Adverse impact of geopolitics putting impact on Bangladesh: FBCCI president

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Mahbubul Alam on Saturday called upon the business community to stand united as Bangladesh was grappling with the repercussions of global geopolitics, which has impacted its economy.

"Businesses are disproportionately bearing the brunt of the economic turmoil," he told the annual general meeting of the FBCCI held at the Bangamata Sheikh Fazilatunnesa Convention Hall in the capital, reports BSS.

Highlighting the intersection of politics and the economy, Mahbubul said, "Politics may be confined to a few, but the economy is a shared concern for all. Therefore, the business community must stand united in steering the economy ahead."

Emphasizing on the significance of a business-friendly environment for the expansion of business, trade, and investment in the country, the FBCCI president said, "Due to the global crisis affecting the country's economy, the businessmen of the country are facing the biggest loss due to the crisis,"

Describing businessmen as the lifeblood of Bangladesh's economy and also playing a crucial role in its advancement, Mahbubul urged unity among business communities, from small to large industrialists, across all levels, to drive the economy forward, transcending political violence and differences.

He also called on political parties to refrain from intolerant activities during national elections to ensure the continuous movement of the country's business, trade, and economy.

"Due to the global crisis affecting the country's economy, the businessmen of the country are facing the biggest loss due to the crisis," he added.

Mahbubul said trade-related conditions and policies are being modernized to meet the challenges of transitioning to a developing country by 2026.

In this context, he emphasized on the need for presenting the private sectors' opinions on various issues, including cross-border trade and connectivity, investment, building a smart Bangladesh, customs and taxation, infrastructure, supply chain and logistics support, energy, climate change impact, the fourth industrial revolution, and technical and vocational education, at the policy-making level.

During the meeting, the minutes of the last Annual General Meeting, the Annual Report of FBCCI 2022-23, and the audit report of the organisation's income and expenditure were unanimously approved.

Additionally, the appointment of an auditor for a new institution was confirmed.