The leaders of Dhaka Chamber of Commerce and Industry (DCCI) urged Bangladesh Bank (BB) to supply adequate foreign currency in the settlement of LCs for an uninterrupted supply of essential commodities during the month of Ramadan. The demand came from a meeting with Bangladesh Bank Governor Abdur Rouf Talukder while the newly elected Board of Directors of the DCCI made a courtesy call at his office on Wednesday. DCCI President Md Sameer Sattar led the team when they discussed various issues including the dollar crisis and smooth supply of essentials in the market. The DCCI leaders told the Governor that public-private partnership is very important to tackle economic challenges. In addition to this, Bangladesh Bank also needs to aim to assist commercial banks in providing sufficient foreign exchange for the settlement of the LCs to keep the uninterrupted supply of essentials during Ramadan. The DCCI team also suggested ensuring good governance in controlling Non-Performing Loans by taking necessary reforms in the Banking Act, considering strict actions of loan recovery from the willful defaulters. Read more: LC margin lowered to ensure stable supply of commodities in Ramadan Governor Abdur Rauf Talukder said that the economy is currently facing three major challenges- the Russia-Ukraine war, an interest rate hike by the Federal Reserve Bank in the United States and the Covid-19 situation worsening in China. He said that despite these challenges Bangladesh’s economy has remained quite stable. He also indicated that the current situation of the LC opening will be normal within the next one or two months. The central bank is working tirelessly to take several policy steps, including minimising the LC margin to ensure an uninterrupted supply of essentials during the upcoming Ramadan, the Governor said.   DCCI Senior Vice President SM Golam Faruk Alamgir Arman, Vice President Md. Junaed Ibna Ali and other members of the Board of Directors were also present at the meeting. Read more: Rice, wheat import: Bangladesh Bank asks banks to keep minimum LC margin

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.

The weeklong Bangladesh Trade and Investment Summit-2021 will begin on October 26, bringing together top policymakers, business leaders and investors from across the world on a virtual platform. The international summit is going to be organized marking the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and Bangladesh’s Golden Jubilee of Independence. The Ministry of Commerce and Dhaka Chamber of Commerce and Industry (DCCI) will organize the summit jointly from October 26 to November 1. Prime Minister Sheikh Hasina is expected to inaugurate the summit from her official residence Ganobhaban. Read: Bangladesh trade, investment virtual summit Oct 26-Nov 1 The summit will bring together the top policymakers, leaders of successful companies and leading investors, business analysts, CEOs of big conglomerates, multilateral agencies both from the host country and from across the world. Interested businesses and companies of different sectors can join the virtual B2B meetings and connect suitable matches in Bangladesh. The week-long investment summit includes nine sectors underscoring critical enablers and avenues of the economy, demanding massive investments especially in Infrastructure (Physical, logistics and Energy), IT/ITES and FINTECH, leather goods, Pharmaceuticals, Automotive and Light Engineering, Plastic products, Agro and food processing, Jute and Textiles, FMCG and Retail Business.

Finding a balance between achieving revenue targets and ensuring a business-friendly environment is crucial to overcome the economic challenges unfolded by the pandemic. The government's expenditure comes from revenue, but it always tries to facilitate the businesses, National Board of Revenue member of tax policy Md Alamgir Hossain said Saturday. Alamgir was addressing the "Pre-Budget Discussion for FY2021-22" organised by Dhaka Chamber of Commerce and Industry (DCCI) in association with Samakal and Channel 24. Economic Affairs Adviser to the Prime Minister Dr Mashiur Rahma said "Achieving the revenue target without hurting economic activities is a priority for the government." Also read: NBR to prioritize local industries in 2021-22 budget, says its chairman "However, our tax-GDP ratio is comparatively low due to rebates at different levels. To make it more acceptable to everyone, a global standard tax, value added tax (VAT), supplementary duty (SD) and customs duty rate need to be in place." Dr Mashiur said frequent changes in tax rate may slow down business growth and he suggested a gradual increase in it with a minimum time frame.   Brac Chairperson Dr Hossain Zilllur Rahman said, "As the second wave of Covid-19 is going on, it may wallop the economy. The next budget should also have a plan of recovery like the last one. Social protection should get major attention in it." Disbursement of loans under stimulus for the cottage, micro, small and medium enterprises (CMSMEs) should be faster, and for that, mobile financial services can be engaged as a delivery vehicle, he added. Also read: Budget 2021-22: Finance Ministry's coordination council meets to set priorities, parameters Zilllur Rahman added that to keep the growth trajectory upward, the domestic market needs to be incentivised along with the export sector. "We need a transition from cheap labour economy to skilled labour economy and a game-changing policy review needs to be framed." DCCI President Rizwan Rahman hoped that the next budget would have special attention to taxation and VAT policy, infrastructure, industry and trade as well as the financial sector.

Commercial disputes can be resolved through mediation if encouraged by the regulators, but settling such disputes can take four years in Bangladesh. Also, many countries have introduced reforms like automatic assignment of cases to judges, specialised commercial court, electronic payment, and expansion of the alternative dispute resolution (ADR) framework to improve the litigation system. They made changes to applicable civil procedure or enforcement rules and expanded court automation, too. Dhaka Chamber of Commerce and Industry (DCCI) President Rizwan Rahman said this while addressing the webinar "Country Competitiveness of Bangladesh: Key Reforms in Doing Business" organised by DCCI Saturday. Also read: It's time to change the mindset on taxpaying: Salman F Rahman The Global Competitiveness Index 2019 ranked Bangladesh 105 and the report also highlighted a profound competitiveness deficit in LDCs, he said. To overcome the transition of economic graduation and to be among the top 100 in the World Bank's Ease of Doing Business Index, improving competitiveness is a prerequisite for Bangladesh, Rizwan continued. "However, Bangladeshi policymakers are yet to take necessary initiatives in association with the private sector for improving country competitiveness." Salman F Rahman, the prime minister's private industry and investment adviser, said at the webinar: "The entire judicial system needs revamping. We need to resolve the disputes quickly." Also read: Salman encourages introduction of Sukuk Bond in Bangladesh market "But the mediation and arbitration system are not being used widely in the country due to not having a standard civil litigation management timeframe," he continued. Law and Justice Division Secretary Md Golam Sarwar said, "We are going to implement an e-judiciary project to foster effective and speedy disposal of cases including commercial disputes. Steps have been taken to amend the existing Insolvency Act 1997." "For effective settlement of commercial disputes, the government is planning to set up commercial courts in Dhaka and Chattogram."

Industrial sector leaders on Saturday urged the authorities concerned to pay more attention to the development of new industrial sectors to face challenges in the post-LDC era. 

Dhaka Chamber of Commerce and Industry (DCCI) on Monday called on the government to formulate an SME act and redefine cottage, micro, small and medium enterprises (CMSMEs) in the upcoming Industrial Policy.

Commerce Minister Tipu Munshi on Wednesday said SMEs are the lifeline to the economy as its contribution to the country's GDP is about 26 percent.

Bangladesh's e-commerce business saw a 166% growth in 2020 and its market size will be $3 billion by 2023.

Education Minister Dipu Moni on Saturday revealed the government has taken up an initiative to formulate a new education policy for the country, in which e-learning will receive greater priority.