There are several problems in the economy of the country like inflation, foreign exchange reserves, defaulted loans, capital market and balance of payments and currency devaluation. Hopefully Bangladesh will successfully overcome these obstacles and reach the desired goal.
Ashraf Ahmed, president of Dhaka Chamber of Commerce and Industry (DCCI), made such a comment in a press conference organized at Dhaka Chamber Bhavan in Motijheel of the capital on Saturday (January 20).
At this time, he presented the action plan of DCCI in 2024 along with giving a detailed picture on 12 topics of contemporary economy.
Ashraf Ahmed said this year, Dhaka Chamber CMSME, import substitute industries, financial sector, capital market, taxation, private and foreign investment, economic diplomacy, infrastructure development, energy and power, employment and human resource skill development, LDC transition and smart economy etc. He made detailed recommendations on the issues to be emphasized.
Regarding fuel shortage, the DCCI president said, the closure of our industries due to lack of essential fuel will have a negative impact on the economy, the fact cannot be denied and as a trade organization, we appeal to the government to take and implement effective initiatives to solve the problem in the shortest possible time. In response to a question, he said that there is an opportunity to improve the transparency of information published by BBS and other institutions.
In the main article presented at the press conference, he said about the country's economic challenges, the private sector has to play an important role to bring back the growth trend in the country's economy this year. He expressed the opinion that it is very important to increase the capacity of entrepreneurs of the CMSME sector to increase the use of new technology and involvement in digital activities in building a future smart Bangladesh.
Ashraf Ahmed emphasized on extending loan facilities and increasing venture capital activities for start-up entrepreneurs including CMSMEs for the development of the country's import alternative industry.
He said, our foreign exchange reserves can be increased by providing more incentives in export diversification, export factoring, inter-bank foreign exchange and remittance collection. He also proposed increasing the use of Alternative Trade Boards (ATBs) to increase trading infrastructure and participation in capital markets.
He expressed hope that through the proper implementation of the recently announced monetary policy, more dynamics will return to the country's macroeconomics - which will help in reducing inflation, increasing reserves and bringing balance of payments stability.
The DCCI president said, we need to focus more on inclusive growth, diversification of exports and formulation of pro-growth policies. He also highlighted the need to increase coordination between accounting and reporting processes through the use of tax codes.
DCCI Vice President Malik Talha Ismail Bari and director Md. Junayd Ibn Ali and others were present at the press conference.