United News of Bangladesh

International Chamber of Commerce, Bangladesh (ICCB) has said Bangladesh, as the current chair of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec), needs to focus on boosting trade among member countries. “In Bangladesh, political uncertainty and occasional tensions with India hinder regional cooperation,” said the leading chamber on Sunday, pointing out that Bimstec still faces major challenges despite 25 years of operation and the key transport projects are delayed. At the 6th Summit, Bangladesh assumed the chairmanship for the 2025–27 term and the ICCB said this provides Bangladesh with a stronger voice, not just in Bimstec but also in broader regional politics. This leadership role, the chamber said, allows Bangladesh to push forward the implementation of the Bangkok Vision 2030, helping both Bangladesh and the wider region to work more closely together. The ICCB said trade between Bimstec countries is still relatively low - only about 7% of their total trade happens within the group. In comparison, Asean countries trade about 25% with each other. The chamber thinks one major reason for this limited trade is the delay in signing a Free Trade Agreement (FTA), which has been under discussion since 2004. “Progress has been slow, largely due to non-tariff barriers, the protection of sensitive products, and the reluctance of some countries to open their markets. The Bangkok Vision 2030 aims to accelerate the FTA process, but progress remains slow and uneven,” said the ICCB in its editorial of the quarterly news bulletin. Bangladesh can facilitate trade by easing visa rules, improving customs systems and supporting digital payments, the chamber said. For Bangladesh, the ICCB said, stronger ties within Bimstec could bring many benefits and Bangladeshi businesses, especially in garments, agriculture, pharmaceuticals and light industries, could enjoy lower trade costs and better access to regional markets. Besides, it said, foreign companies might become more interested in investing in Bangladesh, particularly in infrastructure, energy and digital technology, if there are clear and stable regional trade rules in place. “This would benefit not only Bangladesh but the entire region.” Myanmar’s ongoing unrest further complicates progress, making it difficult to develop crucial transport links and raising concerns about the group’s cohesion, said the ICCB. According to industry insiders, intra-regional trade among Bimstec countries exceeds US$40 billion, while the potential trade opportunity among Bimstec nations could be as high as US$250 billion. The Bimstec Trade Facilitation Strategic Framework 2030, developed by the Asian Development Bank (ADB), is an important initiative to advance trade facilitation among member states. During its two-year leadership, Bangladesh has the opportunity to persuade member countries to implement the ADB Framework 2023. This year marks the 25th anniversary of the establishment of Bimstec, which was founded on 6 June 1997. With the signing of the Bangkok Declaration during the 6th Bimstec Summit held in Bangkok on April 4, 2025, the member countries adopted a major new plan called the ‘Bangkok Vision 2030’. This plan aims to guide the region’s development in a structured way and supports global goals like the UN’s Sustainable Development Goals (SDGs), as well as Thailand’s eco-friendly Bio-Circular-Green (BCG) economic model, according to the editorial of the current news bulletin. Connectivity is central to Bimstec’s strategic agenda, especially under the Bangkok Vision 2030, said the ICCB. A key priority is fast-tracking the Bimstec Master Plan for Transport Connectivity (2018–2028), which includes 267 infrastructure projects. BIMSTEC for addressing security challenges that hinder dev aspirations Notable among them are the India–Myanmar–Thailand Trilateral Highway and the Kaladan Multi-Modal Transit Transport Project. Both are crucial for seamless overland and maritime links between South and Southeast Asia, reflecting growing political commitment among member states, said the ICCB. As the host of the Bimstec Permanent Secretariat and the current chair of the organisation, Bangladesh is well-positioned to lead important development initiatives, it said. This includes accelerating transport projects such as roads, ports, and trade routes, particularly maritime routes. The Bangkok Summit showed strong interest in improving maritime transport, which is a promising step toward resolving trade and shipping challenges in the region, said the ICCB. The chamber, however, said the success of these plans will depend on the political stability and commitment of member countries. For example, it said, the ongoing crisis in Myanmar remains a significant challenge to regional cooperation.  

Bankers, financial experts, and public officials convened in Dhaka on Tuesday to call for comprehensive reforms in Bangladesh’s banking sector in light of global economic shifts and internal systemic vulnerabilities. The dialogue, titled “Global Financial Trends and Reforms: Implications for Bangladesh,” was organised by the International Chamber of Commerce, Bangladesh (ICCB), and held at a city hotel. Discussions were set against the backdrop of evolving global financial dynamics—including the potential impact of US tariffs—and alarming findings from the World Bank’s recent Bangladesh Development Update, which underscored deep-rooted weaknesses in the country’s financial system. Mahbubur Rahman, president of ICC Bangladesh, warned that the full implementation of US tariffs could severely impact Bangladesh’s banking system by reducing export earnings, tightening foreign currency liquidity, and increasing non-performing loans (NPLs), particularly in trade-reliant sectors. “It is imperative for Bangladesh to adopt resilient financial strategies and regulatory reforms that safeguard economic stability against such external shocks,” Rahman said. He added that despite resilience in several economic areas, the structural frailties within the financial sector remain a major challenge. Citing the World Bank report, Rahman noted that gross NPLs have doubled to over Tk 2.9 trillion, with nearly half concentrated in nine state-owned banks. He pointed to capital shortages, weak adoption of international standards, and an inadequate legal framework for loan recovery as critical issues in need of immediate reform. “The recent reform initiatives by the interim government and Bangladesh Bank are beginning to uncover the full extent of these risks. The message is clear—reform is not optional, it is essential,” he stated. ICC Vice President A.K. Azad called on the International Chamber of Commerce (ICC) and the World Trade Organization (WTO) to address the repercussions of US tariff policies on countries like Bangladesh. He also emphasised the need for international support in settling insurance claims for factories damaged during political unrest, and urged the central bank to liberalize the exchange rate regime. Florian Witt, chair of the ICC Global Banking Commission, echoed the need for structural reforms. In his keynote address, he proposed the recapitalisation of state-owned banks and a strategic reduction of NPLs. He also recommended facilitating mergers to create stronger banking entities, conducting forensic audits of troubled banks, and strengthening Tier-1 capital. Witt highlighted the importance of adopting international standards for NPL categorisation and noted the shifting future of banking toward the Global South. 21 BSEC officials suspended, chairman calls for unity Deputy Governor of Bangladesh Bank Md. Zakir Hossain Chowdhury remarked that while the central bank has recently undertaken numerous reforms, it is too early to assess their outcomes. He affirmed that Bangladesh Bank continues to consult with stakeholders, the private sector, and development partners. Abdul Hai Sarker, chairman of the Bangladesh Association of Banks and Dhaka Bank PLC, expressed optimism that coordinated efforts among stakeholders could help Bangladesh navigate emerging global challenges. Selim RF Hussain, chairman of the Association of Bankers Bangladesh (ABB), described the current phase of globalisation—“Globalisation 2.0”—as markedly different from previous eras, shaped by fast-evolving geopolitical realities. “Small countries like Bangladesh may not influence these global shifts, but they must respond collectively and decisively,” he said. Enamul Huque, managing director of Standard Chartered Bank Bangladesh, suggested that Bangladesh  shift focus toward high-value apparel items such as manmade fiber (MMF) to remain competitive amid tariff pressures. Md. Mahbub Ur Rahman, CEO of HSBC Bangladesh, observed major changes in the global supply chain, including increased south-south trade. He emphasised the need for Bangladesh to strengthen infrastructure, logistics, and supply chain mechanisms. He also flagged imbalances in trade practices, noting that many businesses import goods using letters of credit (LCs) while exporting based on contracts. Dr. Shah Md. Ahsan Habib, Professor at the Bangladesh Institute of Bank Management (BIBM), highlighted the uniqueness of Bangladesh’s banking challenges, cautioning against wholesale adoption of developed countries’ practices. “Our financial literacy and risk management capabilities are still evolving,” he said, though he acknowledged that several banks and businesses are performing well and offer models worth replicating. Bidyut Kumar Saha, Lead Investment Officer at the Asian Development Bank (ADB), emphasized that many of the sector’s vulnerabilities are internal. “Regardless of global developments, the ongoing reforms by the government and the central bank must continue in full force,” he said, reiterating ADB’s commitment to supporting these efforts. The event concluded with remarks from ICCB Secretary General Ataur Rahman, reaffirming the organization’s support for inclusive dialogue and collaborative reform to ensure a stable and competitive financial future for Bangladesh.

International Chamber of Commerce-Bangladesh (ICCB) has said the current law-and-order issues have led to “adverse reactions” from international brands and buyers, raising concerns about future orders. It is crucial to devise a strategy to rebuild relationships with key export markets and importers urgently, the ICCB said in its editorial of the current news bulletin released on Wednesday. Businesses fully trust Chief Adviser Prof Muhammad Yunus's leadership in creating a ‘New Bangladesh’ and will act as a catalyst with the interim government to ensure true democracy, justice for all, discrimination-free, and sustainable, inclusive growth to fulfill the dream of our martyrs, said the chamber body. However, it said, some actions and steps taken do not seem to be in line with achieving these objectives as opined by civil society and experts. “Nevertheless, we are optimistic about the future.” Private sector will work hand in hand with interim government to rebuild country's economy: ICCB President Besides, according to BGMEA, the garment industry has suffered collective production loss of around US$400 million. “As the RMG sector is crucial to our export earnings, ensuring uninterrupted operations and taking comprehensive measures to stabilise the garment industry is vital,” said the ICCB. August 5 marked a landmark victory for the people of Bangladesh through an unprecedented Anti-discrimination Students' Movement, said the ICCB. The ‘Quota Reform Movement’, which initially aimed to reform the 2018 quota system for government jobs, ultimately attributed to the end of Prime Minister Sheikh Hasina's 15-year ‘autocratic’ governance, according to the editorial. This achievement, showcasing the solidarity, strength, and determination to uphold the rights of students and the people, serves as a testament to the enduring spirit of collective action, even in the face of significant challenges. Thus, ICCB said, a new chapter of democracy and good governance has unfolded in our country through the sacrifices made and the mass movement supported by the entire nation. “We honour the movement's martyrs, pray for the salvation of their departed souls, offer our condolences to their families, and wish a swift recovery for those who were injured.” Businesses emphasised the urgent need to address various issues, particularly the law and order situation, said the chamber body. Bangladesh could reduce costs by 11-12%, gain additional $0.6 billion in exports by embracing digital trade: ICCB Roundtable Despite government efforts, including deploying armed forces, some miscreants continue to instigate unrest, affecting industries, especially the RMG sector, ICCB observed. Although all demands of RMG workers have recently been accepted, industrial areas still face disruptions due to outsiders causing disorder, it said. These offenders have engaged in robbery, vandalism, arson, and looting, resulting in damages exceeding Tk. 5,000 crores as estimated by the businesses. Businesses emphasised on ensuring stable energy supply, financial sector stability, improving the country's image, and advancing the ICT sector. Approximately 70 million people work in various sectors such as garments, pharmaceuticals, food processing, leather, small industries, and ICT. Unrest in the industrial sector could lead to mass unemployment, causing social and economic instability, said the ICCB. The youth represent the country's future, and fostering employment and economic growth requires strengthening and expanding the private sector. The business community aims to collaborate with the younger generation, leveraging their intellect and vision to present Bangladesh in a new light on international platforms, the ICCB added.    

In the context of the ongoing global financial and economic crisis, banks and businesses need to take stringent measures to ensure that their sales transactions are watertight. Open account and International factoring are being adopted by most countries around the world for better and smoother trade finance. Factoring in South Asia as a region in general and Bangladesh, in particular, has still been very limited, whereas factoring in most other regions of the world has exploded with the shift towards open account trade, said ICC Bangladesh Vice President A. K. Azad at the Certificate Award Ceremony of ICC Bangladesh Workshop on Factoring & Open Account for International Trade Finance. Bangladesh has made a strong economic recovery from the COVID-19 pandemic. The export income is increasing and is successfully advancing overcoming all hurdles. During FY22, the RMG export was $42.62 billion, which is about 82 per cent of the total export of $52.08 billion. The Country is poised to overtake China in garments export to the EU. Bangladesh’s share in the global RMG market is only 6.50% as against China’s 32.21%, he added. Azad mentioned that BGMEA is targeting to export US$100 billion worth of garment items by 2030. Besides, there is immense potential for Bangladesh to increase its export of leather goods, pharmaceuticals, plastic products and other products. Azad observed that Bangladesh Bank’s circular on ‘conditional open account transactions’ is a good initiative. It is now more than two years that open account transactions have been allowed by Bangladesh. We would suggest undertaking studies on the impact of this decision as well as considering the possibility of allowing conditional open account for import as well.  ICC Bangladesh can work together with Bangladesh Bank in this regard, he said, “Bangladesh Government is promoting digitization to make Smart Bangladesh. Therefore, we would suggest appropriate policy changes should be made by Bangladesh Bank to digitize international trade. We from ICC Bangladesh will be delighted to support Bangladesh Bank in implementing DSI developed by ICC HQ.”   Azad said. Ahmed Jamal, Deputy Governor of Bangladesh Bank in his keynote speech mentioned that Bangladesh Bank after huge exercises brought radical changes in foreign trade transactions by the issuance of FE Circular No. 25 on June 30, 2020. Bangladesh Bank is always committed to providing policy support to our exporters and importers. Given the ongoing situation due to the Covid-19 pandemic, Bangladesh Bank extended policy supports to international trade by ways of (a) extending repatriation of export proceeds, (b) extension of usance periods of import payments including back-to-back LCs, (c) EDF loan repayment extended to 360 days, (d) refinancing from EDF for normal back to back LCs and so on, Deputy Governor added. He observed even during the pandemic situation we are being visited by several international financing institutes. This indicates that we are growing despite different odds. I am sure external financiers will benefit from trade transactions in Bangladesh. He requested the exporters to use the policy to protect their payments. Dr Md. Akhtaruzzaman, Director General, Bangladesh Institute of Bank Management (BIBM) &   Peter Mourly, Secretary General, Factor Chain International, The Netherlands addressed the inaugural session and ICC Bangladesh Secretary General Ataur Rahman delivered the welcome address. In the workshop, a panel discussion was held. The panel discussion was moderated by   Muhammad A. (Rumee) Ali and the keynote speaker was   Ahmed Jamal, Deputy Governor of Bangladesh Bank.  The panelists were:   Md Fazlul Hoque, Managing Director, Plummy Fashions Ltd.;   Mohammad Hatem, Executive President, BKMEA & Managing Director, MB Knit Fashion Ltd.;   Muhammad Mohsin Reza, General Manager, Supply Chain of SKF Pharmaceuticals Limited;   Naser Ezaz Bijoy, President, Foreign Investors’ Chamber of Commerce & Industry (FICCI) and Chief Executive Officer, Standard Chartered Bank;   Ahmed Shaheen, Additional Managing Director, Eastern Bank Limited;   Peter Mulroy, Secretary General, Factor Chain International (FCI) and Dr Prashanta Kumar Banerjee, Professor, Bangladesh Institute of Bank Management (BIBM). A total of 131 participants including officials of the Ministry of Commerce and Bangladesh Bank, 96 participants from 31 banks and 32 participants from 24 companies attended the day-long workshop. Read more: Accelerate gas exploration to overcome energy crisis: ICCB    

The 15th International Plastic Fair (IPF) 2023 is going to begin on February 22 at the International Convention City, Bashundhara (ICCB) in Dhaka. The 4-day expo will continue till February 25. Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) and Yorkers Trade & Marketing Co., Ltd., will jointly organise the IPF-2023 to showcase the plastic products and technologies of the local and international producers. BPGMEA president Shamim Ahmed announced this at a press conference at the organisation's headquarters in the city on Tuesday while other leaders of the organisation were present on the occasion. Plastic goods manufacturers and technology producers from 21 countries including Bangladesh, China, India, Taiwan, Vietnam, Sri Lanka, Pakistan, Indonesia, South Korea, Belgium, Canada, United States, France, Hong Kong, Italy, Japan, Malaysia, Austria, Singapore, Turkia, and United Arab Emirates (UAE) will join the expo. Read more: Monster made of plastic waste at Cox’s Bazar to spread awareness Commerce Minister Tipu Munshi is expected to inaugurate the expo while Industries Minister Nurul Majid Mahmud Humayun is scheduled to be present at the concluding session of the fair. Addressing the press conference the BPGMEA president said that the organisaion has been organising the IPF for long which has now become one of the biggest trade events in South-East Asia. "The event plays a pivotal role in attracting investment in the plastic sector, expanding the plastic goods' market and promoting the business in the local market and also exporting to the global market,"he added. "We hope the plastic sector will make a significant contribution to the country's GDP through its performance," he said. The BPGMEA leaders mentioned that the last IPF was held in 2019. But no fair was held in 2020 due to Covid-19 situation, though it was scheduled to take place on February 12-15 in 2020. The participants in the expo are joining the fair in different categories including plastic household items, crockeries, packaging materials, plastic mould, toys items, pharmaceuticals items, plastic furniture, melamine items, garments accessories items, PP woven bag, automobile, electric and electronic items. Read more: Give plastic, get rice and other food items: Bidyanondo’s initiative for a waste-free St Martin’s Island The global market size of plastic goods is $570 billion where Bangladesh's share is 0.1 percent while the local manufacturers have set a target to increase it to 3 percent. They said the government has been providing a 10 percent cash incentive to the plastic sector to promote the export. Currently, about 5030 firms are involved in the plastic sector which now produce and market goods worth Tk 40,000 crore annually.

Romanian singer Otilia Brumă enthralled Dhaka audiences in her first-ever live concert in Bangladesh on Saturday, at the International Convention City Bashundhara (ICCB) in the capital. The Romanian pop singer performed marking the exclusive launching of the Nokia G21 at the event titled ‘Otilia Live in Dhaka,’ organized by Rendezvous Asia Private Limited. Internationally acclaimed for her worldwide hit track 'Bilionera,' Otilia kept the audience entertained for almost an hour by singing all her popular songs. During the interval of the concert, Nokia G21 was launched and the singer then continued enthralling the Dhaka audience with western style dance to the rhythm of her popular songs. Read: Batighar stages 'Radcliffe Line' at BSA “I want to tell you that I am very happy to come to Dhaka for the first time. I am impressed and touched by your love and passion for my music, and hopefully, there will be more to come,” Otilia said during the concert, admiring the crazy crowd. Earlier, the singer landed at the Hazrat Shahjalal International Airport on Friday. Addressing the fans and listeners, she wrote, “After 13 hours of flight I finally landed in Dhaka! I can't wait to meet you at the concert tomorrow.” On Sunday, she posted an image on her social media handles wearing a red saree as a tribute to the traditional Bengali culture, which is being lauded and adored by the netizens.She announced her visit to Dhaka on her Facebook page earlier this month.Released in 2014, Otilia’s globally popular track ‘Bilionera’ currently stands with over 560 million views on YouTube, making her internationally famous.  

The International Chamber of Commerce, Bangladesh (ICC,B) has said Bangladesh is already feeling the heat of the Russia-Ukraine war in many ways and if the war continues for a longer period, the impact will intensify. Three major economic challenges, all tied to one another, as observed by experts include a persistent higher rate of inflation, the upward trend of the foreign exchange rate, and a deepening liquidity crunch in the banking sector, it said. The country is feeling the impact through reduction in exports and rise in import bills. Being an oil-importing country, Bangladesh is already feeling the pressure through high import payments, the ICC,B report cautioned. It endorsed the recent recommendation by the Finance Ministry to avoid hard loans and discourage the import of luxury goods. Read: Edible oil prices likely to drop in Bangladesh in line with global market: Commerce Minister "This may reduce pressure on our declining foreign exchange reserves," said the leading chamber body on Saturday also endorsing recent austerity and regulatory measures taken by the government and Bangladesh Bank aimed at curbing non-essential imports, suspending the implementation of projects with high import components. ICCB President Mahbubur Rahman said they believe this will send a positive signal to the market and the economy as well as curbing inflation. He was presenting ICCB executive board report at its 27th annual council held in the city on Saturday. ICC,B also supports the demand of the businesses not to increase the power and gas rates, fuels prices as well reduce the corporate rate taxes during the upcoming budget as these will be helpful in containing the inflation, said its President. The report mentioned that over the last two years, the pandemic has played a major role in shaping the global economy. Many sectors have found themselves in difficulty and are still struggling and the countries dependent on those sectors are now quietly trying to get back up again. Despite the strong economic recovery in 2021, the financial difficulties are not over and may still cause economic slowdown. In addition, many countries are faced with an increasing debt burden, high inflation and burning issues at the moment, geopolitical tensions, which all play a major role. The global economy is poised to be sent on yet another unpredictable course by Russia-Ukraine war, said the ICC,B. This war is a major humanitarian crisis affecting millions of people and a severe economic shock of uncertain duration and magnitude, it said. The magnitude of the economic impact of the war is highly uncertain, and will depend in part on the duration of the war and the policy responses, but it is clear that the war will result in a substantial near-term drag on global growth and significantly stronger inflationary pressures, the report added. Read: Dealers, retailers betrayed me on edible oil price: Commerce Minister The report observed that the "Russian invasion" of Ukraine poses the most severe risk to developing Asia’s economic outlook. The war is already affecting economies in the region through sharp increases in prices for commodities such as oil and has heightened instability in global financial markets. COVID-19 continues to impact many parts of developing Asia, with some economies experiencing new surges in cases. Bangladesh’s journey of 50 years since its independence in 1971 has been tremendous and to many it is a ‘land of impossible attainment’. The dominant narrative of Bangladesh has been of an economic miracle, said ICC,B. The country's impressive scorecard is built on her success in terms of attaining a consistently high pace of economic growth and an impressive performance with regard to various development indicators, including those relating to the Millennium Development Goals (MDGs), ICCB President said. The success in economic growth has led to Bangladesh’s dual graduation-graduation from a Low-Income Country (LIC) to a Lower Middle-Income Country (LMIC) in 2015, according to the World Bank criterion and eligibility for graduation from the group of Least Developed Country (LDC) to Developing Country (DC) status in 2018, according to United Nations criteria, the report added. Mahbubur Rahman said according to the World Economic Forum, since its founding in 1971, Bangladesh has emerged from overwhelming poverty to be proclaimed by The World Bank in 2020 as 'a model for poverty reduction'. It achieved the highest cumulative GDP growth globally from 2010 to 2020 and is now on course to become a developed country by 2041. Bangladesh, like other countries, faces the daunting challenge of fully recovering from the COVID-19 pandemic which has constrained economic activities and reversed some of the gains achieved in the last decade, according to ICC,B. end/ff/ssk/2339  

In order to remain competitive and keep the economic growth steady after 2026, Bangladesh should focus on knowledge-based economy, mobilize both foreign and local resources and ensure congenial business environment, says a leading chamber on Wednesday. The economy of Bangladesh has fared quite well despite the impact of the Covid-19 pandemic, according to the editorial of the current News Bulletin (Jan-Mar’ 2022) of International Chamber of Commerce-Bangladesh (ICCB) released on Wednesday. It laid emphasis on ease of doing business, shift towards manufacturing high-value goods, seriously promote FDI and export-oriented industries, with the same incentive as has been provided to RMG and increase regional and global connectivity on a priority basis. "The country must make plans to turn the challenges into opportunities in the coming days; we believe, Bangladesh can do it, Inshah Allah," said the ICCB. Before the onset of the coronavirus, the economy was growing rapidly. In FY20 the growth became slower, however the economy recovered fast the following year and in FY 21 GDP growth was 6.9 percent, which is very high compared to comparable developing economies. Today, ICCB said, Bangladesh is one of the fastest growing economies in the world. "For all this, our farmers as well as industrial output have played a key role despite all odds." Bangladesh’s journey of 50 years since its independence in 1971 has been "tremendous" and to many it is a ‘land of impossible attainment’. The dominant narrative of Bangladesh has been of an economic miracle, ICCB says. Countries impressive score card is built on her success in terms of attaining a consistency, high pace of economic growth and an impressive performance with regard to various development indicators, including those relating to the Millennium Development Goals (MDGs). The success in economic growth has led to Bangladesh’s dual graduation-graduation from a Low-Income Country to a Lower Middle-Income Country and eligibility for graduation from the group of Least Developed Countries (LDC) to a Developing Country. UN General Assembly adopted the resolution on Graduation of Bangladesh to Middle Income Country in 2026. This is a landmark achievement in Bangladesh’s development journey. Graduation from the LDC group essentially means acquiring a seal of global approval for development achievements, which will brighten Bangladesh's image in the world court, according to the ICCB. READ: Bangladesh needs 34,000 MW of electricity by 2030 to sustain its growth: ICCB Graduating to the developing countries group is the fruit of Bangladesh's judicious macro-economic management and planned investment for infrastructural and human resource development, it said. However, the chamber says, investment for mega projects government must take adequate care for additional expenses and timely implementation; our experience, however, seems otherwise; including the most prestigious ‘Padma Bridge’! Various Research institutions and experienced economists citing post-graduation challenges, apprehend serious hurdles on its elevation, if Bangladesh fails to devise smooth transition strategies for confronting the challenges posed by this transition, it said. As graduation will affect certain preferential treatment and domestic infant industries, Bangladesh has to handle this prudently to make the transition sustainable. The most common economic challenges that every LDC graduate faces, is the loss of LDC-specific international support measures. "The decline of existing privileges and preferences- may adversely hit the exports of Bangladesh, since the country relies heavily on the RMG sector, which has been bringing in more than 80 percent of the country's export earnings for the last several decades," said ICCB. To avoid these consequences, it said, the country should diversify its export basket by promoting the export of new products such as pharmaceuticals, plastic products, leather goods, handicrafts, agro-products, fish and frozen foods etc. Besides, the chamber said, the government should analyse the markets in different regions, such as Latin America, the Middle East, South & Far East Asian Region and formulate strategies for penetrating those markets as part of diversifying export destinations. Bangladesh should also join different regional trade blocs and signing of FTA with potential individual countries will also help in reducing the probable negative impact of graduation on the balance of trade, according to ICCB.

International Chamber of Commerce, Bangladesh (ICCB) President Mahbubur Rahman has attended the 12th World Chambers Congress of the ICC held in Dubai recently. Matiur Rahman, Chairman & Managing Director, Uttara Group of Companies; Ataur Rahman, Secretary General, ICC Bangladesh; Anwar-Ul-Alam Chowdhury (Parvez), Managing Director, Evince Group; Mir Nasir Hossain, Managing Director, Mir Akhter Hossain Limited; Mohammad Hatem, Managing Director, MB Knit Fashion Ltd. and Abdul Hai Sarker, Chairman, Purbani Group also joined, said a media release on Sunday.

International Chamber of Commerce-Bangladesh (ICCB) has said the success of businesses can drive the growth of a country, help achieve overall sustainable development and create employment opportunities.  “Businesses are the driving force for any economy, be it capitalistic or socialistic,” according to the editorial of the current News Bulletin (July-Sept’ 2021) of the ICCB released on Sunday. ICC Bangladesh remembered with gratitude the legendry businesspeople, including those who have passed away, for their visionary leadership and farsightedness in creating corporate culture and making the Bangladesh economy one of the fastest growing in the world.    Entrepreneurs are frequently thought of as national assets to be cultivated, motivated and remunerated to the greatest possible extent.  “They’ve the ability to change the way we live and work at local, national and international levels,” said the ICCB editorial. READ: ICCB seeks climate change mitigation, role of private sector Over the past five decades, Bangladesh has transformed itself from being a "basket case" to one of the fastest growing economies in the world. Before the onset of the Covid-19, the economy was growing rapidly, recording an annual expansion in the range of 7- 8% for sometimes, ICCB observed. After the partition of India and Pakistan in 1947, then East Pakistan, now Bangladesh, was not an ideal place for Bangladeshi entrepreneurs to do business or establish industries as the West Pakistanis (now Pakistan) were in complete control of the country and the economy.  “Bangladeshis were mainly in the mid- and lower-level service.  However, some of our leading businessmen have made it possible to show the world that Bangladeshis are capable of becoming successful entrepreneurs,” the editorial reads. Late Abul Kasem Khan from Chattogram, a district judge in 1934, was probably the first Bangladeshi to enter business leaving a job, ICCB said, adding that he established various types of industries and formed AK Khan Group in 1945 and there were only a few business entities owned by local entrepreneurs during the British era.  Of them, the oldest was the family trading business of Late Anwar Hossain (since 1834) and Founding Chairman of Transcom Group Late Latifur Rahman’s family (having a tea estate since 1885), the editorial reads. Since 1947 till the independence of Bangladesh in 1971, only a few small industries, tea gardens and two commercial banks and a small number of jute and textile mills were owned by Bangladeshis. After independence all industries, banks and big commercial entities were nationalized, according to ICCB. However, the change in government policies in mid-70s for adopting privatisation, export liberalisation and import-substitution created the opportunity for enthusiastic businessmen to begin their entrepreneurial journey. READ: Bangladesh made spectacular economic progress despite limited resources: ICCB ICCB President and Chairman and CEO of ETBL Holdings Mahbubur Rahman along with Transcom Group Chairman Latifur Rahman, Square Group Chairman Samson H. Chowhdury, Anwar Group Chairman Anwar Hossain, Apex Group Chairman Syed Manzur Elahi and a few other business leaders contributed towards the change in policy decision of the government; for privatisation.     In less than 40 years, the garment industry of the country has emerged as one of the nation's success stories in recent decades, ICCB said. It is the second-largest RMG exporter globally earning over $35 billion a year from exports. A number of pharmaceutical companies have also started exporting medicines to 119 developed and developing countries.  The country also exports leather products, handicrafts, agro-products, ocean-going vessels and software, among others. The total yearly export earning was US$ 38.76b in FY21. The private sector is responsible for 90 percent of jobs in the developing world.  In Bangladesh, the “private sector which already accounts for more than 70 percent of all investment, supported by a strong financial sector, will need to play an important role in spurring the recovery so the country can grow, export and create quality jobs,” according to Alfonso Garcia Mora, IFC's vice president for Asia and Pacific.   The businesses played the leading role in achieving the success, says the editorial.