Never seen such low confidence in investors, consumers in 34 years of business: Apex MD

The confidence of both investors and consumers is currently very low and negative, a situation not witnessed in recent years, said Syed Nasim Manzur, managing director of Apex Footwear and one of the country's leading businessmen.

"I have never experienced such a difficult time in my 34-year business career," he remarked today (18 January) during the inaugural session of a symposium titled "White Paper and Beyond: Economic Management, Reforms, and the National Budget."

The symposium was organised by the White Paper Drafting Committee 2024 and implemented with the support of the Citizen Platform for SDGs at the China-Bangladesh Friendship Conference Centre in Sher-e-Bangla Nagar in the capital.

Nasim Manzur said, "I have never seen such a lack of confidence and support. This year has been the worst I have ever experienced."

He highlighted despite ongoing discussions about improving the ease of doing business, the situation has worsened.

"The cost of doing business has increased. VAT has gone up, and now there's talk of raising fuel prices. Meanwhile, wages for workers have risen, but productivity has not," he noted.

While stating that industries are also facing challenges in finding the right workforce, he added "Those entering the job market often lack the necessary skills."

Nasim also criticised the tax system, saying, "Taxes are being increased every year, and businesses are burdened with high taxes on investments."

Urging the interim government to take immediate action, he said, "Lower the tax rates and put the right people in the right positions. Stop taxing only those who are already paying taxes. And please do not raise energy prices—we cannot afford it right now. Make our lives easier, please."