ICCB holds meeting with commerce and finance adviser

A delegation from the International Chamber of Commerce-Bangladesh (ICCB), led by ICC Bangladesh President Mahbubur Rahman, along with several members of the Executive Board and representatives from three leading apparel buyers, met with Commerce and Finance Adviser Dr Salehuddin Ahmed at his office in Sher-E-Bangla Nagar on Tuesday, says a press release.

Mr Mahbubur Rahman, in his briefing, suggested the following important issues for consideration of the Commerce and Finance Adviser:

• Restoration of law and order situation: Immediate restoration of law and order by joint forces is needed in economic zones, factories, and other industrial areas. Stopping extortion and unholy syndicates in industries, businesses, markets, highways, and footpaths is essential to keep the supply chain running smoothly, which will help reduce inflation and lower interest rates.
• Reforms of Banking Sectors: The banking sector needs reforms, including making Bangladesh Bank fully autonomous and creating a plan to reduce non-performing loans (NPLs). Strict actions should be taken against willful defaulters, efforts should be made to recover money sent abroad illegally, and multiple banks under the same name or group should not be allowed.
• Reform of NBR: NBR should be reformed by establishing two separate wings: one for policy-making and another for tax, customs, and VAT collections, while also expanding the tax net, enabling online submission of income tax returns, and implementing full digitalisation.
• Paperless International Trade: It is necessary to update commercial laws to fully digitalise international trade processes, such as issuing invoices, contracts, and bills of lading, to reduce fraud and money laundering.
• Reform Energy Sector: To reform the energy sector, ensure a reliable power supply for industries and strengthen BAPEX by building its capacity to explore new gas reserves onshore and offshore, reducing the need for costly LNG and LPG imports.
• Role of Bangladesh Missions abroad : Strengthen the capacity of Bangladesh Missions abroad to engage in economic diplomacy, aiming to find new export markets and create job opportunities for skilled and unskilled workers.
• Trade Body Reform: A task force should be established under the Ministry of Commerce to develop suitable policies for all trade bodies in the country.

Country heads of major apparel buyers emphasised the need to improve law and order situation, improve ease doing business, and issuance of necessary work permits for their expatriate officials without delay.

They mentioned that the most important priority right now is to build confidence so that buyers can visit Bangladesh and conduct their business without any hassle.

It was also highlighted that the smooth and hassle-free operations of Dhaka Airport and Chittagong Port are essential. Ensuring the faster movement of import and export cargo is crucial for increased exports from Bangladesh.

Commerce and Finance Adviser Dr Salehuddin Ahmed emphasised that the interim government is committed to fully supporting the private sector to ensure business operations without any obstacles.

He assured that the relevant authorities would be instructed to promptly issue work permits for expatriates working in the RMG sector.

He also promised that steps would be taken to ensure the smooth operation of both Dhaka Airport and Chittagong Port, facilitating faster cargo movement.

ICCB Vice Presidents A K Azad & Naser Ezaz Bijoy; ICCB Executive Board Members Mir Nasir Hossain, Tapan Chowdhury; BGMEA President Khandoker Rafiqil Islam; BKMEA President Mohammed Hatem; Commerce Secretary Md Selim Uddin; Marks and Spencer Country Manager Shwapna Bhowmick; Puls Trading Far East Ltd (H & M) Regional Country Manager Ziaur Rahman; Inditex Regional Head, Bangladesh & Pakistan Javier Santonja Oicina & ICCB Secretary General Ataur Rahman, among others, attended the meeting.