Experts, businessmen urge identifying new 'growth drivers', address 'ineffective' trade body
Abdul Haque-led panel would participate in the upcoming FBCCI polls, announces BBF
Former caretaker government adviser Hossain Zillur Rahman has called for the identification of new "growth drivers" to keep Bangladesh's economy on track in the wake of the recent political change.
He also recommended that harassment in carrying out business activities be recognised as a "state malady," similar to the corruption index.
Speaking at a seminar titled "Bangladesh's Actions in the Context of Trade War and the Role of FBCCI" organised by the Bangladesh Business Forum (BBF) today (8 September) at a hotel in Dhaka, he said, "While the ready-made garment (RMG) sector exists, new sectors must be explored."
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He highlighted the potential of the pharmaceutical, agriculture, IT, and leather sectors to that end.
Prominent economist and Chairman of Policy Exchange Bangladesh Masrur Reaz said the global trade war has created new opportunities for Bangladesh.
"American imports are shifting away from China, and American companies are looking for alternative markets," he said.
"Amid this situation, Bangladesh, as a non-aligned or openly non-political country, can become a promising destination," he said, advising improving competitiveness, trade facilitation, product diversification, and governance to capitalise on such opportunities.
However, business leader Safi Ullah Chowdhury criticised the business environment, stating that the organisation was "ineffective" under the previous government and failed to protect the interests of businessmen.
He claimed that after the July Uprising, a former bureaucrat with no business experience has been appointed to lead the organisation.
Describing the current situation for businessmen as like "orphans," he said, "We don't know who to go to or what to do." He pointed to a sudden increase in port charges and various forms of harassment faced by businessmen.
Business leaders have also criticised the role of FBBCI in the past.
They said that at this time, The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is not able to play any role in while the businessmen are facing various problems including gas, electricity prices.
The businessmen demanded early elections to play the role of an effective trade body while the BBF announced that a panel led by Abdul Haque would participate in the FBCCI elections.
