Business leaders have urged the government to take immediate action to improve the law and order situation and ensure energy security as both are crucial for fostering economic growth and industrial stability. Speaking at the Dhaka Chamber of Commerce and Industry (DCCI) conference titled “Private Sector Outlook: Expectations and Priorities” on Saturday, they said the current law and order situation is a major impediment to business operations. Finance Adviser Dr Salehuddin Ahmed was the chief guest at the conference. No more IPP in power sector with govt guarantee to buy electricity: Adviser “Unprecedented corruption in the banking sector has affected financial stability. However, ongoing reforms and a focus on inflation control offer hope for improvement,” he said. “To reduce business costs and sustain industrial productivity the government must ensure uninterrupted gas and electricity supply while improving law enforcement,” said DCCI President Ashraf Ahmed. He also called for tax administration reforms, business process automation, and lower interest rates to support the private sector, especially small and medium enterprises (SMEs). BKMEA President Mohammad Hatem said a zero-tolerance approach to law enforcement issues and suggested delaying Bangladesh’s LDC graduation to better prepare for future challenges. Speakers call for urgent police reform to create public-friendly policing Commerce Adviser Sheikh Bashiruddin called for enhanced collaboration between the government and the private sector to strengthen security measures and economic policies. He stressed the need for boosting trade capacity in anticipation of LDC graduation and proposed extending the timeline for better preparedness. BTMA President Shawkot Aziz Russell pointed out the high costs of imported energy and urged the government to invest in domestic gas production and efficient waste management systems.

An 86-member business delegation from Dhaka Chamber of Commerce and Industry (DCCI) will leave for Istanbul, Türkiye on Tuesday on a four-day visit. DCCI President Rizwan Rahman will be leading the business delegation. The purpose of the visit will be to explore a new scope of business and investment cooperation especially in the diverse manufacturing, general trading and service sectors with a view to identify potential business partners for joint venture investment, attract FDI from Türkiye to Bangladesh and vice versa. Bangladesh and Türkiye have been maintaining a friendly diplomatic and economic relation since ages, said the chamber body on Monday ahead of the visit. The long standing bilateral relations between Bangladesh and Türkiye reached a “new height” with increasing trade and investment cooperation in diverse areas. To steer this friendly economic relation, the DCCI is leading the business delegation to Istanbul, Türkiye. During this business trip, the delegation will have several interactive business meetings with one of the largest Chambers in the world, the Istanbul Chamber of Commerce, the Foreign Economic Relations Board of Türkiye (DEIK). Moreover, there will be Türkiye-Bangladesh Business Forum, business to business (B2B) match-makings, industry visits and meetings with the Turkish Trade Minister Mehmet MUS. Members of the DCCI business delegation will also visit a few Industrial Zones of Turkey.

A nine-member delegation led by International Chamber of Commerce, Bangladesh (ICCB) President Mahbubur Rahman is attending the ICC’s 12th World Chambers Congress in Dubai. Organised by the ICC World Chambers Federation, the World Chambers Congress is the international forum for chamber leaders and professionals to share best-practices, exchange insights, develop networks, address the latest business issues affecting their communities and learn about new areas of innovation from chambers around the world. Read: Success of businesses drives growth, help creates jobs: ICCB The three-day 12th World Chambers Congress of ICC and World Chambers Federation (WCF) began on Tuesday in Dubai. The theme of the Congress is Generation Next: Chambers 4.0 to be jointly organized by Dubai Chamber. Rizwan Rahman, President, Dhaka Chamber of Commerce and Industry (DCCI) has been invited as a speaker in the Congress, said the ICCB on Tuesday. Abdul Hai Sarker, Chairman, Purbani Group; Anwar-Ul-Alam Chowdhury (Parvez), Managing Director, Evince Group; Mir Nasir Hossain, Managing Director, Akhter Hossain Limited; Mohammad Hatem, Executive President, BKMEA & Managing Director, MB Knit Fashion Ltd.; Matiur Rahman, Chairman & Managing Director, Uttara Group of Companies; Rizwan Rahman, President, DCCI, Md. Salauddin Yousuf, Member, CCCI & Director, Lub-rref (Bangladesh) Ltd. and Ataur Rahman, Secretary General, ICC Bangladesh are the delegation members. Read: ICCB seeks climate change mitigation, role of private sector The delegation is expected to return home on November 27.

Prime Minister Sheikh Hasina on Tuesday asked the private entrepreneurs to identify new market demands and trends across the world to diversify the country’s export items. “We’ve to find out through market research what new items we can produce to give a big boost to our exports…we need to focus on that,” she said. The Prime Minister said this while inaugurating Bangladesh Trade and Investment Summit 2021 at Bangabandhu International Conference Center (BICC). She joined the programme from her official residence Ganobhaban. Read: South Asian nations should work together: Hasina The Commerce Ministry and the Dhaka Chamber of Commerce and Industry (DCCI) jointly arranged the weeklong summit to mark the Mujib Year and the Golden Jubilee of the country’s Independence, aiming to connect traders and investors from around the world. Hasina said the exporters have to identify which country looks for what types of products, and the producers and manufacturers should think about producing those items. “I request business organisations, especially the private sector, to give due attention to this issue because, I think, we need to increase the number of items in our export basket,” she said. Hasina also mentioned that different countries have different demands. “Bangladesh is such a country where we can do (produce) anything, if we want…I’ve that confidence,” she said. Talking about Bangladesh’s geographical position, the Prime Minister said domestic and foreign investors can export their items to South Asian and South East Asian countries from here. “They’ll get opportunities to grab the markets in these countries and export items,” she said. Hasina mentioned that Bangladesh will become a bridge between the east and the west in the future. “This will help us flourish our trade and business further,” she said. Read: Vested quarters out there to tarnish Bangladesh’s image: Hasina

 Dhaka Chamber of Commerce and Industry (DCCI) has said the country needs to control Covid transmission and ensure vaccination for all if the government wants to achieve the targeted 7.2 percent GDP in the proposed budget. “Proposed budget is by and large inclusive and pro-people,” said DCCI President Rizwan Rahman thanking the government for reducing corporate tax both for listed and non-listed companies. Read: DCCI for SME act, new definition of CMSMEs He said it will help boost investment. But he suggested reducing it at a progressive rate of 2.5% in FY2022-23 and FY2023-24. In its initial reaction, the chamber body President said the budget is a big one with an aim to economic recovery and effort to balance between lives and livelihood. The proposed budget for FY2021-22 was announced on Thursday with a GDP target of 7.2% and inflation of 5.3%. Read: Export diversification: DCCI for comprehensive trade policy This year’s budget is 12.43% bigger than the revised budget of the last fiscal. In order to achieve the targeted GDP, all aspects of the economy have to perform better, which is challenging given the world-wide economic scenario, said the DCCI. The budget tried to keep a balance between lives and livelihood, it said but the government may rethink the revenue target as it would be a great challenge to implement such a big budget considering the overall Covid situation. The DCCI said the government has given importance to most of the proposals of DCCI especially increasing time limit for income tax and VAT return, reducing corporate tax and other taxes, engaging government owned schedule banks in SME financing, reducing advance tax on import of raw materials, increasing expenditure in the health sector and more allocation in the social safety net aiming to employment generation. In the proposed budget, mitigating revenue shortfall, financing and ADP implementation are the biggest challenge, it said. Since the proposed budget is an expensive one, it is more or less reflecting an inclusive approach through its indication to increase investment, fiscal incentives to the businesses, increased allocation in the health and social safety net programme and focus on economic recovery, said the DCCI. In some cases the proposed budget slashes tax rate which may fuel investment, said the DCCI President. The proposed budget allocated an increased amount for health and social safety net measures, which is a good initiative but need to implement ADP in the health sector, he said. The DCCI President urged to widen the tax net, collection of due taxes, tax collection at the district level and tax automation for more revenue collection. Mandatory e-TIN for national savings, cooperatives and postal savings will increase tax, said the DCCI. Proposed budget deficit is 6.2% of GDP which is acceptable, Rizwan said. New industries like home appliances, light engineering , automobile, ICT got tax exemptions, which is good for industrialization, he said. The DCCI also recommended creating a strong capital and bond market for long term financing. Tax exemptions have been given to the private sector to invest in hospitals and clinics for 10 years, he hailed the decision. The DCCI chief said the automobile industry especially for 3 and 4 wheelers will get a boost as for local manufacturers, they will get 20 years tax benefits. He also requested to rationalize advance income tax on export oriented RMG, jute and jute goods, agro processing and API raw materials.