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Newly elected president of Dhaka Chamber of Commerce & Industry (DCCI) Shams Mahmud on Monday said soaring non-performing loans (NPL) would increase cost of doing businesses as it fuels cost of borrowers.
He also said in terms of world-wide political and economic situations, the country is in a critical crossroads.
To control NPL, he suggested figuring out wilful defaulters.
“But if someone fails to repay his loan due to delayed power or energy connections, he or she should not be considered as wilful defaulters”, said Shams.
His remarks came at a press conference at the DCCI auditorium in the capital where DCCI’s Annual Plan of Action for the year 2020 was unveiled.
Mr. Mahbub covered a number of topics in his presentation including export diversification, skill development, economic diplomacy, capital market, energy security, 4IR, VAT & TAX, FDI & doing business, research & innovation, infrastructure, SMEs and SDG.
Regarding the RMG sector, he said nearly 80 per cent of exports are destined to North America and Europe and products sophistication has remained almost static.
The DCCI chief also said “RMG is our only largest export earning sector, but we need to develop other sectors as well to backup RMG”.
To promote other sectors he urged for bonded warehouse facility, back to back LC to leather made products, tax rebate and new technology adoption.