Major industrialists of the country have called for necessary measures to improve the law and order situation, ensure energy security, reduce business operating costs, continue uninterrupted production in industries, good governance, automation and reform of revenue management and supportive trade policy support. They especially want quick action regarding law and order improvement and energy security.
Businessmen made this demand at the trade conference titled 'Private Sector Outlook: Expectations and Priorities' organized by Dhaka Chamber of Commerce and Industries (DCCI) on Saturday. The chief guest at the event was Finance Advisor Dr. Salehuddin Ahmed. The special guest was Trade Advisor Sekh Bashir Uddin.
Businessmen say the industrial sector is going through a tough time. The government says it is trying to improve the law and order situation. But not enough progress. It can be said that the government has failed in this regard. If law and order is not improved and energy security is not ensured, there will be no further investment in the country. A roadmap should be made to solve the problems in increasing industrial production. They proposed to supply gas at a higher rate to the industrial sector with emphasis on coal-based power generation.
Finance advisor. Salehuddin Ahmed said, the kind of corruption that has happened in the economic sector in the last 15 years is unimaginable. Corruption has spread in every nook and cranny of the society. The chairman of a union council left with 5-10 crore rupees. Such instances are rare in the world. The interim government continues to try to move away from them. But it may take some time. 15 years of irregularities and corruption cannot be normalized in three-four months. However, the deteriorating economy has started to stabilize and Bangladesh has been saved from further deterioration.
The financial advisor said, 'I have had about 30 meetings with donor organizations including the International Monetary Fund (IMF), World Bank in the last four months. They were asked for money, and they agreed to pay. The exchange rate has stabilized. Inflation is a major challenge, this situation will also be overcome by bringing the reserve stability and interest rate to a satisfactory level.' He said, private sector has complaints about NBR. Automation of NBR operations is underway. Tax policy and tax administration to be separated in National Board of Revenue, process underway.
The trade advisor said, 'coordination between the government and the private sector is necessary to improve the law and order situation and we hope that the existing situation will improve quickly.' He said, 'There is no alternative to increase our capacity not only for the preparation of the post-LDC transition period, but also for the expansion of trade in the international market. But more dialogue is needed on when it would be reasonable to graduate. Because we will lose several priorities in the post-LDC period.' He said that there should not be more than one trade organization for the same product and suggested merging them with each other.
DCCI president Ashraf Ahmed said, 'In order to control inflation, it is necessary to gradually reduce the policy interest rate at the beginning of next year, reduce government expenditure, improve market management, and increase the surveillance of law enforcement agencies to prevent extortion in the product supply system. Because the country's law and order situation is not completely fixed yet; There is a fuel problem. It is disrupting production in industries. It is difficult to carry on business in such a situation.'
BKMEA President Mohammad Hatem, BAB President Abdul Hai Sarkar, BTMA Shaukat Aziz Russell, FIKI President Javed Akhtar, ABB President Salim RF Hossain, PRAN-RFL Group Chairman Ahsan Khan Chowdhury and Incepta Pharmaceuticals Limited Chairman Abdul Mokhtadir were panelists in the conference.
Abdul Moqtadir said, 'Bangladesh is going through a difficult time. Unrest in industries is by no means desirable. Therefore, there should be a roadmap with a specific time frame to improve the law and order situation. We are suffering due to high import duty on various products. Small business owners are going through tough times. We have several coal-fired power plants. Therefore, it will be possible to supply gas at a higher rate to the industrial sector only by emphasizing the production of electricity through coal.
Ahsan Khan Chowdhury said that if the law and order situation in the country improves, business will improve. Also there is LC problem. If traders are unable to open LCs in response to demand, both production and employment are disrupted. Partial bonds can be issued along with increasing the production of the agricultural sector through the use of new technologies. Apart from this, it is necessary to reduce the loan interest rate considering the existing situation.
Salim RF Hossain said that the government has not yet seen effective initiatives to improve the law and order situation. The government has completely failed in this regard. Corruption is rampant in every sector – it must be stopped. More transparency should be brought in all sectors. Contractionary monetary policy alone is not enough to control inflation. Rather, strict surveillance should be ensured in the market management including stopping extortion in the supply chain of products. Courts and judges should be appointed at a higher rate to resolve financial sector cases.
Mohammad Hatim said, 'We should postpone LDC graduation in 2026. Because we are still trying to survive. Besides, the target was set based on several wrong data. Our imports continue to decline, along with the decline in value addition of manufactured goods. We cannot manufacture fabrics due to gas crisis. As a result, additional money is being spent on importing such products. He urged trade organizations to stay out of politics.
Javed Akhtar said that credibility, consistency and ability are essential in foreign investment. Considering the current situation regarding the LDC transition, he urged them to take decisions according to their capabilities.
Abdul Hai Sarkar said, 'Industrial development is not possible without ensuring fuel supply. It is important to improve this situation. Besides improving the law and order situation in our industrial zones, we have to ensure the safety of the entrepreneurs.
Shaukat Aziz Russell said, 'We are lagging behind in waste management. In this regard, besides increasing our capacity, we need to formulate policies. Emphasis should be placed on reducing the cost of doing business, especially on reducing corruption.
DCCI Senior Vice President Malik Talha Ismail Bari also participated in the trade conference, Vice President Md. Junaid Ibn Ali, members of the board of directors, former president and representatives of the private sector.
