FICCI at 60: A legacy of socio-economic transformation in Bangladesh

In 1963, against the backdrop of a newly independent Bangladesh, the Foreign Investors' Chamber of Commerce & Industry (FICCI) embarked on a journey that would span six transformative decades. Originally established as the Agrabad Chamber of Commerce & Industry (ACCI) in the port city of Chattogram, the chamber's inception reflected the presence of foreign companies predominantly in that region.

Over time, recognising the need for a broader scope, FICCI shifted its base to Dhaka in 1987, embracing a new identity that mirrored its evolved purpose — to unite and represent foreign companies across the nation.

Today, FICCI stands as a stalwart institution, boasting representation across 21 diverse sectors. From fast moving consumer goods (FMCG) to power & energy, banking & financial sector to ICT, FICCI's membership reflects a commitment to contributing comprehensively to Bangladesh's economic tapestry.

FICCI's impact on the economic development of Bangladesh is profound. With over 200 members contributing to more than 90% of all foreign direct investments, the chamber has become a cornerstone of the nation's economic growth. Accounting for 30% of the total internal revenue, FICCI's members dominate the top revenue-contributing sectors.

Beyond financial contributions, FICCI has been an avid supporter of the government's initiatives to attract foreign investments, actively working to make Bangladesh a more trade-friendly destination.

Over its six decades of existence, the Foreign Investors' Chamber of Commerce & Industry (FICCI) has played a crucial role in advocating for business-friendly policies and fostering a conducive environment for both domestic and foreign investors in Bangladesh. The chamber's active engagement with national budget proposals exemplifies its commitment to shaping economic policies that facilitate growth.

Through numerous proposals presented to the National Board of Revenue (NBR), FICCI has consistently sought the rationalisation of tax structures, proposing measures such as the rationalisation of expenses' limits, TDS rates, and advocating for the availability of refund and adjustment facilities to reduce the overall cost of doing business. FICCI's advocacy extends beyond taxation to address concerns that may impact the broader investment climate, as seen in its response to the proposed taxation on contributions towards the Workers' Profit Participation Fund (WPPF).

By expressing concerns and offering constructive recommendations, FICCI has emerged as a stalwart in influencing policy decisions that aim to create an environment conducive to sustainable economic development.

Yet, FICCI's contributions extend far beyond economic realms.

The chamber has been a force for positive social change, engaging in initiatives that touch the lives of millions. Clean drinking water, relief efforts, and medical consultations have reached over 3,00,000 individuals in 31 districts. The installation of 2,591 solar home systems in remote areas has brought electricity to more than 15,000 people, transforming lives and communities.

FICCI's influence on education and upskilling initiatives is evident through the establishment of digital classrooms in remote locations. These classrooms provide educational access to areas that were previously underserved, bringing the light of knowledge to the farthest corners of the nation. Training programmes benefit thousands of students, rural adolescents, and youths, with a particular emphasis on job placement to empower the future workforce.

Entrepreneurship has been a key focus for FICCI, as the chamber actively aids startups, generating jobs and promoting sustainable income growth. Support for Village Development Organization (VDO) cooperatives has been a cornerstone of FICCI's efforts, creating economic opportunities for thousands of households and contributing to grassroots development.

In the health sector, FICCI has played a pivotal role in initiatives targeting improved hygiene habits among millions of schoolchildren. Free dental camps, aimed at eradicating oral diseases, have reached 3 million people. In the face of the Covid-19 pandemic, FICCI has contributed significantly to the health sector, providing healthcare support to millions and allocating resources to combat the crisis. Life-sustaining food and hygiene support to 1,25,000 individuals affected by Covid-19 exemplifies FICCI's commitment to community well-being.

In addition to its extensive economic and social impact, the Foreign Investors' Chamber of Commerce & Industry (FICCI) plays a crucial role in employment and talent development in Bangladesh. With a direct employment of 5 million individuals across various sectors, FICCI serves as a significant contributor to the nation's workforce. Beyond direct employment, the chamber indirectly supports additional job opportunities through its diverse network and collaborative efforts within different industries. 

FICCI's commitment to talent upskilling is evident through its pivotal role in various training and educational initiatives, aiming to enhance the capabilities of professionals in diverse sectors. The chamber's proactive involvement in talent development programmes further contributes to the overall growth and proficiency of Bangladesh's skilled workforce, reinforcing its position as a dynamic force in both economic and human resource development for the nation.

As FICCI celebrates its 60th year, it stands not just as a chamber of commerce but as a catalyst for positive change. The legacy of FICCI is one of collaboration, impact, and a steadfast commitment to the prosperity of Bangladesh. Through economic contributions, social initiatives, education, entrepreneurship, and healthcare support, FICCI has become an integral part of the nation's progress. Here's to 60 years of excellence and to many more decades of positive transformation, as FICCI continues to be a beacon of progress in the heart of Bangladesh.