FBCCI's new board to focus on increasing exports to regional countries

The newly-elected board of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will focus on exploring regional countries to diversify export markets.

"We have plans to explore regional markets as our exports there are very low considering the trade volume of the countries," said Mahbubul Alam, who has been elected president of the country's apex trade body for the term 2023 to 2025.

Mahbubul Alam, who is also serving as the president of the Chattogram Chamber of Commerce and Industry, shared his plans for the next two years in an interview with The Business Standard on Wednesday.

Referring to the mega event styled Bangladesh Business Summit 2023 organised by the federation's outgoing board, he said they also have a plan to host such an international event to brand the country.

He said the new board will organise an international business summit in Dhaka next year. In addition, it will organise some events named "Best of Bangladesh" in India and China, especially in the eastern region, to showcase the best products of Bangladesh.

Mahbubul Alam, who is scheduled to take charge on 17 August, said China has the potential to be a big market for Bangladesh, as most of its industries are relocating due to rising production costs.

He said the federation also plans to mainstream the export of our non-traditional items. This is necessary to diversify our export basket, as relying on a single item is not good for any economy.

"We will take steps that will help to diversify the export market base, as the country has a target of becoming a trillion-dollar economy by 2035," he added.

He also acknowledged that they are taking charge of the federation at a challenging time, when the global economy is facing challenges due to Russia-Ukraine war-driven inflation, which has become alarming for every economy. Bangladesh is not immune to this.

However, he is also very optimistic about Bangladesh's economic growth, despite some challenges ahead of the next parliamentary elections in early next year.

The business leader said that in Bangladesh, everyone does politics out of their love for the country.

"We believe that all politicians are patriotic, and that they will contribute from their positions to maintain political stability for the national economic growth.

"As business leaders, we want political stability to do business and for economic growth."

Mahbubul Alam said the newly-elected board has set another target in line with Prime Minister Sheikh Hasina's vision for a "Smart Bangladesh".

"Smart Bangladesh needs four things: a smart government, a smart society, a smart business community, and smart and skilled people.

"If we are able to develop skilled manpower, it will help us earn more foreign currency by sending skilled people abroad. In addition, it is also necessary to improve efficiency for industrial production, which will boost our export earnings."

Mahbubul Alam said that they will work with the government to ensure uninterrupted and quality gas and electricity supply for industries, as entrepreneurs have already invested heavily in various sectors.

"If they get a proper supply of utilities, it will create more jobs," he added.

Mahbubul Alam was the panel leader of Sammilito Oikya Parishad in the election to the FBCCI.

He will replace Md Jashim Uddin.

Seventy-eight elected and nominated FBCCI directors chose Alam as the apex trade body president.

On Wednesday, Election Board Chairman A Matin Chowdhury announced the names of the new office bearers of the FBCCI.