Special Correspondent 

Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Mahbubul Alam emphasized the crucial need for enhancing Bangladesh’s capacity to compete on a global scale following the country’s graduation from Least Developed Country (LDC) status.

He commented that more diversification should be brought in light engineering, leather, handicrafts, tea, jute etc. sectors.

At the same time, the FBCCI president said that automation of Customs, Ports and National Board of Revenue (NBR) is necessary to reduce the harassment of traders.

The country’s apex trade body leader made the observation in the first meeting of the FBCCI standing committee on ‘RTA, PTA, FTA and WTO’ at FBCCI office at Motijheel in the capital on Monday.

Besides, to expand the international market, it is very important to formulate business-friendly policies, complete bilateral trade agreements, regional trade agreements, free trade agreements, preferential trade agreements with South Asia and other regions of the world, he opined.

FBCCI president Mahbubul Alam was present virtually as the chief guest in the meeting.

He said that the government has taken various initiatives to create a business-friendly environment in the country. It is also providing various types of support to the entrepreneurs to move ahead.

Senior vice-president of FBCCI Amin Helali said that various countries including India are making trade agreements with preparation. We also have to prepare before these agreements. If we do not acquire the ability to survive in the local and international markets, there will be a risk of losing the local market.

FBCCI vice-president Dr. Yashoda Jiban Debnath said, we have advanced a lot in technology. Although Bangladesh has great potential in IT and IT enabled services, those products have to be brought into the country with high duty.

Although many countries do not put duty on the import of these products, we have to pay high prices here. He also urged customs to cooperate in facilitating the import of goods.

The director in-charge of the committee, AM Mahbub Chowdhury, urged to amend the law by forming public opinion among the trade organizations and businessmen, pointing out that the Customs Act 2023 is complicated and has obstacles in various places.

He urged to facilitate the process of releasing goods quickly at the port. He also highlighted the importance of diversification of export products.

Chairman of the committee and former director of FBCCI, Syed Moazzem Hossain, said in the president’s speech, “Bangladesh has to keep pace with the global changes. Since we cannot do FTA with any country, the neighboring countries are taking business opportunities.

Directors of FBCCI Hafez Haji Haroon-or-Rashid, Alhaj Azizul Haque, Niaz Ali Chishti, and secretary general also spoke at the meeting.