Political stability, sound law and order situation, patronization of local and export-oriented industries, soft loans and ensuring energy security are important to regain momentum in the national economy.

Syed Moazzam Hossain, President of the Australia Bangladesh Chamber of Commerce and Industry (ABCCI), has expressed this view while talking to this correspondent recently.

Syed Moazzam Hossain, President of Australia Bangladesh Chamber of Commerce and Industry (ABCCI), that Bangladesh's export sector suffered a loss to the tune of 2.00 billion US dollar during recent political unrest.

As road and rail communications, disrupted during political turmoil in Bangladesh, a good of exporters had to deliver some goods, even incurring losses, to retain their buyers  in the international market.    

He said that Bangladesh’s export order is likely to suffer as Bangladesh witnessed political turmoil that saw killing of some 800 persons including cops and loss of properties during student movement and toppling of former dictator Prime Minister Sheikh Hasina…..

Syed Moazzam Hossain international businessmen are closely watching the situation in Bangladesh and clear political and economic roadmaps are also important to retain international business.   

He demanded security to industrial establishments and industrialists across the country as some miscreants have damaged some properties in recent times. 

He said that political stability, sound law and order situation, patronization of local and export-oriented industries, soft loans and ensuring energy security are important to regain momentum in the national economy.

 Syed Moazzam Hossain is the Managing Director of SMH Engineering Limited and SMH New Generation Apparels Ltd, SMH AGRO Industries Ltd, and Chairman of Lama Rubber Industries

Syed Moazzam Hossain has been elected as President of the Australia Bangladesh Chamber of Commerce and Industry (ABCCI) for the term of 2023 – 2025.

He is the Managing Director of SMH Engineering Limited and SMH New Generation Apparels Ltd, SMH AGRO Industries Ltd, and Chairman of Lama Rubber Industries

 SM Hossain is immediate past director of Federation of Bangladesh Chamber of Commerce & Industry (FBCCI) and former President of Bangladesh–Malaysia Chamber of Commerce and Industry (BMCCI), Bangladesh Indenting Agent Association (BIAA) and Bangladesh Rubber Garden Owners Association (BRGOA) & involved in many other organizations.

While talking to this correspondent, Secretary General of ABCCI Jobayer Ahmed said that power price should be adjusted to the international level as the existing power price is beyond market price.  He said the government should disburse soft loans and adjust power price to the international level to retain competitiveness of the textile and garment sectors.

 Meanwhile, Adviser to the interim government on the Ministries of Finance and Commerce Dr Salehuddin Ahmed today asked the National Board of Revenue (NBR) for proper verification of the necessary documents and expedite the export-import operations as well.

“We told them (NBR) to release the items from the ports scrutinizing all the required documents,” he told reporters after holding a meeting with NBR officials while making his maiden visit as adviser to the NBR at Sher-e-Bangla Nagar in the capital.

Dr Salehuddin mentioned that the NBR is an important organization for the government and they have a big role to flourish industries and trade in the country.

“Their job is to collect revenues, the collection has to be the maximum without giving any trouble to the taxpayers, but they have to follow the rules and regulations properly,” he said.

The Adviser also asked the NBR to take effective measurers for increasing the tax-to-GDP ratio, which is below the double digit right now.

“We can't always progress through taking loans from others always,” he said.

 Responding to a question, NBR Chairman Md Abdur Rahman Khan said that the NBR would take all necessary measures to attain the revenue target of Taka 4,80,000 crore in the current fiscal year.

“We will ensure that there will be no leakage and thus collect the revenues at the proper time. For that our revenue officials should work hard,” he said.

The revenue board chairman also mentioned that the NBR would try to give its appropriate services to the taxpayers at the quickest possible time.

Meanwhile  Adviser to the interim government on the Ministries of Finance and Commerce Dr Salehuddin Ahmed today urged the country’s business community to do business transparently, honestly and sincerely.

“Please do business transparently and honestly and don’t make any transaction under the table,” he told reporters after a group of country’s leading businessmen met him at his ERD office this afternoon.

Responding to the businesses’ concern over the law and order situation, the Adviser assured them of providing necessary security alongside taking prompt steps of issuing LCs as well as ensuring that there is no congestion in the airports and seaports for loading and unloading of goods.

Asked about the demand from the RMG sector to provide soft loans to deal with the current situation, Dr Salehuddin suggested them to hold meeting with the Bangladesh Bank Governor in this regard.

About the outcomes of meeting, he mentioned that trade and commerce are a very important part of the country’s economy as those generate employments and expedite growth.

As the demands raised by the business community are not huge, the government would take efforts to resolve those although the previous government ignored many of their demands, he added.

The Finance and Commerce Adviser said he had also assured some foreign buyers, who were present in the meeting, that their investment opportunities would be good here in Bangladesh side by side the law and order situation and banking facilities would remain favourable for them.

“We’ve assured them (foreign buyers, investors) and I think they are confident. They have told me that there has been a new beginning in Bangladesh,” he added.

Referring to Bangladesh’s trade and economic partnership with the UK, he said that the UK is a very large market for Bangladesh’s RMG products while they are willing to expand it.

Besides, he also urged them to diversify the items that the UK imports from Bangladesh other than the RMG.

Emerging from the meeting, former FBCCI president AK Azad said that they have requested the Adviser for taking steps to delay the process for LDC graduation by three more years to 2029 instead of the 2026 period.

Besides, he said the business leaders also demanded for bringing necessary reforms in the trade bodies and associations as early as possible and thus giving elections to those to elect the new leadership.

Azad, also a renowned industrialist and businessman, said that they have raised the issue of current law and order situation before the Finance Adviser side by side easing up congestions at the airports and seaports to ensure smooth shipment of goods.

He said if these negative sides are not addressed, they might have to think for shifting their businesses to other countries.

So, the main focus of the business community was to improve the law and order situation, sample clearance and easing congestion at the Chattogram Port.

Referring to the probable withdrawal of EDF facility from the central bank and cash incentives as well as scarcity of US dollars, Azad said if these things are not addressed, there would be a negative impact on the country’s business operations.

In this regard, the Adviser suggested the business community sit with the central bank governor.

Azad said the Finance Adviser also suggested they coordinate with the law enforcement agencies like police, RAB apart from Bangladesh Army to improve the law and order situation.

The former FBCCI president also raised the issue of some incidents of extortions in some places in the industrial arena, which the Adviser has given assurance of giving proper attention.

ICC-B Bangladesh president Mahbubur Rahman, former FBCCI president Mir Nasir Hossain, BKMEA president Mohammad Hatem, Tapan Chowdhury of Square Group were present, among others, at the meeting