Local industries facing tough challenges: BCI

The industrial sector of the country is currently going through a challenging time, leaders of the Bangladesh Chamber of Industries have observed.

"Due to high inflation, the fall in demand drives a decline in sales and the industrial sector can utilise 60-70% of their capacity," said the chamber President Anwar-ul Alam Chowdhury during a meeting with State Minister for Commerce Ahsanul Islam Titu at his office in the Commerce Ministry on Sunday.

Leading a delegation of the industrial chamber at the meeting, chamber President Anwar further said low gas pressure, high interest rates on loans and lack of adequate support from the banking sector are creating troubles for them.

He said banks are getting more interested in investing in bonds than in lending to the industrial sector due to the central bank's contractionary policy.

"As a result, there will be a liquidity crisis in the bank. New investment will not come in, and the unemployment rate will rise."

He said it is very important to keep existing local industries alive, urging the state minister that the cash flow of the country's industries should be normal.

Senior Vice President of the industrial chamber Preeti Chakraborty, Vice President Mohammad Yunus, and members of its Board of Directors – Shahidul Islam Niru, Delwar Hossain Raja, Abul Kalam Bhuiyan, and Senior Secretary of Commerce Ministry Tapan Kanti Ghosh were present on the occasion.