DHAKA, Nov 30, 2024 (BSS) – The country’s business community today demanded of the government for reducing the cost of doing business, improving the law and order situation, ensuring energy security and uninterrupted production in industries and factories.

They also called for ensuring good governance, automation and optimization of revenue management and supportive trade policy.

The business community made the demands at a conference on “Private Sector Outlook; Expectations and Priorities” organized by Dhaka Chamber of Commerce & Industry (DCCI) at a city hotel today.

Finance Adviser Dr. Salehuddin Ahmed and Commerce Adviser Sk Bashir Uddin attended the conference as the chief guest and special guest respectively.

Speaking on the occasion as the chief guest, the Finance Adviser said rampant corruption took place over the last 15 years, especially in the economic sector, which is unimaginable and also has spread to every corner of the society. 

He said deposits of the mass people were taken away from the banks, which is rare in Bangladesh, but the interim government has continued its efforts to fix those which may take some time. 

The Finance Adviser said 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 Finance Adviser said the process of automation of NBR is underway, few are already done while the rest would be done step by step. 

“The 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 to the SME sector,” he added.

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 would improve soon. 

He said that there are several trade organizations for the same or similar product. He expressed the view that there is no alternative to increasing the capacity to expand trade in the international market apart from the post-LDC transition period. 

The Commerce Adviser also insisted on a series of dialogues on when it would be logical to graduate. “But we have to graduate at a point of time, no doubt. Moreover, after the graduation, we will lose several incentives and advantages,”

Bashir also emphasized on trade liberalization and formulation of supportive policies for the sub-sectors of business. “Improving quality of life of people will increase government’s spending and for a sustainable government’s spending, we have to focus on tax collection,” he said.

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 as well as gradually reducing the policy interest rate and interest rate at the beginning of the next year to curb inflation. 

To keep the currency market stable, he suggested keeping the exchange rate of US dollar close to the prevailing rate in the market. He also recommended ensuring easy access of low-cost credit flow to the CMSMEs. 

Ashraf Ahmed also underscored the importance of effective automation in the business registration and renewal process along with the reformation of overall customs system to make the business process easier. 

The DCCI President demanded for ensuring uninterrupted gas and electricity supply to industries and factories as mandatory in order to continue the production process to become competitive in the international market. 

If the law and order situation does not improve, he said it would be difficult for all to conduct the business activities further. Therefore, Ashraf sought the government’s intervention to resolve this issue with utmost priority.

Managing Director and Chairman of Incepta Pharmaceuticals Limited Abdul Muktadir, Managing Director and CEO of PRAN RFL Ahsan Khan Chowdhury, Chairman of Association of Bankers, Bangladesh (ABB) Selim R. F. Hossain, Chairman of Bangladesh Association of Banks (BAB) Abdul Hai Sarkar, President of FICCI Javed Akhtar, BTMA President Showkat Aziz Russell, President of BKMEA Mohammad Hatem spoke as panel discussants.

Besides, Bank Asia Chairman Romo Rouf Chowdhury, DCCI former presidents Hossain Khaled and Rizwan Rahman also spoke on the occasion. 

The speakers also emphasized preventing harassment of businessmen, stopping the creation of pocket associations only to attract votes, and not raising further the holding tax.

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. 

The conference was supported by Guardian Life Insurance Limited.