Bangladesh Association of Publicly Listed Companies (BAPLC) has organized a webinar titled 'Covid-19 Pandemic: Impact on Investment in Bangladesh and the Way Forward', on Wednesday discussing the impact of the pandemic on Bangladesh’s economic activities entailing businesses and attracting investments.
Adviser to the Prime Minister on Private Industry and Investment Salman FazlurRahman MP spoke in the webinar as the chief guest. Additionally, Sheikh FazleFahim, the President of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI); Md. Sirazul Islam, President of Bangladesh Investment Development Authority (BIDA); Professor ShibliRoubayet-Ul-Islam, Chairman of Bangladesh Securities and Exchange Commission (BSEC) and NihadKabir, the President of MCCI spoke at the occasion as special guests.
Presided over by Azam J. Chowdhury, the President of BAPLC and moderated by Riad Mahmud, the Vice President of BAPLC; TanzeemChowdhury, the Director of East Coast Group delivered the keynote speech at the webinar.
Congratulating the leadership of the trade bodies for their remarkable work and expressing his nostalgia, the Private Sector Industry, and Investment Advisor to the PM said, “The trade bodies have come a long way since its inception. The leadership of our PM Sheikh Hasina has incepted a new belief in Bangladesh, boosting every stakeholders’ confidence, which in turn has helped us to navigate through the pandemic so smoothly.
Addressing micro-level issues highlighted during the webinar he further said, “The mindset of the top-level has changed because of PM's resolve. Decision-makers need to be engaged to solve problems. Proactiveness is the way forward, not just identifying problems. The trade bodies present here today should advocate on corporate governance. Widening the tax base through digital platforms can help that process.”
Thanking BAPLC’s initiative the FBCCI president said, “FBCCI help desk and helplines have been receiving specific challenges and we are facilitating with respective ministries. The tea industry capital machinery import’s higher tax burden is an example we addressed. Duty on irrigation & capital machinery is another area we addressed. FBCCI will be happy to help BAPLC with concrete issues or regulatory recommendations that need to be resolved.”
Our exhaustive engagements in nonfiscal policy support, fiscal policy support, execution of the stimulus package, and continuous engagements to recover our economy in a holistic approach, formulated a three-year roadmap of sustaining our economic recovery. Additionally, economic advocacies, both fiscal and non-fiscal, tax and tariff intervention, and complementary initiatives to the government were undertaken,” he added.
FBCCI Bilateral Value Chain Initiative™ (BVCI™), FBCCI 2041; STEAM & 4IR based skills development- among other initiatives of FBCCI were also highlighted during the webinar by its President.
The Executive Chairman of BIDA said, “To increase FDIs, several policies have been revisited integrating lucrative incentives alongside navigating massive reforms to increase ease of doing business by BIDA. A one-stop service for investors to avail of dynamic services entailing investments has also been initiated.”
“The private sector’s contribution to the economy stands at 80% and policies should favor them. The smooth and efficient disbursement of the stimulus package for MSMEs needs to be ensured as they employ a good chunk of the demographic,” he added.
The BSEC Chairman in his speech underscored the importance of good corporate governance proposing an investor’s guidelines while the keynote speaker TanzeemChowdhury, the Director of East Coast Group highlighted the impacts of the pandemic on various sectors of the economy underscoring the need for investment in economic recovery.