Dhaka Chamber of Commerce and Industry (DCCI) believes that there is no alternative to reforming and modernizing the existing framework related to trade, commerce and investment to meet the challenges of Bangladesh’s post-LDC transition. The organization considers import-export policies, revenue structure, financial management, logistics policies and national budget and monetary policy to be important in this regard.

DCCI President Taskin Ahmed raised this issue with Trade Advisor Sheikh Bashiruddin yesterday. This information was given in a press release of the organization. It said that in a meeting held at the advisor’s office at the secretariat, the DCCI President also said that Bangladesh could not prepare well to meet the challenges of post-LDC due to the COVID pandemic, the Russia-Ukraine war, instability in the Middle East, the country’s political situation after the change, etc. Considering the existing situation, the government may consider postponing the deadline for Bangladesh’s LDC transition. A realistic transition strategy is also needed.

The DCCI President said that the recent initiative to increase VAT, supplementary duty, excise duty and taxes on more than a hundred products has already created concern among the general public and businessmen of the country. If this initiative is implemented in the existing economic situation of the country, inflation will increase and put more pressure on the living standards of the people, while business and investment activities will be hampered.

Commerce Advisor Sheikh Bashiruddin said that after the July uprising, the instability of the law and order situation and unexpected floods in different parts of the country disrupted local business activities. The overall situation has already improved considerably and the interim government is working relentlessly to overcome this situation.

Stating that the country’s private sector will face many challenges as a result of the LDC transition, the Commerce Advisor said that the issue is important for the overall economy of the country. To this end, reforms in trade and investment-related policies and joint efforts of all are needed. He said, if policy support and continuity are not continued, the potential for local and foreign investment will decrease.

Meanwhile, at a seminar on the country’s furniture industry at the Bangladesh-China Friendship Exhibition Center in Purbachal, Dhaka, Commerce Advisor Sheikh Bashiruddin said, the corruption that has occurred in the economy during the previous government’s tenure is beyond imagination. The potential of every sector of the country, including banking and garments, has been destroyed.

Stating that although the garment industry has developed in the country due to the bond facility, many industries have suffered losses, the advisor said, businessmen must be prepared to face the challenges. He said, not in a haphazard manner, but rather, a free trade agreement (FTA) should be signed with all countries that have commercial potential.