Accelerating the Trillion Dollar Journey


Accelerating the Trillion Dollar Journey

FBCCI hosts view exchange meeting on prevailing trade and economic situation of the country

FBCCI, the apex trade organization of the country hosts a view exchange meeting with the business leaders from various sectors, economists, and former leaders of FBCCI on the prevailing trade and economic situation of the country. The meeting was held on Tuesday (November 14, 2023) at the FBCCI's extended Office in Gulshan, Dhaka. 

FBCCI President Mr. Mahbubul Alam presided over the meeting. The meeting discussed various issues including ongoing political violence, dollar crisis, inflation, control of import of luxury goods, bank loans, foreign exchange reserves, ensuring business-friendly environment, and opening up of LCs.

In his speech, FBCCI President Mr. Mahbubul Alam urged the opposition political parties to shun all kinds of violent activities for the sake of the national economy. "A very stable political and economic environment has been prevailing in the country for the last few years, which is very important for business, trade and economy," he said.

"But, due to the recent violent activities of political parties, the country's business, trade, and investment are at risk. At the same time, there is a deliberate attempt to create chaos in the ready-made garment sector," he added.

Stating that the country's political unrest is pushing the national economy to uncertainty, the FBCCI president said the prevailing situation is severely disrupting the country's supply chain and thus affecting production, market prices, and export and services sectors as well.

Mr. Mahbubul Alam said that the wage board was formed earlier based on the demands of the workers and employees in the garment sector and it fixed the fresh wages following discussions with both the workers and employers terming it as a very positive step.

"Despite this, attempts are being made to create chaos in the ready-made garment sector," he said, adding that the genuine workers could never be involved in any destructive activity.

Besides, the FBCCI President urged the Bangladesh Bank to play a more effective role in solving the dollar crisis and controlling inflation.

He also requested the authorities concerned to ensure uninterrupted energy supply to continue the production system in the factories.

Former FBCCI President Kazi Akram Uddin Ahmed suggested the FBCCI to organize businessmen solidarity rallies in participation of all the chambers, and associations across the country against the current violent political activities.

Former FBCCI president Sheikh Fazle Fahim called for refraining from political violence at this moment of economic crisis. He advised the FBCCI to form a committee to strengthen coordination between the relevant stakeholders including the Bangladesh Bank, the Ministry of Commerce, NBR, and the Ministry of Agriculture to deal with the economic crisis. Besides, he urged the FBCCI to take the initiative against the existing violent program.

Another former FBCCI president of the FBCCI Mr. Md. Jashim Uddin said that businessmen should play a more conscious role in importing products to reduce the pressure on the US dollar. He also commented that if necessary, the volume of import of unnecessary and luxury goods should be further reduced in the next 6 months to one-year period. He also commented that there is no alternative to make cuts in the import of goods in order to overcome the economic crisis.

Referring to the involvement of outsiders in the recent violent incidents in the garment sector, BGMEA President Mr. Faruque Hassan said that real workers can never set fire to their factories. He alleged that there was an attempt intentionally to create chaos in the RMG sector.

Former principal secretary to the Prime Minister and advisor of FBCCI Mr. M Abdul Karim, Research Director of CPD and Panel Advisor of FBCCI Khandaker Golam Moazzem, Chairman of Policy Exchange Bangladesh and Panel Advisor of FBCCI Dr. Masrur Reaz, senior vice president of the FBCCI Mr. Md. Amin Helaly, vice president Mr. Md. Khairul Huda Chopol, Ms. Shomi Kaiser, DCCI President Barrister Sameer Sattar, MCCI President Mr. Md. Saiful Islam, Executive President of BKMEA Mr. Mohammad Hatem, Acting President of BTMA Mr. Fazlul Haque, Secretary General of Bangladesh Road Transport Owners Association Khandaker Enayetullah, President of Bangladesh Shop Owners Association Mr. Helal Uddin, Chittagong Stock Exchange (CSE) President Mr. Asif Ibrahim, FBCCI Directors and other dignitaries were present at the meeting.