FBCCI making 10-year master plan for trade development

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is preparing a 10-year master plan for the development of trade and economy.

Its President Md Jashim Uddin told a press conference at the trade body’s office on Saturday they were drawing up the plan to determine development strategies in the coming days.

He said there would be innumerable possibilities for Bangladesh after becoming a developing country from a least developed one.

“Business will create demand for new products in different sectors, including export. The size of the economy will also be bigger,” he pointed out.

He said foreign investment would increase once the government’s various infrastructure projects were completed. “The capacity of transporting goods and ports will also increase then.”

The FBCCI president said the biggest challenge in the post-LDC (least developed country) graduation period would be to increase sector-based capacity to meet the changing global demand.

The federation would set up an innovation centre to enhance the capacity of domestic industries in order to address this challenge, he said.

“The concept paper will be submitted to the government next month,” Jashim said, adding North South University was working with the FBCCI on circular economy and recycling.

He hoped power generation and product recycling from waste would increase once the ongoing activities were completed.

Highlighting his recent visit to the UK and France, the FBCCI chief said the second- and third-generation Bangladeshi expatriates had been closely associated with the main economies of the two countries.

“But they do not have much idea about Bangladesh,” he said.

He further said it would be easier to capture the mainstream markets of the two countries if these expatriate entrepreneurs could be connected with Bangladesh’s international trade.

“To this end, the FBCCI has signed a memorandum of understanding with the mainstream trade organisations of the UK and France,” he said.

He said the FBCCI had also signed a memorandum of understanding with HSBC to list new products other than readymade garment in order to explore their export opportunities and barriers.

As a result of these activities, Jashim hoped Bangladesh’s economic progress would be accelerated further by utilising the potential of a developing nation.

The press conference was organised on the occasion of “Bijoyer 50 Bochhor: Laal Shobujer Mohotshob,” a 16-day gala celebration.