Zaved Akhtar, Chairman and Managing Director of Unilever Bangladesh Limited, has been elected the President of Foreign Investors' Chamber of Commerce and Industry (FICCI) for the tenure of 2024-25. Eric. M. Walker, Managing Director of Chevron Bangladesh, and Yasir Azman, Chief Executive Officer of Grameenphone Limited were elected as the Senior Vice President and Vice President, respectively.  Justice and freedom cannot be ignored for development, says Prof Osmani at BIDS Conference They were elected at FICCI’s 60th Annual General Meeting (AGM) held at the Westin Dhaka on Wednesday, the Chamber said in a press release on Thursday. Zaved Akhtar will succeed Naser Ezaz Bijoy, Chief Executive Officer of Standard Chartered Bank, who served FICCI as the President for the period of 2022-2023. The newly elected 15 members of the Board of Directors will take charge on January 01, 2024, after the expiration of the tenure of the incumbent board on 31st December 2023, reads the release. Padma Bank Launches “Bijoy-71” FDR to celebrate Month of Victory Zaved Akhtar said “It is with great honour and a sense of profound responsibility that I accept the role of the President of FICCI, a chamber that has been fundamental in sculpting the economic fabric of our nation. Since its inception, FICCI has been a driving force in transforming Bangladesh into a beacon of investment—bringing in 90% of the Foreign Direct Investment  (FDI) and fostering a business-friendly ecosystem that has been instrumental in the growth journey of the country.” “I would like to thank my predecessor Nasir Ezaz Bijoy for his steadfast leadership in driving FICCI’s success for the past two years, and I am looking forward to working closely with the dedicated FICCI Board of Directors and the distinguished representatives from our member companies to take FICCI to newer heights. Together, we will not only uphold the chamber's illustrious legacy but also amplify its impact, and work towards the nation's vision of evolving into a smart and advanced economy by 2041,” he added. KSA keen to enhance trade with Bangladesh in food, energy, logistics, and manufacturing sectors : FBCCI Chamber’s current President Naser Ezaz Bijoy expressed his gratitude to FICCI Board of Directors for their enormous support throughout his journey with FICCI as the President. Members of FICCI outgoing and newly elected Board of Directors, representatives of FICCI member companies were present at the AGM.

Prime Minister Sheikh Hasina on Sunday said Bangladesh would be the 9th largest consumer market by 2030 with the government working with the goal of overtaking many established markets in the world. “We’ve been working with a goal so Bangladesh could surpass established markets like the UK and Germany, and the current high-growth countries Vietnam and Thailand at that time. We’ve this effort,” she said. The premier said this while inaugurating the 60 years’ celebration and Investment Expo, 2023 of Foreign Investors Chamber of Commerce and Industry (FICCI) at Hotel Radisson Blu in the city. “There are some 17 crore people in our Bangladesh. Besides, we’ve strengthened connectivity with our neighbouring countries. We think Bangladesh would become the world’s 9th largest consumer market by 2030,” she said. Noting that Bangladesh has a large population, she said the government is developing them as skilled manpower for its better utilization. Read: Bangladesh to become world’s 9th largest market by 2030 overtaking UK, Germany: PM Hasina  The PM said the number of growing middle class and rich people will be 3.40 crore by 2025 in Bangladesh and the estimated GDP per capita will be 5,880 US$ by 2040. “Due to its strategic geographical location, Bangladesh can be the hub of the regional market of 3 billion people,” she said adding that her government has taken steps to strengthen the connectivity with this region. Hasina said her government has successfully been able to bring a significant change in Bangladesh after assuming office in 2009. “Bangladesh has become one of the fastest growing economies in the world in the last 15 years,” she said. Noting that Bangladesh is now considered as the 35th largest economy in the world, she said they have raised the GDP growth rate to 7.25 percent now due to strong macroeconomic fundamentals and trade consolidation. The PM, however, said the growth rate was even higher during the pre-Covid period as the government raised it to 8:10pc before the pandemic. Read: Only votes can change govt: PM Hasina The government has successfully increased per capita income to US$2,793 from only US$ 543 and raised the GDP size to Tk 50.31 lakh crore now from Tk 4 lakh crore in 2006, she said. During this period, they brought down the poverty rate to 18.7 percent from 41.1 percent, while extreme poverty rate to 5.6 percent from over 25pc, she said adding that her government has given the most importance to the development of the rural economy. In the last 15 years, the Awami League government took multifaceted measures for the development of the business sector of the country. So, the private sector has become stronger and more developed. Bangladesh is currently the second largest garment exporter in the world, she said. “Bangladesh is expected to be the 20th largest economy in the world by 2037,” said Sheikh Hasina, adding that the country will be transformed into a developed and prosperous Smart Bangladesh by 2041. Mentioning that the government is setting up some 100 economic zones and established 39 hi-tech parks throughout the country, she said those economic zones and parks are kept open for foreign investment. If any country can want land singly, seek land under joint venture or public private partnership (PPP), the government would allow them and provide them with lands, she said. Read: PM Hasina collects nomination form for national election  The premier said one stop service has been introduced in investment development agencies to facilitate investment. “We have undertaken plans to make all offices providing investment services fully online and digitized,” she said. In Bangladesh, there is a scope to develop USD 350-billion infrastructures in the energy, water, logistics and transport sectors. “By 2025, the logistics sector alone is expected to become a US$90 billion market,” she said. The prime minister said they want to raise private investment to 31.43 percent of GDP by 2031.She said Bangladesh has become an attractive destination to many countries around the world for investment, industrialisation and export due to various reasons including its economic growth, structural development programmes, investment-friendly policy, large domestic market, strategic location, high profitability and large workforce. Talking about the FICCI’s celebration, she said the chamber has stepped into 60 years this year since the inception of its journey in 1936. As a leading chamber, FICCI represents investors from 35 countries in more than 21 sectors of Bangladesh. “FICCI represents 90 percent of the country's inward FDI, which carries special importance to the overall development of our country,” she said. The premier extended sincere thanks to all former and current members of FICCI on the occasion of the celebration of its 60 years. Commerce Minister Tipu Munshi and PM’s Private Industry and Investment Adviser Salman F Rahman, among others, spoke at the function, while FICCI President and CEO of Standard Chartered Bank Naser Ezaz Bijoy delivered the welcome speech. The premier also unveiled a research book titled ‘Catalyzing Greater FDI for Vision 2041’, which was published by FICCI.

The Foreign Investor’s Chamber of Commerce and Industry (FICCI) has expressed some concerns about the proposed national budget for the fiscal year 2023-2024 and draft Income Tax Act (ITA), 2023 which will have implications for the businesses and individuals in Bangladesh. FICCI expressed concern over perceived inadequacy of allocations for the health, agriculture and education sectors in the budget at a press briefing on Wednesday. The draft Income Tax Act (ITA), 2023 also required extensive reviews as some of the provisions in the law seems unreasonable as compared to the Income Tax Ordinance, 1984, they said. Also read:Proposed budget targets are challenging: FICCI “The progressive changes proposed by our government is applaudable, however, the growth of the businesses and individuals may slow down with the disclosure of some of the provisions which will raise more tax burden,” said FICCI President Ezaz Bijoy. “The imposed vat on locally manufactured mobile phones and increasing tax burden on loss making companies may aggravate the situation. We have some recommendations regarding solutions that may prevent the probable adverse situation. We hope that the recommendations are taken into consideration and allow the chamber to extend its continued support to the Government of Bangladesh and work together toward the development of the country by developing a tax-friendly environment,” he said. FICCI also expected gradual withdrawal of minimum tax provisions in the new law instead it has been increased significantly, particularly on carbonated beverage industry from 0.6% to 5% of Gross Receipts (8X increase). Also read: FICCI roundtable upholds importance of FDI to Vision 2041 Limiting cash transaction for corporates and organizations will put a cap on development as the country is yet to achieve total cashless transaction. Government should allow companies to spend a minimum percentage of its expenses rather than setting a definite number and set a target to achieve the 100% cashless goal in next 5 years, the press briefing also said. FICCI also proposed reduction of arbitrary power of officers in tax procedure and suggested implementation of comprehensive digitalization of the three wings of NBR and externally connected systems for seamless transaction. FICCI officials including Deepal Abeywickrema, Sr VP, Engr Abdur Rashid, member of Board of Directors, Sazzad Rahim Chowdhury, coordinator of Tarrif-Taxation and Regulatory Affairs Committee, were present at the press conference, among others. Also read: 50 years of Bangladesh: FICCI to unveil 3 growth drivers on FDI

The progress of setting up Special Economic Zones (SEZ) has slowed down due to complexities in land acquisition and development activities due to the impact of Covid-19. The Bangladesh Economic Zones Authority (BEZA) was established by law in 2010, with the aim to establish 100 economic zones by 2030 across the country. Special focus would be given to backward and underdeveloped regions to encourage rapid economic development through diversification of industry, employment, production and export’. The Foreign Investors Chamber of Commerce and Industry (FICCI) in a survey report recently expressed their concern over the slow pace of SEZs project implementation. Read: NBR slaps additional duty on 135 luxury items to discourage import  The organization represents investors from a total of 35 countries. About 90 percent of the total foreign direct investment (FDI) in the country comes from FICCI members. The companies have investments in banking, non-bank financial institutions, cement, ceramics, chemicals, construction, housing, consulting, fast-moving consumer goods, gas-electricity, leather and leather goods, clothing and transportation. According to the FICCI, the government has so far approved 97 zones, comprising 68 public and 29 private economic zones.

The Foreign Investors’ Chamber of Commerce and Industry (FICCI) is going to have an event on November 21 to commemorate the 50 years of Bangladesh’s Independence with a roadmap for FDI and facilitating the economic progress of Bangladesh with three growth drivers. A research report titled “3 Growth Drivers of Bangladesh: Accelerating Investment Opportunities in Agribusiness, Digital Economy and Green Finance” will be unveiled at the event. Planning Minister MA Mannan will be present at the programme as the chief guest, while Salman F Rahman, Private Industry and Investment Adviser to Prime Minister will join it as special guest. Read: Growth target achievable if GDP-Investment ratio increases: FICCI Shwapna Bhowmick, EC Member of FICCI and Country Manager of Marks and Spencer will chair the event.

Foreign Direct Investment, or FDI, remains a critical enabler for Bangladesh to attain its aspirations of becoming a developed country by 2041, as well as to secure positive development outcomes including more and better jobs, and economic diversification.

The Foreign Investors’ Chamber of Commerce & Industry (FICCI) provided 11,000 units of high-quality Personal Protective Equipment (PPE) suits to the Directorate General of Health Services (DGHS), to help the nation in its fight against COVID–19.

Rupali Chowdhury, Managing Director of Berger Paints Bangladesh Limited and Kedar Lele, CEO and Managing Director of Unilever Bangladesh Limited have been elected President and Vice-President of the newly executive committee of the Foreign Investor’s Chamber of Commerce and Industry (FICCI).