The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called for the implementation of VAT, tax and utility charges in line with compliance of the World Trade Organization (WTO) to cut the cost of doing business and enhance competitiveness.
FBCCI President Mahbubul Alam made the call when he paid a courtesy call on Prime Minister’s Private Industry and Investment Adviser Salman F Rahman at the office of Bangladesh Investment Development Authority (BIDA) on Thursday.
He also drew the attention of the government to promote all kinds of policy and technical cooperation, including increasing the production capacity of local industry, facilitating the availability of raw materials and technology, modernising logistics and port management, and ensuring the best use of internal mineral resources.
Stressing the need for strengthening linkages between the Bangladesh Economic Zones Authority (BEZA) and the private sector for sustainable industrial expansion, he said, “Local businessmen should be encouraged to invest in special economic zones. Separate space can be reserved for the food processing sector and women entrepreneurs in economic zones.”
Internal facilities need to be increased here. Business Incubation Centres need to be increased to encourage startups. In this regard, there is an opportunity to work more closely with the SME Foundation, he added.
During the meeting, the members of the board of directors presented the FBCCI’s future action plans, including the establishment of an international quality innovation and research centre, the construction of the World Trade Centre at Purbachal, the opening of the FBCCI office in Old Dhaka, the opening of separate desks for all departmental chambers, the connection of all members, including chambers and associations on a digital platform.
They put forward proposals for formulating inter-trade policies to speed up and facilitate the country's trade and commerce, providing necessary policy support for the development of the tourism sector, setting up special economic zones in the southern part of the country, providing duty-free facilities for import of raw materials for the production of electronic products in the country, reducing duty on import of ICT products, controlling the access of NBR as a bank for traders and automation of NBR's tax management.
Salman F Rahman assured them that the government will work more closely with the private sector to improve the business-friendly environment in the country.
Like the rest of the world, he said, Bangladesh is facing challenges due to the impact of Russia-Ukraine war. “To meet this challenge and maintain the pace of economic growth, the government has already taken several plans.”
He also urged the businessmen to get ready to face the future challenges by increasing their capacity and adopting innovative strategies.
