Bangladesh needs promotional campaigns in Turkiye to attract FDI (foreign direct investment), said Dhaka Chamber of Commerce and Industries (DCCI) President Rizwan Rahman. An 86-member business delegation of the Dhaka Chamber led by its president attended a forum on “Exploring trade and investment opportunities between Bangladesh and Turkiye” in Istanbul organized by Foreign Economic Relations Board of Turkiye (DEIK) on Thursday, according to a press release. Rizwan said Bangladesh is ready to take Turkish investment right at this moment. It needs to be figured out if there are any tariff and non-tariff barriers in terms of exporting to Turkiye, he added. He also stressed on knowledge transfer and technology transfer, research and knowledge sharing. He invited Turkish carpet makers to import quality jute from Bangladesh. He further termed RMG value chain, automotive, leather and footwear, pharmaceutical, plastic and infrastructure as the potential sectors for Turkish entrepreneurs in Bangladesh. Mentioning that export grew by 34.38% till June 2022 despite Covid situation, he said that Bangladesh has a good demographic dividend. The total working age people is 65% in Bangladesh. The Turkiye-Bangladesh Business Council was established in 2011 and the Bangladesh-Turkiye Business Forum was established in 2022. Moreover both the countries are member states of D8 and OIC. He also suggested forming a joint economic commission with an active participation of the private sector. During the meeting Chairman of DEIK/Turkiye-Bangladesh Business Council Onur Ozden said Turkish entrepreneurs are already in operation in Bangladesh and the others are very keen to explore these possibilities further. But the bilateral trade between these two countries should be increased and for that exchange of such business delegations would be the best option. Ambassador of Turkiye in Bangladesh Mostafa Osman Turan said Bangladesh is giving different fiscal and non-fiscal incentives to the foreign investors. B2B in that case plays a vital role for enhancing trade and investment. He also said that at present bilateral trade has crossed USD1.3 billion and it has a potential to grow more. Bangladesh’s market is a large market and Turkish investors may explore this opportunity. Infrastructure development, policy reforms and ease of business registration process will attract Turkish investors in Bangladesh, he added. Ambassador of Bangladesh in Ankara Mosud Mannan said private sectors of both the countries need to play a catalytic role. Despite there being a language barrier between the two countries but still it can be overcome, he added. Bangladesh government will establish 100 economic zones with different lucrative packages and that will foster foreign investors to come and invest in Bangladesh, hoped Mosud. More than 110 companies invited by DEIK joined for an interactive B2B session with the DCCI business delegation members after the business forum. At the end, a memorandum of understanding was signed between Dhaka Chamber of Commerce & Industry and Istanbul Gedik University. DCCI President Rizwan Rahman and President, Board of Trustees, Istanbul Gedik University Hulya Gedik signed the document on behalf of their respective organizations. Mohammad Nore-Alam, Consul General of Bangladesh to Istanbul was also present during the meeting.

The trade and investment opportunities between Bangladesh and Turkiye will see high prospects in future, said Dhaka Chamber of Commerce and Industries (DCCI) President Rizwan Rahman. An 86-member business delegation of Dhaka Chamber of Commerce & Industry (DCCI) is visiting Istanbul of Turkiye to explore new trade and investment opportunities and attended the Turkiye-Bangladesh business forum arranged by the Istanbul Chamber of Commerce on Wednesday, according to après release. Dhaka Chamber President Rizwan said the bilateral trade between Bangladesh and Turkiye was USD 871.55 million in FY2020-21 which is in favour of Bangladesh. “Turkiye is the 23rd largest export destination of Bangladesh. Turkiye is the 29th largest foreign investor in Bangladesh amounting USD30.51 million.” Bangladesh and Turkiye can work and advocate together to form an effective D-8 economic bloc, said Rizwan. He urged Turkiye to transfer state-of-the-art industrial technology. He also urged for capacity building of SMEs, research collaboration, strengthening agro-value chain and knowledge exchange. He later invited Turkish investors to invest in Bangladesh as well as import more from Bangladesh. In welcome note, Burhan Polat, Executive Board Member of the Istanbul Chamber of Commerce, said Bangladesh is one of the important countries in the South Asian region in terms of trade and investment and Bangladesh is maintaining a steady economic growth for the last few decades, he added. Bangladesh in recent times is doing better in the leather, pharmaceutical, RMG and light engineering sector, Burhan said. “Turkish market is one of the potential places for the Bangladeshi entrepreneurs.” To boost bilateral trade he urged to sign trade agreement. He also stressed on enhancing liaison between the private sectors of these two countries. Istanbul Chamber, one the largest trade organizations in the world with more than 6 lakh members, will be happy to extend its full out cooperation to the Bangladeshi investors to explore new investment opportunities in Turkiye, said its Executive Board Member. Later the business delegation members of Dhaka Chamber had an interactive business to business match making with more than 350 Turkish companies of different manufacturing and service sectors after the business forum. After that Rizwan Rahman had a separate meeting with the President of Istanbul Chamber of Commerce Şekib Avdagiç.

The whole world is now facing economic stress, inflation, fuel price hikes and supply chain disruptions and Bangladesh is not an exception, State Minister for Planning Shamsul Alam said Sunday. "Facts and figures show that Bangladesh's economy is on the right track and there is no reason to panic," he added. Shamsul Alam was speaking at the seminar "Bi-annual Economic State and Future Outlook of Bangladesh Economy: Private Sector Perspective" organised by the Dhaka Chamber of Commerce and Industry (DCCI). Bangladesh's manufacturing sector saw a 23 percent growth in the last fiscal year, the state minister said. "Last year Bangladesh sent about one million workers abroad and its positive impact on remittance inflow will be visible soon. Also, the full automation of the taxation system will reduce harassment as well as boost revenue," he added. Read: Bachelet assures UN’s continued efforts to ensure safe Rohingyas to Myanmar Shafiul Islam Mohiuddin, member of parliament and also a former president of the Federation of Bangladesh Chambers of Commerce and Industries, said despite global economic volatility, Bangladesh's reserve is adequate to cover import bills for the next five and half months. "And the ongoing crisis is temporary." Bangladesh Bank Chief Economist Habibur Rahman said they always consider the best balancing of policy guidelines to control the money circulation in the market. "We are also thinking of options for currency swap with a few countries like India and China," he added. Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said the government needs to adjust fuel prices quarterly in line with the global rates. DCCI President Rizwan Rahman suggested expediting bilateral and multilateral comprehensive economic partnership agreements with selective countries and revising the import tariff structure. He also called for ensuring a flexible interest rate regime to reduce inflationary pressure and stabilise forex reserves.

A seminar here on Sunday heard complaints that excessive tax and customs harassment of businesspeople are obstructing the growth of Bangladesh’s foreign trade and hurting businesses. The seminar, organized by Dhaka Chamber of Commerce and Industry (DCCI) at its auditorium, reviewed the economy of Bangladesh during the second quarter of the January-June 2022 from the perspective of the private sector. DCCI President Rizwan Rahman gave a presentation on the topic in the seminar. Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said the honest businesses involved in export and import of goods and services are mostly harassed at customs and National Board of Revenue. Hatem said they face a number of hurdles in doing honest business. “These are our main obstacles,” he noted. Read: Tackling inflation to protect people’s purchasing power key challenge: DCCI  "We need to call Chattogram Customs, Dhaka Customs and the Commissioner of North-South Customs almost every day to rescue the businesspeople from harassment. Transports and goods are detained on various pretexts. Why do they do it? It’s irritating." He also said customs and NBR instead should pursue the corrupt businesses and detect those who commit crimes. Shamsul Alam, state minister for planning, spoke as the chief guest, while former FBCCI president Shafiul Islam Mohiuddin was the special guest.

The recent fuel price hike and increase in gas price in June will have a domino effect on the entire economy, the Dhaka Chamber of Commerce and Industry (DCCI) said Sunday. The hikes will have an immediate negative impact on transportation, essential commodities and electricity, it added. The cumulative impact of the price hike of fuels will cause inflationary pressure on the economy by raising the operating cost of all energy-dependent businesses and industries. The government Saturday increased the prices of all refined fuel oil products by 42.5 to 52 percent despite the gradual fall in global energy prices. Read: Area-based industries to remain closed a day in a week to save gas, electricity: Nasrul Hamid Diesel is the most-consumed fuel in Bangladesh, accounting for 73 percent of the country's total fuel consumption. More than 90 percent of the transportation sector is dependent on diesel. Also, vehicles that are powered by octane and petrol will have to bear an increased cost, the DCCI said. "This will also push up the domestic freight costs, leading to higher prices of essentials across the country." Another major impact will be on the production cost of agricultural products as diesel is widely used for irrigation purposes. Recurring fuel and fertiliser price hikes will directly impact the production cost of agricultural products and gradually affect food security, the DCCI said. Read: Westerners have put us into the danger: PM’s Energy Advisor Manufacturing industries are already suffering due to electricity rationing as diesel and liquefied natural gas prices went high globally. So, the DCCI suggested framing out a long-term strategy, continuing onshore and offshore gas exploration, pursuing energy mix and cost and energy efficient electricity generation. It also recommended reducing the fuel price as soon as it comes down in the international market considering its negative impact on the economy.

The D-8 Chamber of Commerce and Industries (D-8 CCI) on Monday announced that the D-8 CCI Business Forum and Expo 2022 will be held in Dhaka on July 26-27 to commemorate the silver jubilee anniversary of the establishment. The announcement was made at a press conference held at the Pan Pacific Sonargaon Hotel where D-8 CCI President Sheikh Fazle Fahim along with its Secretary General Ashraful Haq Chowdhury and FBCCI Director Sujib Ranjan Dash were present and discussed the programme agenda. This year’s D-8 CCI Business Forum and Expo 2022 will explore the possibilities around building value chain integration between Bangladesh and the seven other member countries of the D-8 - Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey. Also read: Tackling inflation to protect people’s purchasing power key challenge: DCCI The two-day D-8 CCI Business Forum and Expo, 2022 will be attended by the Presidents of Chambers of Commerce and heads of delegation and representatives from Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey along with other dignitaries and business leaders from the member countries. Foreign Minister and Chair of D-8 Ministerial Dr AK Abdul Momen will attend the event as the chief guest while Commerce Minister Tipu Munshi, Advisor to the Prime Minister Salman F Rahman, State Minister for Foreign Affairs Md Shahriar Alam and Secretary General of the D-8 Ambassador Isiaka Abdulqadir Imam will also be present at the event as guests of honor. Additionally, over 40 delegates from the eight D-8 member countries are expected to be present. Local Bangladeshi companies will also be present with Build in Bangladesh pavilions at the expo zone for the visitors to visit. Speaking about the upcoming event, Sheikh Fazle Fahim said the D-8 CCI Business Forum & Expo 2022 will focus on the theme of value chain integration amongst the apex bodies of business and trade from the D-8 member countries. He said the global Covid-19 pandemic and recent global economic developments have afflicted them with inflationary pressures, supply chain disruption, and stagflation; thus, the time is ripe to explore value chain integration across the D-8 nations for trade, investment and economic sustainability. Also read: DCCI invites Indian investors to invest in EZs in Bangladesh “On the 25th anniversary of the D-8, I express the hope that D-8 CCI Business Forum & Expo 2022 will create new possibilities to build trade relations and create new business opportunities amongst the D-8 member nations. Through this collaborative platform, we hope to open up pathways that enable the honorable D-8 member nations to grow their respective economies in a collaborative manner,” Fahim said.

Enhancing private sector investment, employment generation, revenue shortfall and financing are some of the challenges of the proposed budget for FY2022-23. In order to attain the targeted GDP, government needs to focus on widening tax net gradually, automation of tax structure, fixing up rational target of revenue collection and consistency of government expenditure. President of Dhaka Chamber of Commerce & Industry (DCCI) Rizwan Rahman said these in his initial reaction on proposed budget for FY2022-23 on 09 June 2022 at the DCCI Building. The inconsistency between income and expenditure in the proposed budget may lead to dependency over bank borrowing or loan from foreign source. Dhaka Chamber thinks that a planned, timely, cost efficient and implementable budget is more effective than a big budget. Read: $ 80 billion planned for investment by 2030 to achieve climate resilience Since the middle and lower middle income group of the society are facing the pressure of inflation, taking it into consideration, the limit of individual income tax can be increased. However, few slabs can be created for the higher income level group but obviously in a rational manner. Listed companies offloading more than 10% of their paid-up capital to the market through IPO only can avail the opportunity of giving 20% corporate tax. And both listed and non-listed companies who have cash expenditure or investment of taka 12 lakh annually and if they do transactions through banking channel are eligible to give 20% corporate tax. If any listed company fails to comply with these two conditions, they will have to pay 25% corporate tax. Dhaka Chamber feels that the threshold or limit in these conditions are very insignificant. Moreover, corporate tax rate should be reduced to be more competitive not only in the international market but also in local market. This year from July to May our export earning was USD 47.17 billion against import expenditure of USD 68.87 billion. Read: Govt raises bus fares on 13 routes adding Padma Bridge toll Trade deficit is USD 21.7 billion. It seems that our import expenditure is higher than the export earnings. Import expenditure over export earning is not good for our international trade. "We need to promote export diversification. Equal corporate tax for RMG and non-RMG export sector will facilitate diversification process.  24.9% investment from the private sector is targeted. But for that, private sector credit flow should be increased." ADP implementation till May 2022 was 58.36% which is not satisfactory. Mega infrastructure projects should be completed at a faster pace but in a lower price ensuring transparency and accountability. Clause number 83, 84 and 100 of goods seize provision need to be reformed, Rizwan Rahman said.

Dhaka Chamber of Commerce and Industry (DCCI) has invited Indian entrepreneurs to invest in the Economic Zones  in Bangladesh that are already ready for operation. A 47-member DCCI delegation led by its President Rizwan Rahman had an industry interactive meet with the Calcutta Chamber of Commerce at a hotel in Kolkata on Wednesday.     During the meeting, DCCI President Rizwan Rahman, also the leader of the Business delegation, said pharmaceuticals, footwear, energy, food processing, light engineering, ICT are some of the areas where Indian investors can tap the opportunities. Also read: DCCI urges Philippines to invest in Bangladesh’s healthcare, tourism sectors Besides, initiative of signing comprehensive economic partnership agreement (CEPA) between India and Bangladesh will usher a win-win situation for both end businesses, he added. Later, he also sought joint collaboration on different non-tariff issues which hinders our business scopes. Meanwhile, President of Calcutta Chamber of Commerce Shailja Mehta said India is the biggest trade partner of Bangladesh in South Asia. “Toward achieving advantageous trade figures, both the nations need to diversify trade with active industry participation.” Better market access, improved physical connectivity and transit and energy trade between India and Bangladesh are important instruments for unlocking bilateral trade potential, she added. She also termed tourism as one of the important area where there are huge potential to tap into.  The bilateral trade between Bangladesh and India hovers within USD 9.87 billion having a potential of USD 16.4 billion forecast by the World Bank, DCCI said in a press release. Also read: DCCI president tries to woo Sri Lankan investment, as envoy drops in Deputy High Commissioner of Bangladesh in Kolkata Andalib Elias was also present on the occasion and he said there is a deficit between the bilateral trades but it is decreasing day by day. During the last five to six years, the bilateral trade has multiplied about 2.5 times, he added. Later, an interactive B2B match-making was organised where DCCI business delegation and Calcutta Chamber of Commerce took part.

Dhaka Chamber of Commerce & Industry (DCCI) has urged the Philippines to invest in Bangladesh’s hospitality, healthcare and tourism sectors. DCCI leaders said that the Philippines made incredible success in the health and tourism sector, so it can invest in Bangladesh to get long term benefits. They also proposed setting up of a `Nursing Institute’ in Bangladesh to train up medical professionals and share the experience of the Philippines. Also read: DCCI president tries to woo Sri Lankan investment, as envoy drops in DCCI leaders  came up with the proposal during a meeting with Ambassador of Philippines in Dhaka Alan L. Deniega on Wednesday. DCCI president Rizwan Rahman led its team. DCCI Vice President Monowar Hossain, third Secretary and Vice Consul of the Philippines Embassy Christian Hope V. Reyes were also present during the meeting. In response, Ambassador Alan L. Deniega said after the LDC graduation, Bangladesh may take initiative to hold discussion to sign a free trade agreement (FTA) not only with the Philippines but also with the ASEAN countries to expand its export and trade. He also said Bangladesh has made tremendous progress in social and economic development in the recent past. Also read: DCCI urges Rwanda to import more Bangladeshi products Ambassador Alan said domestic tourism of Bangladesh is quite good and it is growing day by day. But to attract foreign tourists infrastructures development is crucial. He also opined that direct air connectivity between Dhaka and Manila can play a vital role to expand trade and investment opportunities including tourism between the two countries. In FY 2020-21 bilateral trade between the two countries was USD $124.24 million, where the import and export of Bangladesh was $49.72 million and $74.52 million respectively.

Dhaka Chamber of Commerce & Industries president Rizwan Rahman believes the manufacturing and service sectors of Bangladesh have high potential for returns on foreign investment, and encouraged Sri Lankan entrepreneurs to invest their capital accordingly. The DCCI president made the call when high commissioner of Sri Lanka in Bangladesh, Prof. Sudharshan D.S. Seneviratne called on him on Tuesday. Rizwan said that bilateral trade between Bangladesh and Sri Lanka reached USD $ 165.04 million in FY 2020-21, where Bangladesh's export was US$ 47.32 million and import US$ 117.72 million. He said that Bangladesh mainly exports pharmaceuticals, RMG and seeds, on the other hand machinery, textiles, chemical, mineral products, base metal import form Sri Lanka. To utilize the untapped trade and investment potentials, Bangladesh and Sri Lanka can sign Free Trade Agreement (FTA) and collaboration in ICT, outsourcing, tourism and engineering solutions, he opined. Rizwan also said that Sri Lanka can be an attractive destination for Bangladeshi investors. Sri Lankan High Commissioner Prof. Sudharshan D.S. Seneviratne said that Bangladesh has huge potential in the growing 'blue economy' sector centring the Bay of Bengal. Moreover there are huge opportunities to work jointly for the win-win development in the blue economy sector. He said that signing of a preferential trade agreement (PTA) with Bangladesh is in progress, and hopes that the governments can sign it soon. READ: DCCI urges Rwanda to import more Bangladeshi products If the performance of PTA is good then initiative can be taken to sign a free trade agreement (FTA) in future, he added. He also expressed his hope to increase the bilateral trade volume to USD 1 billion in the next five years. The high commissioner also invited Bangladeshi investors to invest in the tourism, agriculture, shipping and logistic sector in Sri Lanka. Srimali Jayarathne, First Secretary (Commercial), High Commission of Sri Lanka in Bangladesh and DCCI Senior Vice President Arman Haque, among others, were present during the meeting.