DCCI hopes existing problems in economy will be resolved soon
There are several problems in the country's economy like inflation, foreign exchange reserve, default loans, unstable capital market, balance of payments, and devaluation of taka. We hope that Bangladesh will be able to successfully overcome these obstacles and reach the desired goal.
Dhaka Chamber of Commerce and Industry (DCCI) President Ashraf Ahmed was saying when he spoke at a press conference at DCCI Bhaban in the city's Motijheel on Saturday.
He gave a detailed presentation on 12 themes of the contemporary economy and presented DCCI's Action Plan for 2024.
This year, DCCI will focus on CMSME, import substitution industry, financial sector, capital market, taxation, private and foreign investment, economic diplomacy, infrastructure development, energy and power, employment and skill development of human resources, LDC graduation, and smart economy, the president of the traders' body said.
DCCI President said, "It cannot be denied that the closure of our industries due to lack of sufficient fuel will hurt the economy, and as a trade organization, we are urging the government to take effective initiatives and implement effective measures to resolve the problem within the shortest possible time."
Responding to a question, he said there are scopes to improve the transparency of information published by BBS and other organizations.
Highlighting the country's economic challenges in the keynote paper, presented at the press conference, he said the private sector has to play an important role in bringing back the pace of growth in the country's economy this year. Capacity building of CMSME entrepreneurs is very important to use new technology and increase involvement in digital activities to build a future smart Bangladesh, he opined.
Ashraf Ahmed stressed the need for expanding the loan facilities and increasing venture capital activities for the startup entrepreneurs including CMSMEs for the development of the country's import substitution industry.
"Our foreign exchange reserve can be increased through export diversification, export factoring, inter-bank foreign currency exchange, and providing more incentives in remittance collection," he said. He also proposed to increase the use of the Alternative Trade Board (ATB) to increase trading infrastructure and participation in the capital market.
He hoped that the country's macroeconomic dynamism would be restored through proper implementation of the recently announced monetary policy which would help reduce inflation, increase reserves, and stabilize the balance of payments.
DCCI President said, "We need to focus more on inclusive growth, export diversification, and growth-friendly policies." He also highlighted the need to enhance coordination between accounting and reporting processes through the use of the tax code.
DCCI Vice President Malik Talha Ismail Bari and Director Junaid Ibne Ali among others were present at the press conference.