Stopping gas theft disguised as system loss can prevent price hikes: Experts

Experts at a seminar have stated that if the 10 per cent gas theft under the guise of system loss could be stopped, there would be no need to raise gas prices again.

The interim government, they said, is in the best position to tackle this issue as they are free from electoral pressures.

The speakers made these observations at the seminar titled 'Investment Opportunities and Challenges,' organized by the Economic Reporters Forum (ERF) at its office in Paltan on Wednesday.

Daulat Akhter Mala, President of ERF, presided over the event, while Chowdhury Ashiq Mahmud Bin Harun Chairman of the Investment Development Authority (BIDA) graced the occasion as the chief guest.

Criticizing the recent gas price increase and VAT hikes, former FBCCI President AK Azad questioned, "Where will we go if the government implements these policies?"

He added that the impact of the gas and VAT hikes on the economy and people's lives had not been thoroughly assessed before making the decisions.

He also pointed out that there had been no discussions with business leaders on these issues.

Imports of goods, exports, and capital machinery have decreased, signalling a decline in investment, Mr Azad stated.

In this economic situation, he emphasized that it is important to consider the potential impact of the gas and VAT hikes.

Speaking as the chief guest, Executive Chairman of BIDA Chowdhury Ashiq Mahmud Bin Harun said the VAT issue will be discussed with the chairman of the National Board of Revenue (NBR).

Regarding the gas situation, he emphasized that industries should have an uninterrupted supply of gas.

Citing Malaysia as an example, he mentioned that 70 per cent of the country's produced gas is used by industries, with the Ministry of Industry managing gas allocations.

Addressing concerns about gas shortages in industries, he stated, "We are currently considering whether to hand over state-owned closed factories to private investors. These factories already have access to gas and electricity supply, which would enable them to quickly resume production."

The former President of the Dhaka Chamber of Commerce and Industry Abul Kashem Khan noted that the lack of policy consistency is the main obstacle to increasing investment.

He criticized the frequent changes in policies through SROs, which are often made for the benefit of specific groups.

Hafizur Rahman, Administrator of FBCCI, stated that investing in the stock market is risky as ‘robbers’ may take it away, and setting up a shop leads to extortion by ‘goons.’

He emphasized that with such uncertainty, increasing investment is not feasible.

During the event, BIDA announced plans to hold an investment conference from April 7 to 10.

The conference will provide an opportunity for foreign investors to engage and discuss with Bangladeshi entrepreneurs.

Additionally, arrangements will be made for foreign investors to visit various economic zones in the country.