Online Desk  :  Bangladesh Chamber of Industries (BCI) President Anwar-ul Alam Chowdhury (Parvez) said that the industrialists in the country are facing tough challenge as the government and politicians have forgotten to prioritize economic sectors. “The government and politicians are busy with issues other than business,” he continued, adding:  “With a fragile economy, the upcoming governments will not be able to handled economic crisis.” Addressing media, he made these remarks at a press conference held at BCI office in Tejgaon. During the time, BCI Senior Vice President Priti Chakraborty, Director Shahidul Islam Niru, Delowar Hossain Raja, SM Shah Alam Mukul, Zia Hayder Mithu, Shah Alam Litu, Md Khayer Mia, Rehana Rahman, Nazmul Anwar, and Jahangir Alam were present.

The BCI President said: “Interest rates are being increased, the price of gas for new industries is Tk75 per cubic foot, and the price of gas for existing industries was doubled last year. VAT was suddenly doubled; steps were taken to reduce the loan classification period from six months to three months.” Again, when the advisor-governor says that prices will not increase, the industry will not be damaged – such misleading statements worry industrialists very much, he added. “If domestic entrepreneurs are afraid to invest in this situation, then how will foreign direct investment come?”

Anwar-ul Alam said the current government is running the country with International Monetary Funds’ prescription. Bangladesh Bank has made some contradictory policies which have reduced the liquidity flow and in such reality, the IMF prescription will not work.” However, these are not favorable for the country’s economy, for the industry, for the businessmen, the businessman stressed. He said: “We can prepare in some places with the IMF’s prescription; we can work in many places to meet compliance. But if the IMF’s prescription is implemented completely, it will have an adverse effect on our economy.”

“So far, the energy problem has not been resolved, but there is talk of a new price increase, BCI President said, adding: “These issues clarify that the government’s activities are not positive for the industrial sector.” He fears of industry closure including old industries. He stressed that the politicians too are unconscious about the economic condition of the country. Answering to a question, the President said: “Is there anyone who doesn’t fear the political instability?” “In this case, we see no immediate solution to the problem,” he continued, saying they believe that the interim government should arrange the National Parliament Election soon which will bring relief to everyone.

Stating that there will never be relief without a democratic government, he said: “The interim government can understand the issue and implement the necessary reforms as soon as possible and lay a roadmap for the remaining reforms.” “We can see that the government has no interest in the economy.” He stated that the statements of Bangladesh Bank Governor Ahsan H Mansur and Finance Adviser Salehuddin Ahmed are ‘misleading’. Bangladesh Bank Governor Ahsan H Mansur recently stated that the industrialists have nothing to worry with the Bank Interest rates. Finance Advised Salehuddin Ahmed said that the hike in the VAT [Value Added Tax] will not affect the everyday life of consumers.

Mentioning the absence of cost cuts in the government level, Anwar-ul Alam Chowdhury said: “The National Board of Revenue (NBR) has gone for the easy way (increasing VAT) without increasing their tax base.” Businessmen want to lead a respectful life, but now they are indiscriminately being called “defaulter”. However, the why the businessmen turned into a defaulter doesn’t bother anyone. Anwar-ul Alam said: “Just as the government has a policy on defaulters, the government also has the responsibility to protect the institution. And if it cannot provide protection, the entrepreneur will have to leave the business.” “But there is no bankruptcy law in the country regarding this. This was discussed with the governor recently. He has agreed to this in principle.” Anwar-ul said: “We strongly believe that the graduation time needs to be postponed by at least three years. Because where we cannot afford to eat rice three times a day, how can we even think of eating chicken and polao?” “We are not ready for LDC graduation. If we are not prepared, why would we knowingly commit suicide?”