Dhaka: Speakers at a seminar here today emphasized the need for market price stabilization and supply chain improvement to protect farmers’ interests and provide easy, low-interest loans for CMSME entrepreneurs. They also highlighted the necessity of uninterrupted energy supply for industries, infrastructure development, and lowering existing VAT rates to address the current challenges facing various sectors.
According to Bangladesh Sangbad Sangstha, the Dhaka Chamber of Commerce and Industry (DCCI) arranged the seminar on its quarterly publication ‘Economic Position Index (EPI): Quarterly Macroeconomic State of Dhaka’ at its auditorium. The EPI is published to address the lack of adequate information regarding business, trade, investment planning, and economic forecasting.
Noted Economist and Chairman of the Policy Research Institute of Bangladesh (PRI), Dr. Zaidi Sattar, stated that although the Index focuses on Dhaka, its acceptability and effectiveness would increase significantly if expanded nationwide. Such an index would aid entrepreneurs in assessing the current business climate and taking appropriate measures.
Nesar Ahmed, an International Trade Expert, highlighted the risk faced by the CMSME sector. He stressed the need to reduce business costs and ensure supportive business policies to overcome present challenges.
Additional Secretary of the Ministry of Commerce, Shibir Bicitro Barua, shared that Bangladesh’s economy is in a difficult phase and recommended nationwide research to better understand the economic state. He also mentioned steps taken by the Ministry for reforms to the ‘Import Policy Order,’ expected to be finalized soon.
Professor Mizanur Rahman emphasized the necessity of institutional reforms, particularly in strengthening financial sector institutions. Dr. Syed Muntasir Mamun suggested that Bangladesh should rely more on the capital market for long-term financing rather than the banking sector.
Dr. Akhand Mohammad Akhtar Hossain, Chief Economist of Bangladesh Bank, stressed the importance of Foreign Direct Investment (FDI) for economic growth, an area where Bangladesh is lagging. Miah Rahmat Ali, Senior Private Sector Specialist of IFC, emphasized government support for entrepreneurs to tackle global economic instability caused by wars and climate change.
In his welcome remarks, DCCI President Taskeen Ahmed noted the challenging period for Bangladesh’s economy marked by high inflation, foreign exchange reserve pressure, sluggish investment, energy uncertainty, rising manufacturing costs, and declining employment opportunities, all of which are impacting the macro economy. He highlighted the ‘Economic Position Index (EPI)’ as a timely initiative to assist policymakers, entrepreneurs, and researchers in making informed decisions.
DCCI Secretary General (Acting) Dr. A.K.M. Asaduzzaman Patwari, in the keynote paper, stated that the Dhaka Chamber developed the EPI to address the lack of information on business, trade, investment planning, and economic forecasting. The research was conducted in Dhaka, considering the concentration of industrial activities and data collected from 762 respondents, including representatives from the manufacturing and service sectors.
During the open floor discussion, former Senior Vice President of DCCI Alhaj Abdus Salam and former Director M. Bashirullah Bhuiyan, among others, also spoke. DCCI Senior Vice President Razeev H Chowdhury, Vice President Md. Salem Sulaiman, members of the Board of Directors, and representatives from both public and private sectors attended the seminar.