DCCI
D-8 CCI Business Forum & Expo 2022 to be held in city July 26-27
The D-8 Chamber of Commerce and Industries (D-8 CCI) on Monday announced that the D-8 CCI Business Forum and Expo 2022 will be held in Dhaka on July 26-27 to commemorate the silver jubilee anniversary of the establishment.
The announcement was made at a press conference held at the Pan Pacific Sonargaon Hotel where D-8 CCI President Sheikh Fazle Fahim along with its Secretary General Ashraful Haq Chowdhury and FBCCI Director Sujib Ranjan Dash were present and discussed the programme agenda.
This year’s D-8 CCI Business Forum and Expo 2022 will explore the possibilities around building value chain integration between Bangladesh and the seven other member countries of the D-8 - Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.
Also read: Tackling inflation to protect people’s purchasing power key challenge: DCCI
The two-day D-8 CCI Business Forum and Expo, 2022 will be attended by the Presidents of Chambers of Commerce and heads of delegation and representatives from Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey along with other dignitaries and business leaders from the member countries.
Foreign Minister and Chair of D-8 Ministerial Dr AK Abdul Momen will attend the event as the chief guest while Commerce Minister Tipu Munshi, Advisor to the Prime Minister Salman F Rahman, State Minister for Foreign Affairs Md Shahriar Alam and Secretary General of the D-8 Ambassador Isiaka Abdulqadir Imam will also be present at the event as guests of honor.
Additionally, over 40 delegates from the eight D-8 member countries are expected to be present. Local Bangladeshi companies will also be present with Build in Bangladesh pavilions at the expo zone for the visitors to visit.
Speaking about the upcoming event, Sheikh Fazle Fahim said the D-8 CCI Business Forum & Expo 2022 will focus on the theme of value chain integration amongst the apex bodies of business and trade from the D-8 member countries.
He said the global Covid-19 pandemic and recent global economic developments have afflicted them with inflationary pressures, supply chain disruption, and stagflation; thus, the time is ripe to explore value chain integration across the D-8 nations for trade, investment and economic sustainability.
Also read: DCCI invites Indian investors to invest in EZs in Bangladesh
“On the 25th anniversary of the D-8, I express the hope that D-8 CCI Business Forum & Expo 2022 will create new possibilities to build trade relations and create new business opportunities amongst the D-8 member nations. Through this collaborative platform, we hope to open up pathways that enable the honorable D-8 member nations to grow their respective economies in a collaborative manner,” Fahim said.
Tackling inflation to protect people’s purchasing power key challenge: DCCI
Enhancing private sector investment, employment generation, revenue shortfall and financing are some of the challenges of the proposed budget for FY2022-23.
In order to attain the targeted GDP, government needs to focus on widening tax net gradually, automation of tax structure, fixing up rational target of revenue collection and consistency of government expenditure.
President of Dhaka Chamber of Commerce & Industry (DCCI) Rizwan Rahman said these in his initial reaction on proposed budget for FY2022-23 on 09 June 2022 at the DCCI Building.
The inconsistency between income and expenditure in the proposed budget may lead to dependency over bank borrowing or loan from foreign source.
Dhaka Chamber thinks that a planned, timely, cost efficient and implementable budget is more effective than a big budget.
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Since the middle and lower middle income group of the society are facing the pressure of inflation, taking it into consideration, the limit of individual income tax can be increased. However, few slabs can be created for the higher income level group but obviously in a rational manner.
Listed companies offloading more than 10% of their paid-up capital to the market through IPO only can avail the opportunity of giving 20% corporate tax.
And both listed and non-listed companies who have cash expenditure or investment of taka 12 lakh annually and if they do transactions through banking channel are eligible to give 20% corporate tax.
If any listed company fails to comply with these two conditions, they will have to pay 25% corporate tax. Dhaka Chamber feels that the threshold or limit in these conditions are very insignificant.
Moreover, corporate tax rate should be reduced to be more competitive not only in the international market but also in local market.
This year from July to May our export earning was USD 47.17 billion against import expenditure of USD 68.87 billion.
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Trade deficit is USD 21.7 billion. It seems that our import expenditure is higher than the export earnings. Import expenditure over export earning is not good for our international trade.
"We need to promote export diversification. Equal corporate tax for RMG and non-RMG export sector will facilitate diversification process. 24.9% investment from the private sector is targeted. But for that, private sector credit flow should be increased."
ADP implementation till May 2022 was 58.36% which is not satisfactory.
Mega infrastructure projects should be completed at a faster pace but in a lower price ensuring transparency and accountability.
Clause number 83, 84 and 100 of goods seize provision need to be reformed, Rizwan Rahman said.
DCCI invites Indian investors to invest in EZs in Bangladesh
Dhaka Chamber of Commerce and Industry (DCCI) has invited Indian entrepreneurs to invest in the Economic Zones in Bangladesh that are already ready for operation.
A 47-member DCCI delegation led by its President Rizwan Rahman had an industry interactive meet with the Calcutta Chamber of Commerce at a hotel in Kolkata on Wednesday.
During the meeting, DCCI President Rizwan Rahman, also the leader of the Business delegation, said pharmaceuticals, footwear, energy, food processing, light engineering, ICT are some of the areas where Indian investors can tap the opportunities.
Also read: DCCI urges Philippines to invest in Bangladesh’s healthcare, tourism sectors
Besides, initiative of signing comprehensive economic partnership agreement (CEPA) between India and Bangladesh will usher a win-win situation for both end businesses, he added. Later, he also sought joint collaboration on different non-tariff issues which hinders our business scopes.
Meanwhile, President of Calcutta Chamber of Commerce Shailja Mehta said India is the biggest trade partner of Bangladesh in South Asia. “Toward achieving advantageous trade figures, both the nations need to diversify trade with active industry participation.”
Better market access, improved physical connectivity and transit and energy trade between India and Bangladesh are important instruments for unlocking bilateral trade potential, she added.
She also termed tourism as one of the important area where there are huge potential to tap into.
The bilateral trade between Bangladesh and India hovers within USD 9.87 billion having a potential of USD 16.4 billion forecast by the World Bank, DCCI said in a press release.
Also read: DCCI president tries to woo Sri Lankan investment, as envoy drops in
Deputy High Commissioner of Bangladesh in Kolkata Andalib Elias was also present on the occasion and he said there is a deficit between the bilateral trades but it is decreasing day by day.
During the last five to six years, the bilateral trade has multiplied about 2.5 times, he added.
Later, an interactive B2B match-making was organised where DCCI business delegation and Calcutta Chamber of Commerce took part.
DCCI urges Philippines to invest in Bangladesh’s healthcare, tourism sectors
Dhaka Chamber of Commerce & Industry (DCCI) has urged the Philippines to invest in Bangladesh’s hospitality, healthcare and tourism sectors.
DCCI leaders said that the Philippines made incredible success in the health and tourism sector, so it can invest in Bangladesh to get long term benefits.
They also proposed setting up of a `Nursing Institute’ in Bangladesh to train up medical professionals and share the experience of the Philippines.
Also read: DCCI president tries to woo Sri Lankan investment, as envoy drops in
DCCI leaders came up with the proposal during a meeting with Ambassador of Philippines in Dhaka Alan L. Deniega on Wednesday. DCCI president Rizwan Rahman led its team.
DCCI Vice President Monowar Hossain, third Secretary and Vice Consul of the Philippines Embassy Christian Hope V. Reyes were also present during the meeting.
In response, Ambassador Alan L. Deniega said after the LDC graduation, Bangladesh may take initiative to hold discussion to sign a free trade agreement (FTA) not only with the Philippines but also with the ASEAN countries to expand its export and trade.
He also said Bangladesh has made tremendous progress in social and economic development in the recent past.
Also read: DCCI urges Rwanda to import more Bangladeshi products
Ambassador Alan said domestic tourism of Bangladesh is quite good and it is growing day by day. But to attract foreign tourists infrastructures development is crucial.
He also opined that direct air connectivity between Dhaka and Manila can play a vital role to expand trade and investment opportunities including tourism between the two countries.
In FY 2020-21 bilateral trade between the two countries was USD $124.24 million, where the import and export of Bangladesh was $49.72 million and $74.52 million respectively.
DCCI president tries to woo Sri Lankan investment, as envoy drops in
Dhaka Chamber of Commerce & Industries president Rizwan Rahman believes the manufacturing and service sectors of Bangladesh have high potential for returns on foreign investment, and encouraged Sri Lankan entrepreneurs to invest their capital accordingly.
The DCCI president made the call when high commissioner of Sri Lanka in Bangladesh, Prof. Sudharshan D.S. Seneviratne called on him on Tuesday.
Rizwan said that bilateral trade between Bangladesh and Sri Lanka reached USD $ 165.04 million in FY 2020-21, where Bangladesh's export was US$ 47.32 million and import US$ 117.72 million.
He said that Bangladesh mainly exports pharmaceuticals, RMG and seeds, on the other hand machinery, textiles, chemical, mineral products, base metal import form Sri Lanka.
To utilize the untapped trade and investment potentials, Bangladesh and Sri Lanka can sign Free Trade Agreement (FTA) and collaboration in ICT, outsourcing, tourism and engineering solutions, he opined.
Rizwan also said that Sri Lanka can be an attractive destination for Bangladeshi investors.
Sri Lankan High Commissioner Prof. Sudharshan D.S. Seneviratne said that Bangladesh has huge potential in the growing 'blue economy' sector centring the Bay of Bengal.
Moreover there are huge opportunities to work jointly for the win-win development in the blue economy sector.
He said that signing of a preferential trade agreement (PTA) with Bangladesh is in progress, and hopes that the governments can sign it soon.
READ: DCCI urges Rwanda to import more Bangladeshi products
If the performance of PTA is good then initiative can be taken to sign a free trade agreement (FTA) in future, he added.
He also expressed his hope to increase the bilateral trade volume to USD 1 billion in the next five years.
The high commissioner also invited Bangladeshi investors to invest in the tourism, agriculture, shipping and logistic sector in Sri Lanka.
Srimali Jayarathne, First Secretary (Commercial), High Commission of Sri Lanka in Bangladesh and DCCI Senior Vice President Arman Haque, among others, were present during the meeting.
DCCI urges Rwanda to import more Bangladeshi products
Dhaka Chamber of Commerce and Industries (DCCI) on Sunday urged African country Rwanda to enhance import of Bangladeshi products. Arman Haque, Senior Vice President of DCCI, requested Rwanda’s importers to import steel, cement, eco-friendly brick, PVC pipe, electrical cable and skilled construction workers from Bangladesh.
He made the request in a meeting of DCCI with High Commissioner of the Republic of Rwanda based in New Delhi Mukangira Jacqueline at DCCI Gulshan Center on Sunday.
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Bangladeshi investors have a good prospect in the growing infrastructure sector of Africa’s one of the promising countries, Rwanda, Arman said. Arman assured the High Commissioner that the Dhaka Chamber will extend its fullest cooperation in facilitating any business delegation from Rwanda. In response, High Commissioner of Rwanda Mukangira Jacqueline said that the existing trade relations with Bangladesh is very good and it will continue in future as well.
Read DCCI urges Philippines to invest in Bangladesh’s healthcare, tourism sectors She also said that Rwanda is the second fastest growing economy in Africa and fifth in east African region in terms of creating network readiness. She mentioned that in Rwanda an entrepreneur can avail company registration in less than 6 hours. She invited Bangladeshi investors to invest in Rwanda with a view to capture large African market. Mukangira stressed stronger collaboration between the businessmen of both the countries.
Read: Hong Kong based company Campvalley to invest $ 54 million in BEPZA Economic Zone She urged Dhaka Chamber to sign a MoU with the Chamber in Rwanda in order to facilitate frequent exchange of business delegation. DCCI Vice President Monowar Hossain and Second Counsellor of the High Commission of Rwanda Irakoze Prosper were also present during the meeting.
DCCI recommends corporate tax cut by 2.5% from 22.5 pc, tax free income limit 4 lakh
The Dhaka Chamber of Commerce & Industry (DCCI) proposed to reduce corporate tax at a rate of 2.5 per cent for both listed and non-listed companies which are now 22.5 percent in order to make businesd competitive in the region.
“Slashing tax on income of corporate dividend from existing 20 per cent to 10 per cent will encourage the local investors to re-invest as well as boost efficiency in the stock market,” said Rizwan Rahman, president of DCCI.
Rizwan handed over the Chamber’s budget recommendations to the Chairman of NBR Abu Hena Md. Rahmatul Muneem at a pre-budget discussion meeting held at NBR Building at Segunbagicha on Thursday.
The DCCI placed 40 recommendations for the upcoming national budget of FY 2022-23 to NBR.
Rizwan proposed to increase the tax free income limit for the individual taxpayer from existing taka 3 lakh to taka 4 lakh considering the increasing inflation and cost of living.
He said that about 27 lakh tax payers regularly submit their returns on an average every year which is very nominal for an economy like Bangladesh.
DCCI chief also said that NBR should take a long term strategic plan to increase the number of taxpayers up to at least 8 million in the next 10 years. He also underscored the importance of full automation of the overall taxation system.
Currently businesses that have an annual turnover of taka 3 crore are exempted from VAT. But he recommended to increase this turnover limit to taka 4 crore in the next budget and also requested to impose turnover tax based on product’s value addition or profit margin.
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Rizwan also recommended minimizing the lengthy process of getting bond licenses for the leather goods and footwear industry.
Moreover, he suggested giving bond renewal facilities for at least 3 years to these sectors like the RMG sector. He also demanded tax exemption on locally produced machinery and components for electric vehicle charging stations in the country in order to promote sustainable and environment friendly automobile industry within the country.
Lastly the DCCI President Rizwan stressed on an easy and business friendly taxation system, increasing tax and vat net, full automation of tax management, product diversification, encouraging local industrialization and an investment friendly environment aiming to attain the goal of economic development.
In response the NBR chairman said that trade organizations can arrange knowledge sharing activities to make their members aware of various policies that NBR takes related to revenue and duty structure.
“Before LDC graduation our private sector has to enhance their capacity because after graduation many facilities that they are enjoying now will not be available then. To create a business friendly environment in the country NBR is relentlessly working and NBR is simultaneously trying to increase the tax net,” he said.
In the last two years the government was more flexible in terms of tax rate to boost GDP and employment generation and this year the budget will be made considering macro policy perspective, he said.
Senior NBR officials and DCCI leaders also present in the pre-budget discussion.
Tax corporates at par with region to face challenges of LDC graduation: DCCI
Dhaka Chamber of Commerce & Industry (DCCI) emphasized a smooth LDC graduation process, with the improvement of the country’s competitiveness, rational elimination of non-tariff barriers, and formulating a national way forward with strategies for local and export market competitiveness.
The DCCI said it in a press conference on the contemporary economic situation and to share their plan of action for the year 2022 held on Sunday.
DCCI President Rizwan Rahman presented the keynote paper on the contemporary economy. DCCI Senior Vice President Arman Haque and Vice President Monowar Hossain were also present on the occasion.
Regarding corporate tax rate he said that DCCI still advocates for reducing Corporate Tax rate to 5 percent and 7.5 percent respectively in 2022-23 and 2023-24 and it should be at par with the regional average tax rate.
Also read: DCCI urges NBR to simplify tax policy for business growth
DCCI President said that this year the Chamber will prioritize the CMSME sector, including export diversification, blue economy, economic diplomacy, infrastructure, private investment & FDI, export diversification, skills development, digital engagement, taxation, and LDC graduation.
He said the world is still suffering from the Covid outbreak, therefore strengthening CMSME sector should get priority, especially get priority, especially in terms of easy access to finance. To cope with the growing demand for a future skilled workforce, he urged for investing more in research and development, re-Skilling, and upskilling.
Terming blue economy as an emerging sector for Bangladesh he said Bangladesh’s ocean economy stands for 3.1 percent of the country’s overall GDP. Shipbuilding, tourism, sustainable fishing, gas, and mineral explorations are largely unutilized.
He, however urged creating a national blue economy development and implementation roadmap. To have a strong position in the economic diplomacy he suggested to develop negotiation skills on international trade, WTO matters and relevant International laws for win-win FTAs and PTAs.
“Our major export destinations are Europe and America covering almost 67 percent of our total export whereas Africa and Middle East are untapped. But after the LDC graduation export will face a challenge and for that, we have to formulate an export diversification strategy engaging all stakeholders,” he added.
Also read: Bangladesh economy suffered due to Covid pandemic: DCCI Webinar
Tariff rationalization, reduction of non-tariff barriers in cross-border trade, and minimizing anti-export bias is also important in this regard, he said. In 2020-21 private investment came down to 21.25 percent of GDP, but in 2021 FDI was USD 2.51 billion.
In order to revive private investment and FDI, he suggested for rationalizing the corporate tax structure, equipping economic zones and readiness, a national roadmap. He also stressed for automation of overall taxation, VAT, audit, arrears management, investigation and inquiry, appeal, revenue account management, taxpayer account management, and revenue information management.
He said a predictable and compliant tax culture would increase tax net and foreign investment and underscored the importance of a simplified VAT refund process.
DCCI launches PGD courses on business development
Dhaka Chamber of Commerce & Industry (DCCI) has launched Postgraduate Diploma (PGD) courses for businesses in order to have proper knowledge of VAT and Income Tax for achieving long-term success in the competitive global market.
The PGD would cover ‘Customs, VAT and Income Tax Management (CVITM)’ and ‘International Trade (Export & Import) Management (ITM).
DCCI Acting President Arman Haque inaugurated the program as the chief guest.
Also read: DCCI urges NBR to simplify tax policy for business growth
Adequate knowledge about rules and procedures of VAT and Income Tax helps a businessman to run the business professionally, he said.
He also said the world is becoming more connected and competitive than ever. The relation between different countries is getting stronger by the increasing developments in export & import business and technology, he added.
Afsarul Arifeen, DCCI Secretary, Md. Joynal Abdin, Executive Secretary Farheen Hassan, head, department HRM, Course Coordinator Tamanna Sultana, Joint Executive Secretary of DBI, among others, were present at the function.
Also read: DCCI, IBA sign deal for business-oriented research and innovation
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.