MCCI hosts 1st quarterly luncheon of 2024 with commerce state minister as chief guest
The Metropolitan Chamber of Commerce & Industry, Dhaka (MCCI) hosted its first quarterly luncheon meeting of the year on 4 February at its Motijheel office.
The event was graced by the presence of Ahasanul Islam Titu, state minister of the Ministry of Commerce, alongside former presidents of the chamber, current and past directors, members of chamber, business leaders, and journalists, reads a press release.
In his welcoming speech, MCCI President Kamran T Rahman appealed to the state minister to "take steps to ease business operations and reduce costs in Bangladesh."
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He acknowledged the government's efforts in business facilitation, including "the introduction of 'One-Stop Service' for potential investors, reforming existing laws, ensuring effective coordination among government institutions, and extending the validity period for the renewal and acquisition of business licenses to five years." Mr. Rahman also noted that "several of their goals remain unfulfilled," emphasising the importance of enacting a new company law.
Praising the Ministry of Commerce's 'One Village, One Product' initiative, he expressed optimism that it would enhance production and expansion of specific or well-known products at the district and sub-district levels across the country, boosting export potential and promoting women's employment.
He stressed the necessity of "continuing to explore new markets for exports and focusing on product diversification."
Addressing the issue of rising prices of daily commodities, the MCCI President suggested that government interventions, such as providing subsidized essential goods in open markets for low-income groups and reducing tariffs on import-dependent products, could offer relief to the general public.
He also discouraged the import of unnecessary items.
The state minister, in his speech, highlighted the achievements under Prime Minister Sheikh Hasina's leadership, stating, "From 2009 to 2023, the country has seen significant development, with the national growth rate currently at 6.03 per cent and per capita income increased to $2,765."
He mentioned, "The government is providing financial incentives ranging from 0.5% to 15% for the export of 43 products."
He added that "the government is earnestly working towards market diversification" and noted the strategic importance of transitioning from a least developed to a developing country by 2026.
He also noted the growth in ready-made garment export earnings from $10.70 billion in the fiscal year 2007-2008 to $46.99 billion in 2022-2023 and the government's commitment to diversifying markets and promoting non-traditional export items.
The establishment of 100 economic zones offering special incentives to investors is expected to create one million jobs and increase export earnings by an additional $40 billion by 2030.
The event concluded with remarks from several members of the MCCI board of directors, and the Chamber's Senior Vice President, Mr. Habibullah N. Karim, extended his gratitude to all participants, officially closing the luncheon meeting.
