Businesses deep in crisis need sustainable policy: FBCCI president

Businesses in the country are immersed in a lot of problems, including VAT, tax, bank interest and dollar crisis. However, it is only their resilience which is allowing them to continue operations, Mahbubul Alam, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), has said.

He went on to say, "Bangladeshi entrepreneurs can advance the country in any situation. All that is needed is a sustainable policy since good policies encourage good entrepreneurs." 

Mahbubul Alam was speaking as a special guest at the "President's Industrial Development Award 2021" ceremony on Thursday (23 May).

The programme, organised by the Ministry of Industries for the seventh time, was held at the Osmani Memorial Auditorium in the capital. A total of 20 industrial enterprises and entrepreneurs were recognised at the event for their outstanding contributions to the country's industrial sector.

On the occasion, Mahbubul Alam said, "We hope the next fiscal year's business-friendly budget will take all our concerns into cognisance so that we can conduct business without harassment."

Highlighting the issue of excessive fines on imported goods, he noted, "When our products arrive at the customs, they [customs officers] impose a fine of 200%-400% on the products, making it difficult for businesses to operate.

"We will pay VAT and taxes, but they should be free of harassment. We want to do business without harassment."

"If the regulatory bodies at our ports support us, Bangladesh need not lag behind. Entrepreneurs are taking the country forward and will continue to do so," he added.

Speaking as the chief guest, Industries Minister Nurul Majid Mahmud Humayun said, "The ministry has made various recommendations to the National Board of Revenue [NBR] for the upcoming budget, considering the interests of businesses."

"We are working with the NBR to reduce the pressure on you [businesses] regarding VAT and taxes. There needs to be coordination so that businesses do not suffer," he added.

The minister continued, "We are going through an unstable global situation, similar to a third world war. Despite this, we have survived. However, the fluctuations in commodity prices have significantly troubled us, putting pressure on our foreign currency reserves and causing some inflation."

He emphasised the importance of increasing exports and maintaining the quality of Bangladeshi products, which have a good reputation globally

Twenty awards distributed

A total of 20 awards were distributed in six categories - large industries, medium industries, small industries, micro-industries, cottage industries, and high-tech industries.

In the large industry category, three companies shared the first place: Ecotex, Pran Dairy, and Mir Akhter Hossain. Square Food & Beverage took second place, while Snowtex Outerwear and Square Toiletries jointly secured third place. 

In the medium industry category, Bengal Poly & Paper Sack won first place, Basumati Distribution came second, while APS Apparels took third place. 

In the small industry category, The Reliable Builders and Concord Entertainment Company shared first place, Rangpur Foundry secured second place, and Gunze United came third.

In the micro-industry category, Fariha Green Mood Leathers won first place, ABM Water Company took second, and Deeplaid Laboratories secured third place.

In the cottage industry category, Blue-Star Agro Products & Industries took first place, Preeti Beauty Parlour came second, and Lehaz Salma Jubo Women's Welfare Organization secured third place.

In the high-tech industry category, Bizz Solutions Limited secured first place.