called for simplification of Canadian visa process for Bangladeshi businessmen.
Senior Vice President of FBCCI Mostafa Azad Chowdhury Babu; Vice-Presidents Md. Amin Helaly and Md. Habib Ullah Dawn; and Chief Executive Officer Mohammad Mahfuzul Hoque were present.