The Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) recently got a new committee for the 2023-25 tenure, but a lack of representation from the country’s manufacturing sector has raised questions among the business community.
Bangladesh’s economy is growing steadily thanks to the private sector, which contributes more than 82 per cent of the pie, industry insiders say. From the current $490 billion, the country aspires to become a trillion dollar economy, and turn into a Smart Bangladesh by 2041.
But despite these lofty goals, no top business representatives are serving the new committee of FBCCI – apex trade body of Bangladesh.
Insiders say political influence and nepotism are key reasons behind the reluctance of eminent businesspersons from top conglomerates – Bashundhara Group, Meghna Group of Industries, Jamuna Group, City group, PHP Family, Unique Group – from being a part of FBCCI leadership.
The country’s top businessmen, such as Salman F Rahman, Yussuf Abdullah Harun, Abdul Awal Mintoo, Mir Nasir Hossain, Annisul Huq, AK Azad, Kazi Akram Uddin Ahmed, Abdul Matlub Ahmed had led the federation in the past.
After two consecutive tenures, the biannual election of FBCCI was held on July 31 this year. Two panels participated in the election. Sammilito Baboshayee Parishad panel clinched 15 posts of directors while Baboshayee Oikko Parishad bagged 8 against 23 directorial posts of FBCCI for the 2023-25 tenure.
For the association group, 49 candidates contested for 23 director posts. Some 1,746 out of the 1,954 voters cast their ballots with a turnout of 89.35 per cent. Meanwhile, the chamber group did not participate in the polls, as the 23 directors for it were elected unopposed earlier.
Among the 80 directors of FBCCI, 34 had already been chosen, with 17 directors each from the chamber and association groups, in accordance with the trade body's charter.
On Wednesday, the directors elected the president, senior vice president and six vice presidents for the next tenure. The new board is scheduled to take charge on August 17.
New office bearers
Mahbubul Alam has been elected as the president of the FBCCI for the term 2023-2025. He is currently serving as the president of Chittagong Chamber of Commerce & Industry.
Mahbubul is the chairman of Crown Steel Ltd, M Alam Gas Station Ltd, Diamond Life Insurance Co Ltd, Anowara Alam Foundation and Surgiscope Hospital Limited.
He is also the managing director of Aqua Foods Ltd, and proprietor of Alam Trading Corporation, RM Enterprise, Arufa Trading. He was awarded CIP in Trade in 2015 by the Ministry of Commerce, and in Industry awarded by the Ministry of Industries in 2013.
Md Amin Helaly has been elected as the senior vice president. He is also the incumbent vice president of the apex trade body.
Helay is the chairman of Doshdisha Group, Abiding Building Systems Ltd, and Managing Director of Hologram Bangladesh, as well as Chairman of Ruhul Amin Foundation. He is the former president of Bangladesh Mudran and Bipnon Samity.
Six vice presidents have been elected on Wednesday by the director votes. Among them, three vice presidents were elected from the chamber group and another three from the association group.
From the chamber group, Khairul Huda Chopol has been elected as vice president. He is the current president of Sunamganj Chamber of Commerce and Industry. He is also the managing director of Euro-Petro Product Ltd, and chairman of Sunamganj Sadar Upazila Parishad.
Mohammad Anwar Sadat Sarker is the president of Gazipur Chamber of Commerce and Industry. He is Proprietor of Global Trade. Sadat is the incumbent director of FBCCI.
Joshoda Jibon Debnath is the owner of Technomedia Ltd and managing director of Money Plant link Ltd. He is the director of Bangladesh Chamber of Industries (BCI).
From the association group, Shomi Kaiser has been elected as vice president of the apex trade body. She is CEO of Dhanshiri Communication Ltd, and president of e-Commerce Association of Bangladesh (e-CAB).
Rashadul Hossain Chowdhury (Ronni) is proprietor of Rashadul Traders, proprietor & CEO Maya Corporation, and managing director of Radio Dhoni Ltd. He is the president of Maize Association of Bangladesh.
Md Munir Hossain is director of Vertex Group, and also the director of Exports Association of Bangladesh.
Expectations from new committee
Speaking to The Business Post, chairman of Evince Group and also the president of Bangladesh Chamber of Industries (BCI) Anwar-ul-Alam Chowdhury said, “The new committee has to work cordially to negotiate policy support for a sustainable manufacturing industry.
“The manufacturing industry must be given first priority instead of the service sector, as it will create more employment. We want such policy support so that the SME sector also gets priority. The new committee has to negotiate with the government on this issue.”
Top businessmen have to devote time into their own businesses, so many are reluctant to take up frontline leadership of the FBCCI. The federation is a president-dependent organisation, but he needs the support of his vice presidents to facilitate initiatives, Anwar added.
Bangladesh Garment Buying House Association President Kazi Iftaquer Hossain said, “There are many top businessmen in the FBCCI committee. Many are also members here. The top businessmen are actually busy running their own businesses.
“However, many from manufacturing sectors could have joined the FBCCI committee. We expect the new committee to formulate a clear roadmap on how Bangladesh could become a trillion dollar economy in the coming years.”
He also expected that the committee would bargain strongly with the government for more policy support.
The new committee must launch such initiatives so that the people can purchase their essential commodities at reasonable prices, and be free from the pressure of high inflation, he also pointed out.
