AmCham urges collaborative measures to tackle inflation, boost GDP growth
AmCham recommended prioritising foreign exchange reserve, alternatives to increase export revenue, adjustment of the tax-free threshold, tax and VAT policy, social safety nets, duties on EPZ and Hitech parks, renewable energy to offload existing supply chain, reducing per capita liability, focused project on climate vulnerability
The government, policymakers, and the central bank must work together to implement effective measures to control inflation and mitigate its impact to maintain promising GDP growth, according to the American Chamber of Commerce in Bangladesh (AmCham).
AmCham held a "Post-Budget Panel Discussion" on Monday (10 June) at the Sheraton Hotel in Dhaka.
"We believe the budget formulation and implementation should be handled by separate entities to maintain the sanctity and address the key challenges that include declining foreign exchange reserves, the balance of payment deficit, energy sector demand-supply imbalances and the struggling banking sector," was the message broadly communicated by AmCham Bangladesh, whose primary objective is to promote trade and investment between their country and the United States.
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Addressing these requires a holistic approach, including monetary policy adjustment, fiscal discipline, FDI and export promotion, and fostering long-term structural changes through stakeholder engagement, they said.
AmCham recommended prioritising the following matters: foreign exchange reserve, alternatives to increase export revenue, adjustment of the tax-free threshold, tax and VAT policy, social safety nets, duties on EPZ and Hitech parks, renewable energy to offload existing supply chain, reducing per capita liability, focused project on climate vulnerability.
Dr. M. Masrur Reaz, Chairman of Policy Exchange of Bangladesh presented the brief overview on the FY 2024-25 budget. Mahbubul Alam, President of Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) attended the discussion as the chief guest.
Dr. Muhammad Abdul Mazid, Former Chairman of National Board of Revenue (NBR), Nihad Kabir, Former President of Metropolitan Chamber of Commerce and Industry (MCCI), Ashraf Ahmed President of Dhaka Chamber of Commerce & Industry (DCCI), Md. Moinul Huq, AmCham Executive Committee Member & Citi Country Officer, Bangladesh, Citibank, N.A. and Reaz Islam, Chief Executive Officer of L-R Global
Bangladesh Asset Management Company Limited partook as the designated panelist.
