Bangladesh's graduation from the Least Developed Country will bolster the image of the country in the international arena. As a result, new paths will be opened in trade and foreign investment will also increase. However, along with these possibilities, several challenges are also waiting for the country’s private sector. The private sector should prepare from now on to face the challenges.
Md. Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) said this at the Annual General Meeting (AGM) of the FBCCI at a Convention Hall in the capital on Wednesday.
Due to Covid-19 Pandemic, the AGM of the session 2020-2021 could not be held on schedule. As a result, two separate AGMs of the session 2020-2021 and 2021-2022 were held on the same day.
FBCCI president said in the meeting, ‘Bangladesh will lose special trade privileges in several markets including Europe, one of the top export destinations of the country, as a result of the LDC graduation. The private sector has to face competition in maintaining the price and product quality. This is why emphasis should be given to research, innovation, and product diversification.’
To make the export trading market sustainable, the government should initiate more bilateral trade agreements including Free Trade Agreement (FTA), Preferential Trade Agreement (PTA), he opined. Md. Jashim Uddin emphasized on obtaining certificates from various institutions, reducing complexity in its renewal, effective automation, and increasing the capacity of port management to attract more foreign investment.
He said, ‘The private sector can play an important role in achieving the Vision-2041 and Delta Plan 2100 by contributing to the environment-friendly technology, modern production system, and green economy.’ For this, he emphasized on increasing investment in research and innovation.
The Annual Reports and Audit Reports on both the session of 2020-2021 and 2021-22 were unanimously approved at the meeting in the presence of the General Body members of the FBCCI.
FBCCI former president Abdul Matlub Ahmad, former first vice president Mohammad Ali, Monowara Hakim Ali, former vice president Abu Alam Chowdhury, Dewan Sultan Ahmed, Helal Uddin and others participated in the open discussion.
FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md. Aminul Hoque Shamim, Md. Amin Helaly, Salahuddin Alamgir, Md. Habib Ullah Dawn, M. A Razzak Khan, and directors were present at the meeting.
