Businesses should get opportunities to turn around before wholesale declaration of loan defaulters: FBCCI President
Mahbubul Alam, the new president of the country’s apex trade body, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), has already written to Bangladesh Bank asking for opportunities for businesses struggling to pay instalments against loans to turn around their fortunes before declaring them as loan defaulters. He also believes heightened inflation is a global issue, rather than unique to Bangladesh, as prices of daily essentials and energy prices have witnessed spikes across the world, including the USA and Europe. Bangladesh is trying to curb inflation, but the global supply chain disruption creates crises on the supply side, which is the cause of the price hike in some cases, he pointed out. Talking to UNB, Mahbubul Alam gave his opinions on different issues including inflation, the dollar crisis, export diversification, and the challenges in achieving the Sustainable Development Goals. Read: Mahbubul Alam takes charge as FBCCI president Alam was elected as the new president of the FBCCI as a leader of the Sammilito Oikko Parishad, for the 2023-25 tenure. The election was held on July 31 and he took charge as president on August 14. He also serves as President of the Chittagong Chamber of Commerce & Industry (CCCI). Beyond his business acumen, Mahbubul Alam has received recognition in the form of CIP (Trade) and CIP (Industry) Awards from the Ministry of Commerce, Bangladesh. He is also a committed philanthropist, contributing to various social causes. Internationally, he is the recipient of a "Certificate of Merit" from the World Customs Organization. Alam said in the present economic reality, suppose an entrepreneur has 12 factories; among them one or two will have fallen into problems, but the other 10 would be running well. In this situation, if the business group was declared as defaulter, the entrepreneur would not run the other factories, and a large number of employees would lose their jobs. Read: Large defaulted loans have distressed domestic economy: Experts He acknowledged that in the last two years, a huge volume of loans went into default as many businessmen are not paying their instalments. The FBCCI president said, the federation (FBCCI) has already written a letter to the Bangladesh Bank (BB) to not declare any company as defaulter without understanding the reality. He suggested running the factories as an option to get a return. He opposed wholesale declaration of loan defaulters rather than giving opportunities to improve. Alam agreed that the businessmen have to return the loan money, otherwise the banks will be in trouble. Regarding the dollar crisis, the FBCCI president emphasised enhancing remittance earnings by sending more skilled human resources abroad, along with the unskilled manpower already being sent. Read more: Banks’ chief executives must bear responsibility to control defaulted loans: BB Governor He also urged the government to develop a system through which remittances could be sent easily to Bangladesh using legal channels from the Middle East and other areas of the world. Alam, the owner of Chattogram-based M/S Alam Trading, also emphasised enhancing the capacity of foreign missions of Bangladesh so that those missions can arrange trade fairs to display different traditions and non-traditional products as part of the export diversification campaign. Regarding SDG achievement, the FBCCI president said the capacity of domestic businesses must increase to compete with global manufacturers in the age of free trade. Alam said, “Despite different types of obstacles and unfavourable environment, the entrepreneurs of Bangladesh have survived and continued running their businesses even during the Covid-19 pandemic period.” Read more: BGMEA delegation meets Investment Board Chairman of Kurdistan regional government to discuss investment opportunities The FBCCI president emphasised massive research and innovation activities involving youths for Bangladeshi companies to cope with the requirements of the 4th Industrial Revolution, However, he doesn’t buy into the hype that Artificial Intelligence or machine learning will affect employment in Bangladesh, as he believes many jobs still exist that require a human hand. The FBCCI president also focused on increasing domestic rearing of chicken, pigeons, cows, and goats which will help to meet a large portion of the consumption demand for eggs, milk, and meat. It is not possible to supply readymade products, eggs, meat, milk, and other essential items to everyone, he said. Some people have to develop self-dependency when it comes to agricultural items, he pointed out. Read more: BGMEA, Erbil chamber of industry intend to collaborate in promoting bilateral trade
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
FBCCI President Md. Jashim Uddin on Saturday advocated abolishing the supplementary duty on locally produced goods for the sake of promoting domestic industry. He made the remark at the first meeting of the FBCCI's standing committee on Budget, Import Duty, Income Tax, VAT and other taxes held at the FBCCI office. During the meeting, Md. Jashim Uddin said that after the LDC graduation, the government cannot protect the domestic industry as it is now. Therefore, initiatives should be taken to strengthen the local industry through tax and duty exemption till 2026. The FBCCI president urged the government not to impose any supplementary duty on domestically produced products in the next fiscal budget. Also read: FBCCI to establish UAE -Bangladesh Joint Council in Dubai At the same time, the President said, there has been a positive growth in exports despite the Covid situation. However, he said that the export earnings have increased mainly due to increase in prices of raw materials in the world market and the profits of the traders did not increase. He urged not to impose any new tax in the next budget. The FBCCI chief demanded an assessment of whether the various automation projects undertaken by the government in revenue management are being implemented properly. Md. Farid Uddin, panel advisor of FBCCI and a former member of the NBR, said that due to various amendments in 2019, the VAT Act-2012 has now become the Sales Tax Act. He recommended a fundamental reform of the law. He urged the Board of Revenue to remain accountable to the business community so that businessmen are not harassed by the tax officials. Also read: FBCCI President urges expatriate Bangladeshi businessmen to invest in economic zones At the meeting, BTMA President Mohammad Ali Khokon demanded repeal of tariffs on man-made fiber in the forthcoming budget, a single rate of duty on imports of spare parts, and retention of 15 per cent corporate tax on textiles till 2030. Committee member and FICCI advisor Snehashish Barua suggested rationalizing the advance tax rate and formulating a single rate of VAT in the next budget. Representatives of various associations and chambers also complained about irregularities and harassment of VAT officials. They also demanded that the VAT collection process be brought under full automation. FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Salahuddin Alamgir, Md. Habib Ullah Dawn, MA Razzak Khan Raj, Director Harun Or Rashid, Amjad Hussain, Md. Naser, Dr. Nadia Binte Amin, Syed Sadat Almas Kabir, Abul Kasem Khan and FBCCI Secretary General Mohammad Mahfuzul Hoque were present.
Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Md. Jashim Uddin has laid emphasis on doing more market research and evaluation on export diversification to deal with the Malaysian market. He made the suggestion when Bangladesh-Malaysia Chamber of Commerce & Industry (BMCCI) President Raquib Mohammad Fakhrul along with the Board of Directors met him at his office. The BMCCI President submitted some important points in a memorandum to the FBCCI President for consideration. Also read: Bangladesh to gain new commercial facilities post-LDC graduation: FBCCI He proposed to undertake an initiative to sign Free Trade Agreement (FTA) with Malaysia by ensuring Bangladesh’s interest which has been a long pending issue. He also talked about promoting relocation of Malaysian sun-set Industries to Bangladesh, to make close connectivity between Chattogram and Penang Port; to organize events on Trade & Investment opportunity in Bangladesh on a regular basis. The FBCCI President assured of providing all possible support for development of trade and investment opportunities between Bangladesh and Malaysia. He thanked the BMCCI leaders for their appreciable role in promoting bi-lateral relationships between the two countries. Also read: Bengal Group’s Jashim Uddin elected FBCCI president He proposed to sitting again together with FBCCI, BMCCI and other concern stakeholders with all required data to discuss more and precisely on proposed FTA between Bangladesh and Malaysia. FBCCI Vice President Md. Habib Ullah Dawn, Director Syed Moazzem Hossain and Director Syed Almas Kabir took part enthusiastically.
Business Initiative Leading Development (BUILD) Chairperson Abul Kasem Khan has met newly elected President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md. Jashim Uddin and discussed issues of mutual interest. During the meeting at the FBCCI Secretariat, BUILD Chairperson said they will see further development of business and industry in the country under the dynamic leadership of the new FBCCI President. Read:COP26 President-Designate Sharma due Wednesday to discuss climate issues BUILD Chairperson said FBCCI President's guidance during the pandemic will be very important for our business community, said a media release on Tuesday. Referring to the MOU signed between FBCCI and BUILD in 2015, BUILD Chairperson requested the support from FBCCI for joint collaboration. FBCCI President Md. Jashim Uddin said FBCCI will work towards accelerating private sector growth and will give highest priority in resolving the many challenges faced by businesses. He stressed the need to strengthen research and innovation as these would help reach the 2041 economic vision for the country. Read:Bloomberg writer pours his heart out while praising Bangladesh’s progress BUILD CEO Ferdaus Ara Begum also welcomes the new President as the Co-chair of the Taxation Working Committee of BUILD and requests his support and guidance.
FBCCI President Md Jashim Uddin has said that raids on hotels, restaurants and guest houses during the covid situation are unacceptable, calling it out as harassment. “The owners of hotels, motels and restaurants are trying very hard to turn the wheel of their fortune despite being hit very hard by the pandemic. But harassment in the name of raids at these institutions are only increasing their miseries,” he said. “These raids are absolutely unacceptable during the covid situation,” he said. Read FBCCI donates Tk 8cr to Prime Minister’s two funds He came up with these remarks while speaking as the chief guest at an eventful opening ceremony of The Rio Lounge, an upscale buffet restaurant on the eighth floor of Pink City in Gulshan on Friday evening. The FBCCI president also praised the incentive packages provided to the entrepreneurs by the government during the pandemic. “Many entrepreneurs are coming forward to invest in new businesses during this challenging time because of the incentive packages provided by the Prime Minister,” he said. Read Bengal Group’s Jashim Uddin elected FBCCI president
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), the country's apex business organisation, has donated Tk 5 crore to the Prime Minister's assistance fund and Tk 3 crore to the Private Housing Fund as part of the government's initiative to help people affected by coronavirus. FBCCI President Sheikh Fazle Fahim handed over the two pay orders at the PM's office on Tuesday afternoon. On behalf of the Prime Minister, his principal secretary Dr Ahmad Kaikaus received the pay orders. Read Bengal Group’s Jashim Uddin elected FBCCI president Earlier, Prime Minister Sheikh Hasina requested everyone to come forward to tackle the epidemic. The FBCCI has come forward to respond to the call of the Prime Minister. FBCCI President Sheikh Fazle Fahim said, "Prime Minister Sheikh Hasina's provision of housing to the homeless is a timely and commendable initiative. Offering houses to the homeless and landless is the biggest festival for the people of Bangladesh in Mujib Year. Read Why FBCCI’s failure to halt polls won’t be declared illegal: HC “We have all been going through a difficult time for more than a year now. We call upon all the businessmen and business organizations of the country to extend their hand of cooperation in the construction of Bangabandhu's Sonar Bangla. On the golden jubilee of independence, we have taken it as our duty to respond to the call of the Prime Minister to overcome the epidemic in the country.”
The vice-chairman of Bengal Group of Industries Md Jashim Uddin has been elected president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) for the next two years. The FBCCI election board announced the name on Sunday (May 09, 2021). Motahar Group of Industries Managing Director Mostofa Azad Chowdhury Babu was elected senior vice-president of the FBCCI from the Rangpur Chamber of Commerce and Industry. Read Why FBCCI’s failure to halt polls won’t be declared illegal: HC According to the results, the six other vice presidents were elected from the Association Group and the Chamber Group respectively. Of them, three association group representatives are MA Momen, from Bangladesh Kali Prostutkarak Malik Samity, Md Amin Helaly, from Bangladesh Pathya Pustok Mudrak -o- Biponon Samity and Md Habib Ullah Dawn, Bangladesh Leather Goods Manufacturing Association. The other three vice presidents from Chamber Group are Md Aminul Hoque Shamin from Mymensingh Chamber of Commerce and Industry, Md Salahuddin Alamgir from Pirojpur Chamber of Commerce and Industry and MA Razzak Khan from Meherpur Chamber of Commerce and Industry. Read Sheikh Fahim new President of D-8 Chamber Newly-elected FBCCI President Jashim Uddin was one of the nominated directors of the board from the Bangladesh Plastic Goods Manufacturers and Exporters Association. On April 26, directors of the FBCCI board were elected without any voting as the number of valid candidates was 78 against 80 directorship posts. Read Bangladesh to gain new commercial facilities post-LDC graduation: FBCCI
President of the Federation of Bangladesh Chambers of Commerce and Industry Sheikh Fazle Fahim has been made President of D-8 Chamber of Commerce and Industries (D8CCI). It was announced at the ‘D-8 Business Forum’ held on Monday on the eve of the 10th D-8 Summit scheduled for April 8. The D-8 is an organisation for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey. Also read: FBCCI president reelected as VP of Asia-Pacific trade body Apart from leading the apex business body - FBCVI, Fahim is also the Vice-President of Saarc Chamber of Commerce & Industries (SCCI) and Confederation of Asia Pacific Chamber of Commerce & Industries (CACCI). Talking about his new role, Fahim said they are committed to improving connectivity and trade relations “among our nations” and reach the goal of high economic growth and prosperity. "We reach out to our D8 members for support wherever applicable and look forward to our future engagements to drive impact among member states," he said. Fahim will serve as the President of the Developing-8 Chamber of Commerce and Industry for the term of 2021-2023, marking the beginning of Bangladesh’s presidency over the D8 CCI for the first time, said the FBCCI. Foreign Minister Dr AK Abdul Momen was present as the chief guest at the Business Forum. Commerce Minister Tipu Munshi, State Minister for Foreign Affairs Shahriar Alam, Ambassador Ku Jaafar Ku Shaari, Secretary General of D-8; Ruhsar Pekcan, Minister of Trade of Turkey; Jerry Sambuaga, Deputy Minister of Trade of Indonesia; Rifat Hisarciklioğlu, President of TOBB and previous president of D8 CCI; Sonia Bashir Kabir, Founder SBK Tech Ventures & SBK Foundation; and Dr Syed Ferhat Anwar, Director of Institute of Business Administration and Asian Center for Development, were present. Congratulating Sheikh Fazle Fahim on his new role, Dr Momen said the role of D-8 CCI is crucial in forming economic integration to ensure economic development and revival, especially to combat the challenges of this ongoing global crisis. "I believe D-8 CCI, under the leadership of Sheikh Fazle Fahim, will aid intra-trade, investment opportunities and collaboration among D8 member states to facilitate the overall economic growth and development.” Also read:Fahim's statement gains traction in international media Tipu Munshi said the government of Bangladesh along with D-8 CCI, under the leadership of the new president, can overcome the challenges imposed by Covid-19 which are affecting all the D-8 nations. "Together, we’ll work towards enhancing trade, investments, entrepreneurship, tourism, strengthening MSMEs and other businesses among member states,” he said. Shahriar Alam said, “We remain steadfast in our commitment to facilitate b2b trade and investment among member states. The government of Bangladesh is ready to provide full support to the D-8 CCI and Mr Fahim in sharing this important responsibility of boosting economic and social cooperation among member states.” The Minister of Trade of Turkey and Deputy Minister of Trade of Indonesia also extended their congratulations and pledged their full cooperation and support to the new president. President of TOBB Rifat Hisarciklioğlu, who handed over the presidency, said, “I’m truly honoured and pleased to hand over the presidency into his safe and capable hands. We’ll support the new president whenever it is necessary to strengthen the relationships among D-8 member states.”