Trade Bodies - Bangladesh Business News

Shoeb Chowdhury attends Commonwealth programme in India

BBN Desk — Wed, 06 Jun 2018 05:00:31 +0000

M Shoeb Chowdhury

Dhaka, Bangladesh (BBN)- Eminent entrepreneur and Vice President of India-Bangladesh Chamber of Commerce and Industry (IBCCI) M Shoeb Chowdhury has attended a conference titled ‘Commonwealth Consultation on Multilateral, Regional and Emerging Trade Issues for Asia’ in New Delhi, India on June 5-6.

Mr. Chowdhury has been invited to speak on implications of investment and service facilitation for Asia.

The program is scheduled to be attended by Teddy Soobramanien, Head of International Trade Policy, Commonwealth Secretariat, Rita Teaotia, Secretary, Ministry of Commerce and Industry, India, Mohammad Younus Dagha, Secretary, Ministry of Commerce, Pakistan, Amitendu Palit, Senior Research Fellow, Institute of South Asian Studies, Singapore, Rupa Chanda, Head, United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), New Delhi, Jayant Dasgupta, former Indian Ambassador to World Trade Organization (WTO) and dignitaries from 53 Commonwealth member states.

Zaidi Sattar, Chairman, Policy Research Institute (PRI) and Yusuf Saadat, Research Associate, Center for Policy Dialogue (CPD), Bangladesh and are also attending this event.

Mr. Chowdhury is also Honorary Consul of Malta in Bangladesh.

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Pakistan's apex trade body hints at suspending trade ties with India

BBN Desk — Fri, 28 Oct 2016 07:49:52 +0000

Karachi, Pakistan (BBN) - Pakistan’s apex trade body has hinted on suspending trade ties with India in the midst of differences between the two countries.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the country’s apex trade body, on Thursday said it would consider suspending trade with India if the situation did not improve soon, reports Dawn.
Abdul Rauf Alam, president of the FPCCI, said that Pakistan had no compulsions of any sort to continue business and trade relations with India under the current hostile conditions, according to the Dawn.
The entire Pakistani business community, he said, was united to take any decision and given the tense situation in the region, it was not possible to continue trade relations with India.
While highlighting the role of the SAARC Chamber of Commerce and Industry, the FPCCI chief said that it left them with no choice but to promote trade relations with ECO and D-8 countries.
The Kalabagh dam and the China-Pakistan Economic Corridor (CPEC) were also facing controversies and losing such opportunities could be damaging for the country, according to Mr Alam.
He also said that the CPEC was a game-changer, but there was little awareness among the business community about the project.
He advised the business community to work in unison and avoid politics of accusations in order to improve the image of the apex body of trade and industry (FPCCI).

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Bangladesh economy moving on a stable path: ICCB

BBN Desk — Fri, 28 Oct 2016 06:06:50 +0000

Dhaka, Bangladesh (BBN)- Bangladesh economy is moving on a stable path, despite external and internal challenges, a trade promotion organization said.
With positive near-term macroeconomic outlook, declining inflation, rising reserve, contained fiscal deficit and stable public debt, which indicates brighter prospects.
The country is among the top 12 developing countries, who achieved 6 plus percent growth in 2016.
According to experts by any standards, Bangladesh economy is doing well and expected to achieve above 7.00 per cent GDP this fiscal, according to the editorial of the current News Bulletin ((July-September 2016 issue) of International Chamber of Commerce-Bangladesh (ICCB) released on Thursday.
The key challenges for Bangladesh in FY 16 were acceleration of private investments and the better use of public sector resources to implement important infrastructure.
The decline in private investment/GDP ratio in FY16 gives rise to the concern about sustainability of the 7.0 per cent plus growth rate in the coming years.
Private investment has remained virtually stagnant at 22 per cent of GDP, with foreign direct investment (FDI) accounting for about 1.0 per cent of GDP, both being well short of their Seventh Five Year Plan (FYP) and Sixth FYP targets.
However, infrastructure investment in the current fiscal is booming.
The government has given top priority to ten fast-track mega projects in the current FY budget and given BDT 187.27 billion fund allocations for eight out of total 10 fast-track mega-projects.
The mega projects are the Padma bridge, Padma bridge rail connection, Metro rail, Sonadia Deep Sea Port, Rooppur nuclear power plant, Payra sea port, Rampal Thermal power plant, Matarbari power plant, LNG terminal, and Dohazari-Cox’s Bazar-Gundum rail line.
Experts welcomed the government initiative and said it would speed up implementation of the priority projects.
During three months of the current FY many of the fast-track projects have attracted foreign investment.
The Asian Development Bank announced $1.5 billion fund to build a key train line from Dohazari in Chittagong to Cox's Bazar, in its largest investment in railways in the continent.
The ADB is funding this new railroad, which is part of the Trans-Asia Railway network, to improve Bangladesh's access to Myanmar and beyond.
China Rail Group Limited has signed contract for Padma rail link, which is BDT 349.88 billion. DP Rail a British company has proposed to invest $7.5 billion in the Dhaka-Payra seaport rail link project.
The rail link between Dhaka and Payra is crucial, as the government plans to build it as the main seaport of the country by 2022. Payra sits on the Bay of Bengal and has all the potential to become an international seaport, but its road and rail links with Dhaka and other parts of the country are poor at the moment.
During last seven years US$8 billion was invested in the power sector in public-private partnerships and another $13 billion are in the pipeline.
The investment has resulted in access to electricity for nearly 80 per cent of the population. “But still there are unlimited opportunities of investment in the power sector, as we will need to generate some 24,000 MW power by 2021.”
To achieve its goal of middle-income country status by 2021and to accelerate inclusive growth as well as reduce poverty and income inequality, the country will require a substantial increase in yearly investments from 29 per cent of GDP in FY2015 to 34.4 per cent of GDP by FY2020.
More than $11 billion in external resources will be needed for public sector investment. For its strategic location Bangladesh has huge potential to attract more foreign direct investment (FDI) as the central point of eastern part of South Asia, being a connector between South and East Asia.
Bangladesh has also signed WTO Trade Facilitation Agreement, which is expected to allow Bangladesh to increase and diversify its export basket.
The major three economy of the region—China, Japan and India proposed to make huge investment, mainly in infrastructure development including energy.
With the timely implementation of various projects, Bangladesh will definitely be able to attract more FDIs in the very near future.
In order to attract FDIs, the government agencies have to be more vibrant and proactive. The recent merger of Board of Investment and Privatization Commission into one body – Bangladesh Investment Development Authority, in short called BIDA, hopefully will be able long demanded “ONE STOP” service in real sense to attract FDI.
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FBCCI goes to polls in Dhaka

BBN Desk — Sat, 23 May 2015 06:24:00 +0000

Dhaka, Bangladesh (BBN)-The biennial election to the Board of Directors of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is going on peacefully at its Motijheel office in Dhaka on Saturday.

The voting began at 9:00am and will continue till 5:00pm without any break to elect 32 directors.

Three panels – Swadhinata Byabshayee Parishad, Unnayan Parishad and Byabshayee Oikya Parishad – are contesting the elections for the 2015-2017 term.

Incumbent First Vice-President of the FBCCI Monowara Hakim Ali leads the Swadhinata Byabshayee Parishad while Nitol Niloy Group Chairman Abdul Matlub Ahmad heads Unnayan Parishad and Bangladesh Indenting Agents Association President Syed Moazzam Hossain guides Byabshayee Oikya Parishad.

A total of 52 directors will form the Board of the country’s highest trade body.

Of which, 32 directors will be elected in direct election – some 16 each from chamber groups and association bodies – while 20 others directors will be nominated from different chambers and associations of the country.

A total of 66 candidates are contesting for the posts of 32 directors (16 from chamber group and 16 from association group) under the banner of three separate panels.

A total of 2,193 voters will cast their ballots to elect the directors, said the primary voter list published in March 30.

Of them, 430 voters are from 78 chambers while 1,763 voters are from 355 different associations.

Like every year, lawmaker Professor Ali Ashraf became the election commissioner to conduct the elections.

The elected and nominated directors will elect the president, first vice-president and vice-president among themselves on May 25.

The result will be announced May 28.