Adverse impact of geopolitics taking toll on Bangladesh's economy: FBCCI president

Calling on the business community to stand united, Mahbubul Alam, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), on Saturday said Bangladesh was grappling with the repercussions of global geopolitics, which has impacted its economy.

Speaking at the annual general meeting of the FBCCI held at the Bangamata Sheikh Fazilatunnesa Convention Hall in the capital, he said businesses are disproportionately bearing the brunt of the economic turmoil.

Highlighting the intersection of politics and the economy, Alam said, "Politics may be confined to a few, but the economy is a shared concern for all. Therefore, the business community must stand united in steering the economy forward."

Emphasising the significance of a business-friendly environment for the expansion of trade and investment in the country, the apex trade body chief said, "Due to the global crisis affecting the country's economy, the businessmen of the country are facing the biggest loss due to the crisis."

Describing businessmen as the lifeblood of Bangladesh's economy, playing a crucial role in its advancement, Mahbubul Alam urged unity among business communities, from small to large industrialists, across all levels, to drive the economy forward, transcending political violence and differences.

He also called on political parties to refrain from intolerant activities during national elections to ensure the continuous movement of the country's business, trade, and economy. 

Mahbubul Alam said trade-related conditions and policies are being modernised to meet the challenges of transitioning to a developing country by 2026.

In this context, he emphasised the need for presenting the private sectors' opinions on various issues, including cross-border trade and connectivity, investment, building a smart Bangladesh, customs and taxation, infrastructure, supply chain and logistics support, energy, climate change impact, the fourth industrial revolution, and technical and vocational education, at the policy-making level.

While speaking at the event, several businessmen pointed out that the businesses are being affected due to the increase in the interest rate of bank loans, and urged the FBCCI to play an active role in this regard.

After the event, Munir Hossain, FBCCI vice president, told The Business Standard, "The dollar crisis has not yet reached a normal level, as a result of which the LC is not being opened normally and some banks are taking extra money in this situation – the president highlighted this point. He (president) told businesses that FBCCI is working actively to resolve it."

Besides, Munir Hossain said business leaders raised their voices regarding existing problems of VAT and tax. "Decisions made at the policy level in the revenue board are not properly implemented. The FBCCI is working to resolve it."

Meanwhile, an FBCCI source told TBS that the supply chain is being disrupted due to the ongoing political violence.

During the meeting, the minutes of the last Annual General Meeting, the Annual Report of FBCCI 2022-23, and the audit report of the organisation's income and expenditure were unanimously approved. The appointment of an auditor for a new institution was also confirmed.