Economic Correspondent //

Eminent industrialists and economists of the country have commented that improvement of law and order situation, reduction of interest rates, and policy reforms are necessary for the development of the industrial sector.

On Saturday (October 5), the speakers made this call in a round table discussion titled ‘Current Status and Future Directions of Bangladesh’s Economy’ organized by Dhaka Chamber of Commerce and Industry (DCCI).

DCCI president Ashraf Ahmed presided over the meeting, the speakers said, despite facing various challenges in the post-Covid period, currently labor dissatisfaction in industrial areas, high inflation, and high rate of interest on bank loans are hindering the development of the industrial sector. Entrepreneurs are in limbo due to deteriorating law and order situation in industrial areas. At the same time, the long supply chain in the import of raw materials is having a negative impact on the production system. Besides, due to liquidity crisis, entrepreneurs are not getting necessary loan facilities, he said.

In the meeting, former president of FBCCI, Mir Nasir Hossain said that it is difficult to do business in the industrial sector with 15 percent interest. He also suggested bringing the middle income group under the tax umbrella, besides ensuring automation in customs houses to reduce corruption. He said, due to lack of proper system in gas supply, production is being disrupted, which is harmful to the economy.

President of Leather Goods and Footwear Manufacturers and Exporters Association Syed Naseem Manzoor said it is important to adopt zero tolerance policy for efficient recruitment management and maintaining law and order in industrial areas. He pointed out that traders are in dire straits due to high inflation and rising interest rates on bank loans.

BKMEA President Mohammad Hatem said that the role of intruders is behind the labor unrest. Labor-employer relations should be strengthened and peace maintained in industrial areas.

Shams Mahmud, former president of DCCI, said that the deterioration of the law and order situation in industrial factories is disrupting production, which may affect the country’s foreign exchange earnings. He cited the lack of preparation for the transition from LDCs and called for practical steps in this regard.

Chairman of Policy Exchange Bangladesh Dr. Masrur Riaz said that in the last 2 years, the confidence of businessmen has decreased due to the lack of effective solutions to economic problems. He said, if the interest rate of bank loans is not reduced, there may be more crisis in the economy.

Besides, PRAN-RFL Group Chairman Ahsan Khan Chowdhury, Mastercard Bangladesh Country Manager Syed Mohammad Kamal and Foodpanda Bangladesh CEO Ambrarin Reza emphasized on providing policy support and incentives to overcome various crises in the industry.

DCCI Senior Vice President Malik Talha Ismail Bari along with entrepreneurs and eminent people from various industries were present in the round table discussion.