The business community has sought reduction of the cost of doing business, improvement the law and order situation, assurance of energy security, uninterrupted production in industries and factories, good governance, automation and optimisation of revenue management and supportive trade policy support.
They made the statement at a conference on "Private Sector Outlook; Expectations and Priorities" organised by Dhaka Chamber of Commerce & Industry (DCCI) at a city hotel on 30 November, 2024.
Dr. Salehuddin Ahmed, Finance Adviser to the Government and the Commerce Adviser to the government Sk. Bashir Uddin attended the conference as the chief guest and special guest respectively.
Ashraf Ahmed, President of Dhaka Chamber of Commerce & Industry (DCCI), in his welcome speech said there is a need to reduce the government expenditure, improve market management, increase the vigilance of law enforcement agencies to prevent extortion in the management of goods, besides gradually reducing the policy interest rate and interest rate at the beginning of the next year to curb inflation.
Dr. Salehuddin Ahmed, Finance Adviser to the government said the kind of corruption that has taken place in the last 15 years, especially in the economic sector, is unimaginable and has spread to every corner of the society.
He said deposits of mass people have been taken away from the banks, which is rare in Bangladesh, but the interim government has continued its efforts of transferring them, but it may take some time.
He opined that inflation is a major challenge right at this moment for the country.
However, this situation will be resolved through reserve stability and a satisfactory level of interest rates.
He said the private sector has reservation regarding the NBR, but all the regulations need to be business-friendly.
The process of automation of NBR is underway, few are done and the rest will be done step by step, he said, adding that process of separating the role of tax collecting and tax administration in the National Board of Revenue is underway.
However, for the greater interest of the country it should be ensured that the credit flow to the private sector is continued, especially the SME sector.
Commerce Adviser Sk. Bashir Uddin said the private sector needs to coordinate with the government to improve the law and order situation and hoped that the existing situation will improve soon.
He said that there are several trade organisations for the same or similar product.
He expressed the view that there is no alternative to increasing our capacity to expand our trade in the international market apart from the post-LDC transition period.
He also insisted on series of dialogues on when it will be logical to graduate.
"But we have to graduate at a point of time, no doubt," he said, adding, "Moreover, after the graduation, we will lose several incentives and advantages."
He later emphasised the trade liberalisation and formulation of supportive policies for the sub-sectors of business.
To improve quality of life of the people, it will increase government’s spending and for a sustainable government’s spending we have focus on tax collection, he said.
Managing Director and Chairman of Incepta Pharmaceuticals Limited Abdul Muktadir said that although Bangladesh has gone through a difficult time recently, some good initiatives have also been taken, which will benefit us in the long run. He said instability in industries is not desirable in any way, so there should be a roadmap with a definite time frame for the development of the law and order situation.
Managing Director and CEO of PRAN RFL Ahsan Khan Chowdhury said if the law and order situation improves in the country, business will also improve.
He mentioned that both production and employment will be disrupted if LCs are not opened according to the needs of the businessmen. In addition he underscored the need of using technology for the overall development of agricultural sector.
President of Association of Bankers, Bangladesh (ABB) Selim R. F. Hossain said the government has not yet taken effective initiatives to improve the law and order situation, but it is necessary to control it immediately.
"We have to improve the law and order situation in the industrial zones as well as ensure the safety of the entrepreneurs," said President of Bangladesh Association of Banks (BAB) Abdul Hai Sarkar.
President of FICCI Javed Akhtar said that reliability, consistency and competence are essential in attracting foreign investment. Considering the current situation regarding the LDC transition, he called upon the concerned attention of all for taking decisions according to the ability of the country.
BTMA President Showkat Aziz Russell said that Bangladesh is lagging behind in waste management.
"We see plastic products or bottles are as waste and hazardous for the environment, but if we have the proper technology to transform this waste into valuable asset then country will be benefitted a lot," he said.
President of BKMEA Mohammad Hatem said zero-tolerance policy should be adopted by the government to improve the law and order situation in the industrial area.
He also suggested to defer our LDC graduation as the country is not ready for this upliftment right at this moment since the businesses are going through the survival time.
Bank Asia Chairman Romo Rouf Chowdhury, DCCI former presidents Hossain Khaled and Rizwan Rahman also spoke on the occasion.
DCCI Senior Vice President Malik Talha Ismail Bari, Vice President Md. Junaed Ibna Ali, members of the board of directors, former presidents and representatives of the private sector also attended the meeting.
