FBCCI: Extend loan classification facility

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has sought unconditional extension of loan classification facility till June next year to bring relief to traders and expedite economic recovery from the pandemic.

FBCCI President Md Jashim Uddin on Sunday urged the Bangladesh Bank (BB) to make an announcement after extending the facility.

He came up with the call at the Annual General Meeting (AGM) 2019-2020 of FBCCI at the Officer’s Club Dhaka in the morning. The annual report and scrutiny report were approved and an extra-ordinary general meeting was held.

He requested the National Board of Revenue (NBR) not to finalise the new income tax law hurriedly. “As an income tax law is already in place, a new one should be formed through discussions with all stakeholders, including the FBCCI,” he suggested.

Bangladesh has to face a number of challenges after graduation from the Least Developed Country (LDC) category, Jashim said, adding that, “The country’s business community has to work jointly to tackle the challenges and utilise advantages of being developing country.”

FBCCI has been participating actively in meetings of national committee and its sub-committees led by Prime Minister’s chief secretary aiming to tackle the challenges of post-LDC graduation, he explained.

Besides, four handbooks – “Internal Resources Mobilisation and Tariff Rationalisation”, “Global Market Exchange 2021-2026 and Beyond”, “Investment Measures for Sustainable Inclusive Development” and “Sustainable Export Development, Subsidy and Intensives” were formulated as part of policy advocacy to face challenges after 2026 which will be handed over to the government shortly, he said.

On the other hand, the process of establishing an innovation centre in FBCCI to increase capacity of this sector is also underway, he added. Eighteen panel advisors were appointed to turn the FBCCI into a research-based organisation. As a result, FBCCI will be able to place its recommendations to the government more strongly with advices of specialists for making policies.

“FBCCI’s door is open for all and the organisation will stand beside the business community to resolve any problems. Already 78 standing committees have been formed which will work for selecting sector-based issues and resolve them,” Jashim said.

Stating that FBCCI has been jointly working with Bangladesh Investment Development Authority (BIDA) to ensure safe work environment in industries, he said that a safety council was also formed in the FBCCI.

Along with its commercial expansion, FBCCI is also distributing medical and health equipment to battle the Covid-19 situation as per its corporate social responsibility. Besides, FBCCI organised 16-day programme titled “50 years of independence: Festival of red-green” marking the golden jubilee of country’s independence. During that programme, FBCCI will provide reception to 50 businesspersons, he added.

FBCCI’s Senior Vice-President Mostafa Azad Chowdhury Babu, vice-presidents MA Momen, Md Aminul Haque Shamim, Md Amin Helaly, Salahuddin Alamgir, Md Habib Ullah and MA Razzak and other stakeholders were present at the meeting chaired by Jashim.