Economic Reporter //

Trade Advisor Sheikh Bashiruddin said that the prices of essential commodities will remain stable during the upcoming Ramadan. Besides, there is no alternative to expanding our existing tax collection rate and tax net to control inflation and continue overall economic development activities.

He said these things when a delegation led by Dhaka Chamber of Commerce and Industry (DCCI) President Taskin Ahmed paid a courtesy call on him on Sunday (January 19). DCCI Senior Vice President Rajib H Chowdhury and Vice President Md. Salim Solaiman were present at the meeting, among others.

Stating that the unstable law and order situation after the July uprising and unexpected floods in different parts of the country had disrupted business activities locally, Sheikh Bashiruddin said that the overall situation has already improved considerably and the interim government is working relentlessly to overcome this situation. The recent rise in rice prices has also come to the attention of the government, which is continuing its efforts to keep it at a tolerable level.

At the same time, DCCI President Taskin Ahmed suggested reforming and modernizing the existing frameworks related to trade and investment, especially import-export policies, revenue structure, financial management, logistics policies, national budget and monetary policy, to meet the challenges of Bangladesh’s post-LDC transition.

In addition, the DCCI President said that due to the Covid pandemic, the Russia-Ukraine war, instability in the Middle East, and the unexpected situation after the country’s political change in 2024, Bangladesh could not prepare well to meet the challenges of post-LDC. Therefore, considering the existing situation, the government may consider postponing the deadline for our LDC transition. For this, it is necessary to formulate a ‘Smooth Transition Strategy (STS)’ to determine the steps to be taken and implement them properly through joint discussions between the government and the private sector.

The Trade Advisor said that the issue of LDC is very important for the overall economy of the country. For this, in the future, the capacity of the private sector to face the challenges of trade and investment will be increased and policy support and continuity will continue. For this purpose, the reform of trade and investment-related policies and the joint efforts of all are essential.

In the meeting, the President of Dhaka Chamber of Commerce and Industry, stating that in this situation, initiatives to increase VAT and taxes are not desirable in any way in view of the upcoming Ramzan, called for increasing market monitoring activities to eliminate existing irregularities in the supply chain management of products to control inflation in the market. In addition, he said that it is important to increase the supply of such products in the market during the month of Ramzan and ensure affordable prices, and to take strict initiatives and implementation by the Ministry of Commerce in market surveillance.

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