Dhaka Chamber of Commerce and Industry president Taskeen Ahmed stressed the need for urgent reforms and modernisation of Bangladesh鈥檚 trade and investment frameworks.
During a meeting with commerce adviser Sk Bashir Uddin at the secretariat on Sunday, Taskeen said, 鈥楾here is no alternative to a radical reform of existing policies, including import-export policies, revenue structures, financial management, logistics policies, and monetary policies, to address the challenges of Bangladesh鈥檚 post-LDC transition.鈥�
According to a press release issued by the DCCI on Monday, Taskeen highlighted that the country has not been able to prepare adequately for the challenges of LDC graduation due to setbacks caused by the Covid-19 pandemic, the Russia-Ukraine war, political instability in 2024, and unrest in the Middle East.
He suggested deferring the graduation process to allow for thorough preparation.
鈥極nce the country graduates, Bangladesh will lose a lot of preferential treatment in the international market, which could heavily impact our economy,鈥� he explained.
Taskeen called for the formulation of a 鈥楽mooth Transition Strategy鈥� through public-private dialogues to ensure effective implementation.
He also urged the government to support the private sector to sustain business and investment.
Discussing recent tax measures, Taskeen criticised the National Board of Revenue for proposing increases in VAT, supplementary duties, excise duties, and taxes on over 100 products.
鈥楾his move will only add pressure on the lives of common people by increasing inflation and the cost of doing business. It could also discourage both local and foreign investments,鈥� he warned.
While thanking the government for reconsidering the proposed tariff hikes, he added, 鈥楻aising VAT and taxes in this current situation is unacceptable, especially ahead of Ramadan.鈥�
Taskeen emphasised the importance of market monitoring to address supply chain issues and control inflation. He urged the commerce ministry to ensure the steady supply of essential goods, saying, 鈥楾he ministry must take strict measures to remove irregularities and maintain availability, especially during Ramadan.鈥�
Commerce adviser Sk Bashir Uddin acknowledged the challenges, including supply chain interruptions caused by student uprisings, floods, and political instability.
He said that the government was working to improve the situation.
鈥榃e are hopeful that the prices of essential commodities will remain stable during Ramadan, but the recent rise in rice prices is under our close watch,鈥� he said.
He emphasised reforms and collective efforts to strengthen the private sector.
鈥楶olicy consistency and relevant support are critical for attracting both local and foreign investments,鈥� Bashir added.
DCCI senior vice president Razeev H Chowdhury and vice president Md Salem Sulaiman also attended the meeting.
