DCCI for separate ‘Agro-Industrial zone’ to attract foreign investors

Dhaka Chamber of Commerce and Industry (DCCI) on Thursday underscored the need for a separate ‘Agro-Industrial zone’ to attract foreign investors.

The chamber made the proposal at a seminar titled “Bi-annual economic state and future outlook of Bangladesh economy: Private sector perspective” at the DCCI auditorium in the city, said a press release.

Senior Secretary of the Commerce Ministry Tapan Kanti Ghosh was present at the seminar as the chief guest while Secretary (Additional Charge) of the Bangladesh Investment Development Authority (BIDA) Mohsina Yasmin joined the seminar as the special guest.

DCCI President Barrister Md Sameer Sattar delivered the keynote speech.

In his speech, Tapan Kanti Ghosh said that the country is going to be graduated from LDC status in 2026 and there is no reason to fear that.

“We need to go for massive value addition to get duty benefit . . . So, we need to strengthen and enhance backward linkage industry,” he added.

He also said that in the post-LDC era product diversification will play a catalyst role in catering better export market share for Bangladesh.

“Since 80 per cent of our economy is driven by the private sector, therefore it is the key role of the private sector to be ready for these upcoming challenges,” he added.

He later emphasized quality education, skill development and a business-friendly environment through a shared public-private partnership to steer the post-graduation journey of Bangladesh.

He further said that the government cannot alone lead the country to its desired level rather it should be a joint initiative of both public and private sectors.

Sameer Sattar said it is evident that the economy of Bangladesh has various challenges in the given geo-economic perspective but still the country’s economy has deep resilience and commitment to deal with this situation.

In the post-LDC era, he said, Bangladesh needs to go for product diversification, strengthening backward linkage industries, skill development and technological efficiency.

He also underscored the need for proper implementation of monetary policy, creating a business-friendly environment and necessary policy reforms.

To increase the tax-GDP ratio there is no alternative to increasing the tax net, he said.

He also proposed setting up a separate ‘Agro-Industrial zone’ to attract foreign investors. “To curb the NPL, he suggested taking stern measures for quick loan recovery,” he added.

Mohsina Yasmin requested the investors to utilize the integrated and inclusive OSS platform as a stepping stone towards the investment-friendly ecosystem development of Bangladesh.

She encouraged local and foreign investors to use this OSS platform for time and cost-efficient services to enhance investment in Bangladesh.

Mohamed Ali Hossain, Director, PHP Family, said, “If we can ensure a more resilient, consistent and friendly business ambience in Bangladesh this will help the investment and enable the government to realize more tax revenue in future.”

Syed Mahbubur Rahman, Managing Director and CEO, Mutual Trust Bank, emphasised on remittance growth to secure better forex.

He also underscored the need for good governance and efficient resource management to ensure the stability in the financial sector in Bangladesh.