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The Financial Express

Commerce minister terms SMEs lifeline for economy

DCCI President stresses formulation of comprehensive trade policy


| Updated: January 15, 2021 20:44:06


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DCCI President Rizwan Rahman, Secretary General Afsarul Arifeen and other officials during a meeting with Commerce Minister Tipu Munshi in the city on Monday DCCI President Rizwan Rahman, Secretary General Afsarul Arifeen and other officials during a meeting with Commerce Minister Tipu Munshi in the city on Monday

Commerce Minister Tipu Munshi said the global economic dimension has changed a lot and in order to sustain in the international market with access to diversified export, it needs to conduct more institutional research.

He also said that SMEs are the lifeline for the country’s economy that are contributing about 26 per cent to our GDP. Moreover, to be more competitive in the export market, the government will support all potential sectors.

He later assured the chamber president of all-out support from the ministry for the greater interest of the country’s economy. The minister further requested the DCCI president to put forward necessary recommendations from the business community to the ministry for the government’s consideration, according to a statement.

During the discussion, DCCI President Rizwan Rahman drew the attention of the minister regarding allowing the same fiscal and non-fiscal facilities to all export-oriented sectors like RMG sector. In the post Brexit era, Bangladesh government can take initiative to sign FTA with the UK, he added. The Companies Act sets the capital limit of Tk 2.5 million and sales transaction valued Tk 10 million to register a One Person Company (OPC) business. To this point, the DCCI president requested the minister to reconsider the clause and reduce the threshold. He also emphasised formulating a comprehensive trade policy to boost export diversification. He also said that businesses require an extension on both moratorium and repayment period for loans under the stimulus package to a minimum one year as most of the businesses are still struggling with pandemic challenges.

DCCI Secretary-General Afsarul Arifeen and Secretary Md Joynal Abdin were also present during this meeting.

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