FBCCI Business News 1

Transcription

1 FBCCI Business News 1

2 FBCCI Business News July-September Issue 2015 Editorial Board Chairman Mr. Abdul Matlub Ahmad President, FBCCI Members Mr. Md. Shafiul Islam (Mohiuddin) First Vice President, FBCCI Mr. Mahbubul Alam Vice President, FBCCI Mir Shahabuddin Mohammad Secretary General, FBCCI Asstt. Editor Mr. Md. Mamunur Rahman Joint Secretary, FBCCI Published by The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Federation Bhaban 60, Motijheel Commercial Area Dhaka Tel : Fax : , [email protected], Website: Contents Editorial 02 From the Desk of the President 03 FBCCI Board of Directors 04 FBCCI Activities 05 Economic News 26 Important Circulars 33 Pictorial 35 Country Profile of Bangladesh 45 Economic Update of Bangladesh 47 Business Inquiry 49 Fairs and Exhibitions 51 Printed by OGRO Printing & Packaging Industry Published on October 05, 2015 FBCCI Business News 2 FBCCI Business News 3

3 Editorial From the Desk of President BBIN Motor Vehicle Agreement A landmark step towards regional integration in South Asia South Asia s diversity provides huge opportunities for trade, investment, and economic growth. Though, the South Asia region is very wide and heterogeneous geographically, there are, however, challenges to the South Asian countries to maintain the regional competitiveness. One of the best solutions to such challenges is to strengthen regional connectivity and trade facilitation which would further support the regional economic integration. In this context Bangladesh, Bhutan, India and Nepal have signed the Motor vehicle Agreement in June 15, an epoch making initiative, for free movement of goods and passengers among the four countries. This is a framework agreement and all countries (BBIN) hope to conclude related formalities by next December. The MVA agreement between sub-grouping of four SAARC nations, BBIN will pave the way for a seamless movement of people and goods across their borders for the benefit and integration of the region and its economic development. This new agreement is expected to help revive the delayed SAARC Motor Vehicles Agreement. Under the agreement, the contracting parties will allow trucks and trailers with containers, passenger vehicles, hired or personal, to ply in the territory of other contracting parties. In other words, under the deal, a tourist from Bangladesh can go to Bhutan or Nepal through India in his or her own car and a patient can travel from Khulna to Kolkata in a rented ambulance. The agreement, which takes most of its text from the SAARC Motor Vehicle Agreement, will increase connectivity among the countries to boost trade and people-to-people contact. The agreement opens up many possibilities for Bangladesh. Once it becomes operational, Bangladeshis could easily travel directly to India, Nepal and Bhutan in their personal cars or by bus. Currently, India and Bangladesh have a bilateral arrangement on passenger movement. With this new agreement, Bangladeshi trucks and private cars could travel up to Nepal and Bhutan via India. Bangladesh is about 100 km away from Nepal and Bhutan and the BBIN pact will contribute for boosting trade, investment and tourism in the region. In order to realize regional integration, South Asia has to undertake comprehensive measures aimed at removing the prevailing infrastructural bottlenecks and trade barriers. It is inspiring that the four countries demonstrated sufficient political will to bring the South Asian nations closer by improving cross-border connectivity. It is expected that the BBIN Motor Vehicle Agreement will promote safe, economical efficient and environmentally sound road transport in the sub-region and will further help each country in creating an institutional mechanism for regional integration. However, Bangladesh would require huge amount of money to improve road, rail and waterways infrastructures and for building economic corridor between capital Dhaka and port city of Chittagong, enhancing capacity of Chittagong seaport and other land ports. These would be considered as the key to facilitating trade and investment at low cost in the South Asia region. Covering at least 1.5 billion people across India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan, Maldives and Afghanistan, the South Asian Association for Regional Cooperation (SAARC ) established in 1985 is one of the largest regional organizations in the world. But its achievements so far have been quite minimal. There is immense opportunity for trade generation through economic cooperation among the SAARC countries to achieve prosperity and to maintain sustained growth. But unfortunately the progress, till date, in regional integration has been limited in South Asia as compared to other sub regions in Asia and elsewhere. High transportation costs, inadequate cross-border infrastructure, and absence of a regional transit trade are some major factors that penalizing the region s trade and integration. We hope successful implementation of BBIN deal will also show the way for greater motor vehicle agreement among the SAARC countries in near future, which, will provide enormous opportunity for integration and development of our region. The present Board of Directors of FBCCI took over the charge for the term on May 31, 2015 to implement the commitments of the Board made to its constituencies. The new Board of FBCCI consists of well-capable and competent fifty two members of different sectors. I strongly believe that the newly elected Board will be able to fulfill the capacity building of not only the FBCCI but also of chambers and associations with a view to protecting the interests of the business community. We will also make our best efforts to make FBCCI secretariat more instrumental so that it can provide full support and assistance in implementing mission and vision of FBCCI. We are moving forward with the remaining tasks initiated by the immediate-past Board of Directors. We had a fruitful and cordial meeting with the Hon ble Prime Minister Sheikh Hasina at her office on September 3, 2015 to discuss on the prevailing situation of trade, commerce and economy of the country. We have submitted some proposals to the Prime Minister on further economic development of the country through infrastructure development, industrialization, investment, increase agricultural production etc. She responded positively and assured us of taking necessary measures to help prepare the country to face stiff global competition ahead. We have also met commerce minister Mr Tofail Ahmed MP and exchanged views on trade and economic issues. He said that Government is committed to ensure a business-friendly environment in the country. He assured us of his all out assistance to FBCCI for further development of the private sector. Regional trade plays an important role in enhancing trade volume as our neighbouring countries India and China are two big markets for Bangladesh. Through bilateral agreement and Business-to-Business negotiation we will try to enhance regional trade by establishing connectivity among the South Asian region. Present Board will play stronger role to deepen the bilateral trade relationship between Bangladesh and major neighbouring trading partner India. We had very fruitful discussions with H.E. Prime Minister of India Mr Narendra Modi during his recent historic visit to Dhaka. We proposed to establish a Joint Working Group involving private sectors to help implement the agreements signed to narrow the trade gap between the two countries. He responded positively to our proposals. He also accepted our proposal of at least 50 acres of land in India to build a designated investment zone for Bangladeshi readymade garment manufacturers and exporters. We are optimistic that his visit will open a new horizon in the Bangladesh-India relationships. The present Board is committed to take steps for necessary reforms of the country s apex trade body. A high powered Committee will be formed very soon to work on the issue. Our next priority agenda is to pursue lower interest rate on bank loan. Banks in Bangladesh are charging more interest than that of in the neighbouring countries, increasing the cost of doing business here. The higher interest rates discourage investment and resultantly hinder the initiatives of creating jobs and reducing poverty. We have huge idle fund in the banks but due to higher interest rate, business people are not interested to take loans and to encourage new investment. We are demanding for single digit interest rate to attract more investment. We already addressed the issue at the meeting with our Hon ble Prime Minister. She assured us that Government would try to bring the bank interest rate to single digit to flourish industrialization and businesses. If we could bring the banks lending rates down to a single digit it would help immensely for the business. We will work across the country with a view to creating new entrepreneurs in each District. Special scheme to be initiated in this regard to provide financing facility, information and counseling to the fresh entrepreneurs. We have already taken some steps for enhancing networking between FBCCI and its Member bodies. Videoconferencing network have been launched with the District Chambers to promote businesses. We will also take some more arrangements to make the FBCCI more vibrant to identify problems and suggest way-out for resolving issues related to businesses. The country s economy has experienced an impressive over six per cent growth rate over the last few years despite the global crisis and other limitation. Bangladesh has already moved up to a lower-middle income economy from a lower-income country. We are stepping forward to achieve the Vision This success story is the result of combined efforts of both private and public sectors. We hope the collective efforts will be strengthened further for the benefit of the economy of the country. Abdul Matlub Ahmad President, FBCCI FBCCI Business News 4 FBCCI Business News 5

4 FIRST VICE PRESIDENT Mr. Md. Shafiul Islam (Mohiuddin) FBCCI Board of Directors Term PRESIDENT Abdul Matlub Ahmad VICE PRESIDENT Mr. Mahbubul Alam FBCCI Activities Newly elected office bearers of FBCCI assumed office New FBCCI chief pledges massive reforms DIRECTORS (CHAMBER GROUP) Mr. Md. Aminul Haque Shamim Mr. Dilip Kumar Agarwala Gazi Golam Ashria Sheikh Fazle Fahim Mr. Md. Nizam Uddin Mrs. Monowara Hakim Ali Mr. Prabir Kumar Saha Mr. Nurul Huda Mukut Mrs. Hasina Newaaz Mr. Nagibul Islam Dipu DIRECTORS (ASSOCIATION GROUP) Mr. Md. Helal Uddin Mr. Nizamuddin Rajesh Al-Haj Md. Harun-ur-Rashid Mr. Shameem Ahsan Mr. Abu Motaleb Mr. Md. Habib Ullah Dawn Mr. K.M. Akhtaruzzaman Mr. M. Shoeb Chowdhury Mr. Md. Muntakim Ashraf Mr. S.M. Jahangir Hossain Mr Abdul Matlub Ahmad, the newly elected president of FBCCI for the term took over the charge of the office from Kazi Akram Uddin Ahmed, the outgoing president of FBCCI on May 31, 2015 at the charge handover ceremony held at the FBCCI Conference Center. Mr Shafiul Islam Mohiuddin, first vice president, Mr Mahbubul Alam vice president and the newly elected directors also took over their charges. The outgoing first vice president Mrs Monowara Hakim Ali, vice president Mr Md Helel Uddin and the outgoing directors were also present at the program. Outgoing president Kazi Akram Uddin Ahmed formally handed over the charge to incumbent Mr Abdul Matlub Ahmad. The two-tier Election of FBCCI for the term and was held on 23rd and 25th May, Mr Abdul Matlub Ahmad has been elected as president, Mr Shafiul Islam has been elected as first vice President and Mr Mahbubul Alam has been elected as vice president of FBCCI for the term uncontested. Taking the charge of FBCCI newlyelected FBCCI president Mr Abdul Matlub Ahmad, reiterated his firm determination to build up a new future for the country s businesspeople. He pledged to move forward with the remaining tasks initiated by the immediate-past board of directors of the trade body. He said reforms of FBCCI, reducing of lending rates and country wide industrialization will be the priority works of the Board. Efforts will also be made to strengthen research and development department, modernize operational system, digitalize work station, strengthen networking with member bodies and set up a media centre to update trade-related data of FBCCI. He promised to bring down the bank interest rate to a single digit within soonest possible time. He said it Mr. Masud Parvez Khan (Imran) Mr. Md. Abu Naser Alhaj Mohammed Bazlur Rahman Rtn. Md. Abul Ayes Khan Mr. Md. Anwar Sadat Sarker Khandaker Ruhul Amin Mr. Tabarakul Tosaddek Hossain Khan Tito Mr. Md. Amin Helaly Mr. Md. Rezaul Karim Reznu Mr. Shafquat Haider Alhaj Md. Masud Mr. Md. Shafiqul Islam Vorosha Mr. Mohammad Ismail Hossain Mr. Md. Nazrul Islam Mazumder Mr. Saidur Rahman Rintu Mr. Monsur Ahmed Kalam Mr. Benajir Ahmed Mr. S. M. Shafiuzzaman Mrs. Naaz Farhana Ahmed Mr. S.M. Amzad Hossain Kazi Aminul Haque Sheikh Kabir Hossain Mr. Kamran T. Rahman Mr. A.K.M. Salim Osman, M.P. Mr. Md. Mosaddeque Hossain Bablu Mr. Md. Jashim Uddin Mr. Shameem Ahmed Mr. Tapan Chowdhury Mr. Muhammad Shams-uz Zoha Mir Shahabuddin Mohammad, Secretary General Mr Abdul Matlub Ahmad, newly elected president of FBCCI took over the charge from the outgoing president Kazi Akram Uddin Ahmed at a ceremony held on May 31, 2015 at FBCCI. Newly elected first vice president Mr Shafiul Islam Mohiuddin, vice president Mr Mahbubul Alam and directors of FBCCI are also seen. FBCCI Business News 6 FBCCI Business News 7

5 would not be impossible to bring down the interest rate of bank loans as the owners of the banks are also businessmen and 80 per cent of country s money is controlled by the business people. Mr Matlub said that after bringing down the bank interest rate, the FBCCI would take move to create three new entrepreneurs in each district within a year and the number of the new entrepreneurs will be nine in each district in the second year. He said massive reforms to FBCCI including its electoral system are required to make the organization more vibrant and effective. The new Board will try its best to take steps for necessary reforms of FBCCI. The new FBCCI president assured to reform the apex trade body as per the will of the business community and the issue will be discussed in the first meeting of the newly elected Board. He also remarked the new Board would work with the government on a priority basis to fix a tolerable rate for VAT and tax. He also said that they would establish a car-pool in the trade body so that the executive committee members can use vehicles in reduced rate to promote business activities across the country. The outgoing president Kazi Akram Uddin said Bangladesh continues to be an excellent example of economic resilience and consistent economic progress despite the state of the global economic recovery. Socio-economic development, digital revolution and stable macroeconomic outlook served to push forward the targets of Vision 2021 of the country. Private sector of the country is contributing a lot to the economic development process He said during his tenure FBCCI worked sincerely in the areas of specially trade negotiation & policy support to the Government. His Board took a number of steps for safeguarding the interests of the business community. He expressed his appreciative acknowledgement for the liberal help and cooperation received from the Members of the General Body in discharging responsibilities during his tenure. FBCCI leaders met Prime Minister Sheikh Hasina PM urges to explore marine resources steps in the power and energy sector, Sheikh Hasina said her government had set up many gas transmission lines to extend the gas connections. Referring to the withdrawal of import duty on LPG, she said her government did not receive much response from the businessmen and suggested the local entrepreneurs go for manufacturing cylinders. About the recent power and gas tariff hike, the prime minister said the Government had to purchase fuel at a higher price earlier for power generation for which it had to bear a liability of Tk 38,000 crore. Out of such liability, she said, about Tk 8,000 crore have so far been paid. Sheikh Hasina said present government has always been a business-friendly one. We always create environment for flourishing businesses. We don t do businesses of our own; rather we promote businesses for ensuring further economic development. Referring to the reduction of bank interest rate to a certain limit to flourish industrialization and businesses, she said the government would try to bring the bank interest rate to single digit. Mentioning that many Muslim countries procure Halal meats from other countries, the prime minister said the Bangladeshi entrepreneurs have failed to avail such opportunity and suggested them tap such potential market. The prime minister said the proposed Bangladesh, Bhutan, India and Nepal (BBIN) and the Bangladesh, China, India and Myanmar (BCIM) initiatives have provisions of regional connectivity which could help flourish businesses. Encouraging the businessmen to pay taxes, she said their paid tax is in a sense helping themselves as the Government could pay incentives to them based on the tax. She also suggested the industrialists and businessmen go for planned industrialization having provision of water bodies so that any possible fire incident could be dealt with properly. Pointing at the ongoing works on Dhaka-Chittagong, Dhaka- Mymensingh, Dhaka-Sylhet four lane projects alongside setting up rail link to Cox s Bazar, Sheikh Hasina said such works would flourish industrialization. Putting emphasis on optimum utilization of rawhide, she said her government is looking for suitable place for setting up slaughterhouses. Highlighting various steps of the present government in various fields, the Prime Minister said the poverty rate has come down to 22.4 percent and the export earnings from IT sector has reached $ 300 million. Speaking on the occasion, FBCCI president Mr Abdul Matlub Ahmed said the country s businessmen would work hand in hand with the Government to materialize Vision Mr Shafiul Islam Mohiuddin, first vice president, Mr Mahbubul Alam, vice president and directors of FBCCI also spoke in the meeting. Former presidents of FBCCI Mr Salman F Rahman, Kazi Akram Uddin Ahmed and Mr AK Azad, PM s political affairs adviser Mr HT Imam, economic affairs adviser Dr Moshiur Rahman and principal secretary Mr Abul Kalam Azad were, among others, present. Hon ble Prime Minister Sheikh Hasina asked the country s businessmen to tap the growing domestic market and take steps for exploring the huge marine resources. The prime minister came up with the suggestions when Members of the Board of Directors of FBCCI led by its president Mr Abdul Matlub Ahmad made a courtesy call with her at her office on September 3, Leaders of FBCCI discussed on the prevailing situation of trade, commerce and economy of the country with the prime minister during the meeting. FBCCI leaders appreciated the prime minister s leadership in keeping the wheels of the country s economy moving even during the global economic meltdown. They also submitted some proposals to the prime minister on further economic development of the country through infrastructure development, industrialization, increase agricultural production etc. Hon ble Prime Minister Sheikh Hasina responded positively and assured the business leaders of taking necessary measures to help prepare the country to face stiff competition ahead. She said not only concentrating on the RMG sector, the country s businesses should go for tapping the vast marine resources in the Bay of Bengal, especially for deep sea fishing, following the gain of huge marine areas through the maritime boundary verdicts over Myanmar and India. She said they should also go for tapping the growing domestic market alongside boosting exports. The more the purchasing capacity of the common people will increase, the domestic market would get bigger, she said. About the Government s various Members of the Board of Directors of FBCCI led by its president Mr Abdul Matlub Ahmad made acourtesy call with Hon ble Prime Minister Sheikh Hasina at her office on September 3, FBCCI Business News 8 FBCCI Business News 9

6 Business delegation visited USA as entourage of PM More US investment invited A high-level business delegation led by Mr Abdul Matlub Ahmad, president of FBCCI visited USA during September 22-30, 2015 as the entourage of the prime minister of Bangladesh Sheikh Hasina to attend the 70th United Nations General Assembly (UNGA) at the UN Headquarters in New York. During the visit, prime minister attended a number of events on several issues apart from a series of bilateral meetings. The business delegation accompanied her to explore new areas of trade and business in the USA. Members of the Business Delegation attended the business forum and some other business discussions on the sidelines of the UNGA. business meetings and discussions. This year s UNGA has been considered as very important for Bangladesh as the Champions of the Earth, the highest environmentrelated award of the UN, and the ICTs in Sustainable Development Award of the International Telecommunication Union have been handed over to the Bangladesh Prime Minister Sheikh Hasina for her commendable contribution in the areas of environment and ICT sectors. The agreed Sustainable Development Goals (SDGs) was adopted during the 70th UNGA that succeed the Millennium Development Goals (MDGs) that were forged in the year Countries like Bangladesh have made commendable progress in achieving most of the goals set in MDGs ( ). The business delegation members accompanied the prime minister at the different programs. They also had different business meetings with the local business community during the visit and discussed about boosting trade and economic cooperation between Bangladesh and USA. They urged the US businessmen to invest in Bangladesh by taking the advantages of country s multidimensional foreign investment facilities. Prime Minister Sheikh Hasina called upon the US investors to invest Bangladesh in a greater way to tap the potentials the country has in various sectors and thus take the relations of the two countries to a newer height. She addressed a roundtable discussion with US Business Council for International Understanding (BCIU). Heads and CEOs of different large companies of the US, including president of BCIU Mr. Peter J. Tichansky were present. Members of Bangladesh Business Delegation were also present in the event. She said her Government has introduced the liberal fiscal incentives for foreign investors, including a most generous tax holiday, concessionary duty on import of machinery, remittance of royalty, 100 percent foreign equity, unrestricted exit policy, a full repatriation facility of dividend and capital on exit and many more. She delivered her country speech in the general debate of the UNGA highlighting issues like global peace and security, democracy, good governance, women empowerment, poverty eradication, right of migrant workers, climate change and achieving Millennium Development Goals. Apart from attending the general debate of the UNGA, she joined the high-level roundtable on South- South Cooperation at the UN Headquarters. Besides, she also addressed the plenary session of the UN Summit for the Adoption of the Post-2015 Development Agenda highlighting Bangladesh s priorities. She also met prime minister of India Mr Narendra Modi during the visit and discussed the status of bilateral relations and ways to take them forward. President of FBCCI Mr Abdul Matlub Ahmad invited the US investors to invest more in Bangladesh considering the strategic location in South Asia and third generation booming businesses and industries. Mentioning that the duty- and quotafree access of products to the EU, Canada, Australia, New Zealand, FBCCI greets PM for winning Champions of the Earth and ICT Sustainable Development Awards Japan, India and other countries provide a competitive edge to investors in Bangladesh, FBCCI chief requested the US entrepreneurs to take the advantage. FBCCI business delegation members attended the business meeting of American Bangladesh Business Alliance and US Bangladesh Trade Investment Conference during the USA visit apart from other programs. FBCCI first vice president Mr Shafiul Islam Mohiuddin, vice president Mr Mahbubul Alam, directors Al- Haj Md. Harun-ur-Rashid, Mr. Md. Habib Ullah Dawn, Mr. K.M. Akhtaruzzaman, Mr. Md. Muntakim Ashraf, Mr. Masud Parvez Khan (Imran), Alhaj Mohammed Bazlur Rahman, Rtn. Md. Abul Ayes Khan, Mr. Md. Anwar Sadat Sarker, Mr. Khandaker Ruhul Amin, Mr. Md. Rezaul Karim Reznu, Alhaj Md. Masud, Mr. Benajir Ahmed, Mrs. Naaz Farhana Ahmed also joined the delegation, among others. FBCCI congratulated Prime Minister Sheikh Hasina on her receiving the Champions of the Earth and ICT Sustainable Development awards. Prime Minister Sheikh Hasina received the UN highest environmental accolade of the United Nations Environmental Program Champions of the Earth, award in recognition of Bangladesh s far-reaching initiatives in addressing problems induced by climate change. Besides, she received ICT Sustainable Development Award from the International Telecommunication Union (ITU) in recognition of her contributions towards harnessing Information Communication and Technologies for sustainable development. FBCCI president Mr Abdul Matlub Ahmad is seen speaking at the business meeting of American Bangladesh Business Alliance on September 25, 2015 during the USA visit as the entourage of the prime minister of Bangladesh Sheikh Hasina. Finance Minister of Bangladesh Mr Abul Maal Abdul Muhith MP was the chief guest of the program. FBCCI thanks Govt for its steps to review Ideal Tax Schedule 2015 and extend the date for renewal of City Corporation trade license. FBCCI thanked the Government for forming a Committee to review the Ideal Tax Schedule-2015 of City Corporations and increasing two months time (up to November 30, 2015) for renewal of City Corporation Trade License of through a press statement. On persuasion of FBCCI local government division of Ministry of LGRD has formed the revisit committee for ideal tax schedule-2015 of city corporations & extended the last date for renewing the trade license for two months. FBCCI expects the Committee will be able to make logical recommendations over trade license fee which will be acceptable to all. FBCCI also requested the Local Government, Rural Development and Cooperative Ministry for involving FBCCI representative in the review committee and to consider its recommendations. FBCCI Business News 10 FBCCI Business News 11

7 Bangladesh business leaders meets Indian PM Joint Working Group proposed to minimize the trade gap FBCCI Directors met Commerce Minister Joint efforts for making vibrant economy stressed A business delegation led by FBCCI president Mr Abdul Matlub Ahmad, made a courtesy call with visiting Indian Prime Minister Mr Narendra Modi on June 7, 2015 at Hotel Pan Pacific Sonargoan, Welcoming the Indian Prime Minister, FBCCI President Mr Abdul Matlub Ahmed said his historical visit to Bangladesh will open a new horizon in the Bangladesh-India relationships, especially in the areas of trade, business and investment. Country s garment manufacturers sought at least 50 acres of land in India to build a designated investment zone for Bangladeshi readymade garment manufacturers and exporters in the neighbouring country. They requested for the land to establish an importing company of garment for retailing garments in the markets across India. During the meeting, business delegation urged the Indian Prime Minister for taking an initiative to build a deep-sea port in Bangladesh coastal area near the port city of Chittagong. They thanked Indian PM to sign the trade deal to allow Bangladeshi trucks and vehicles to ply through Indian territory to transport goods to Bhutan and Nepal. Similarly, as per the deal vehicles of Nepal and Bhutan will also be allowed to use Bangladeshi territory to carry goods to other countries. They also proposed establishing a Joint Working Group involving private sectors of the two countries to help implement the agreements signed to narrow the trade gap between Delhi and Dhaka. The Indian premier Mr. Modi responded positively to the proposals of the business delegation. He also assured for taking necessary initiatives to implement the agreements, signed during his visit, to boost bilateral trade, business and investment between Bangladesh and India. Mr Shafiul Islam Mohiuddin, first vice president and Mr Mahbubul Alam, vice president of FBCCI also joined the delegation, among others. Members of the Board of Directors of FBCCI led by its president Mr Abdul Matlub Ahmad made a courtesy call with the commerce minister Mr Tofail Ahmed MP at his office on August 19, They discussed on the prevailing situation of trade, commerce and economy of the country during the courtesy call. Mr Shafiul Islam Mohiuddin, first vice president and Mr Mahbubul Alam, vice president of FBCCI were also present in the meeting with the Board members. FBCCI leaders discussed various business-related matters with the minister. They expressed their determination to make the country s economy vibrant through collaborative efforts of public and private sectors. FBCCI president mentioned that Bangladesh has maintained sustained 6% plus economic growth over the last decade with sound macroeconomic fundamentals, downward edging single digit inflation, and moderate fiscal deficits. In the area of economic development, despite the global economic slowdown and the persistent fragile global economy, Bangladesh as a developing country has performed remarkably well, maintaining a steady economic growth. Private sector is playing a very significant role in the economic development of the country, FBCCI chief added. He also said the success story of the country is particularly due to the collective efforts of both Public and private sector. He thanks the minister for providing special support to the private sector recognizing their contribution to the development goals of the country. He said the bank interest rate on lending must come down to single digit for the sake of the businesses. Commerce Minister Mr Tofail Ahmed said the Government is doing the necessary to ensure a businessfriendly environment in the country. He said the commerce ministry will try to amend the trade organization rules to introduce a direct election system in different trade bodies. He also assured them of doing his best for the benefit of the economy. The federation president submitted some recommendations to the commerce minister on further economic development of the country. The commerce minister responded positively and assured the business leaders of taking necessary measures to help prepare the country to face stiff competition ahead. A business delegation led by FBCCI president Mr Abdul Matlub Ahmad, made a courtesy call with visiting Indian prime minister Mr Narendra Modi on June 7, 2015 at Hotel Pan Pacific Sonargoan. Members of the Board of Directors of FBCCI led by its president Mr Abdul Matlub Ahmad met the minister for commerce Mr Tofail Ahmed, MP on August 19, 2015 at the Ministry. Mr Shafiul Islam Mohiuddin, first vice president and Mr Mahbubul Alam, vice president of FBCCI and the directors of FBCCI are also seen in the photo. FBCCI Business News 12 FBCCI Business News 13

8 SEZ to be set up in Barisal, Bhola: Industries Minister Seminar on Economic and Industrial Potentiality of Barisal held Industries Minister Mr Amir Hossain Amu MP said Special Economic Zone (SEZ) would be set up on 604 acres of land in Barisal and Bhola to boost the economy of the southern region. The minister was addressing at a seminar on Economic and Industrial Potentiality of Barisal Division at Barisal Press Club auditorium. FBCCI organized the Seminar on August 22, 2015 in partnership with Friedrich Naumann Foundation (FNF). Minister for Industries Mr Amir Hossain Amu MP was present in the Seminar as chief guest while Ms Zebunnesa Afroz, MP was the special guest. FBCCI president Mr Abdul Matlub Ahmad chaired the meeting. Mr Saidur Rahman Rintu, president of Barisal Chamber of Commerce and Industry, presented the keynote paper. In his speech, the industries minister said special economic zone (SEZ) would be set up on 604 acres of land in Barisal and Bhola to boost the economy of the southern region. Referring to the gas reserve in Bhola, the minister said the Government would set up 250 MW power plant and fertilizer factory in Bhola. He urged the entrepreneurs to concentrate on setting up coal and power-based industries, and collect plots in Barisal BSCIC. He assured women entrepreneurs in allotment of BSCIC plots. Replying to the demand of rail communication, the minister said installation of rail track would not be taken place now, but the area would get more benefit after opening the operation of Paira port. The Paira sea port will play an important role to boost socio-economic development of the region. FBCCI president Mr Abdul Matlub Ahmad narrated the prospects and possibilities of Barisal region and also said that pre-planned socioeconomic development would create several employment opportunities for the people of the region. First Vice President of FBCCI Mr Shafiul Islam Mohiuddin, Barisal Metropolitan Chamber president & FBCCI director, Mr Nizam Uddin Ahmed, police commissioner Mr Shaibal Kanti Chowdhury, directors of FBCCI and business leaders, women entrepreneurs, bankers, of Land port constraints hold back Indo-Bangla trade FBCCI calls for development of land ports for boosting regional trade FBCCI leaders demanded an immediate improvement in infrastructure and more banking services at the land ports along the Bangladesh-India border to facilitate trade between the countries. Bangladesh s trade with India could increase significantly provided if the constraints on land ports infrastructure of both countries are addressed, said businessmen. They suggested reducing pressure on the Benapole land port as 80 per cent of cross-border trade are now being conducted through the port, which is time-consuming. They also suggested developing the country s other land ports (LPs) and Land Customs Stations (LCSs) through addressing insufficient manpower, inadequate logistics and simplification of documentation for imports and exports. They said the LPs are supposed to remain open from dawn to dusk but in most cases they function from 10 am to 4:00 pm, leaving the businessmen to suffer. They suggested opening bank at all the land port since businessmen had to go a long way to resolve their banking-related matters for import and export purposes. The observations came at the seminar on Development of Land Ports and Land Customs Stations for Trade Facilitation held at FBCCI on September 6, Non Tariff Measure (NTM) Desk of FBCCI organized the seminar. Minister for Shipping, Mr. Shajahan Khan, MP was present in the seminar as chief guest. H.E. High Commissioner of India Mr Pankaj Saran and Secretary, Internal Resource Division (IRD) & Chairman, National Board of Revenue (NBR) Mr Nojibur Rahman, were the guests of honour while Member (Customs Policy) of NBR Mr Farid Uddin and Chairman, Industries Minister Mr Amir Hossain Amu MP as chief guest is speaking at seminar on Economic and Industrial Potentiality of Barisal Division organized by FBCCI in partnership with Friedrich Naumann Foundation (FNF) at Barisal Press Club auditorium on August 22, Minister for Shipping, Mr Shajahan Khan, MP as chief guest speaking at the Seminar on Development of Land Ports and Land Customs Stations for Trade Facilitation organized by FBCCI NTM Desk on September 6, 2015 at FBCCI. H.E. High Commissioner of India Mr Pankaj Saran, Chairman, NBR Mr Nojibur Rahman, Member (Customs Policy) of NBR Mr Farid Uddin and Chairman, BLPA Mr Tapan Kumar Chakravorty are also seen in the photo, among others. FBCCI Business News 14 FBCCI Business News 15

9 Bangladesh Land Port Authority Mr Tapan Kumar Chakravorty were the special guests. Mr Abdul Matlub Ahmad, President, FBCCI chaired the Seminar. Director (Audit) of Bangladesh Land Port Authority (BLPA) Mr Abul Kalam presented the keynote paper. Mr Shafiul Islam Mohiuddin, first vice president, Mr Mahbubul Alam, vice president and directors of FBCCI were present in the Seminar. Leaders from different Chambers and Associations, exporters, importers, port users, C& F Agents among others, were present in the Seminar as participants and joined in the open discussion. Representatives from Ministry of Commerce, Ministry of Finance, Ministry of Shipping, Bangladesh Bank, Border Guards Bangladesh (BGB) and different research organizations were also present. Speakers opined that Bangladesh s trade with India could increase significantly provided if the constraints on land ports infrastructure of both countries are addressed. Shipping Minister Mr Shajahan Khan as the Chief Guest said Ministry of Shipping would soon declare Sheola in Sylhet a land port and the Paira Sea Port would function fully from He said the construction of by-pass road at Benapole land port, which is now waiting for inauguration, will significantly reduce its traffic pressure. H.E. High Commissioner of India Mr Pankaj Saran suggested developing the LPs of Bangladesh and India. Infrastructure in the land ports has been neglected over the years. We should exchange visits regularly to solve the problems in those areas, he said, adding that the success of mutual trade and benefit between Bangladesh and India is largely dependent on the success of land port operations. The crossing of immigrants through Benapole and Petrapole, the Indian side of Benapole port, has doubled to 1.2 million in 2014 from 600,000 in 2013, he said. He urged the Bangladesh Government to depute customs officials at the different land ports to ensure smooth operations. He said that the volume of bilateral trade will increase significantly if the LPs and LCSs are developed. Chairman of NBR Mr Nojibur Rahman, said NBR would consider the businessmen s proposals for developing land ports that will help increase revenue. FBCCI president Mr Abdul Matlub Ahmad said LPs and LCSs play a significant role in import and export among Bangladesh, India, Nepal and Bhutan. But limitation of infrastructural facility, backward communication and excessive documentation create hurdle for smooth import and export activities. He said the volume of trade between Bangladesh and India is now around US $ 6.0 billion annually and 80 per cent of the businesses (import and exports) are now being conducted through the Benapole (Bangladesh) land port, putting huge pressure on the port and the businessmen often could not get prompt services and face harassment. He proposed to ensure FBCCI s representation on behalf of private sector of the country in the Board of Bangladesh Land Port Authority. He suggested developing Sonamajjid, Bhomra, Burimari, Tamabil and Sheola to reduce the pressure on the Benapole land port, which can offer prompt services to the businessmen. In his key note paper Mr Abul Kalam said Bangladesh shares a 4,246-kilometre-long border with India, which has a long history of land transport system. BLPA came into being in 2001 under a parliamentary legislation with specific mandate to facilitate export-import business through land routes. BLPA started its operation in early 2002 by declaring eleven land customs stations (LCSs) as land ports. The land ports regulator is authorized to levy and collect charges for services it provides. Currently, the BLPA has twenty two land ports spreading over the north, east and west sides of Bangladesh. Out of 22, ten land ports are operational at the moment. The remaining12 land ports are yet to be commissioned and under process of construction or development. Of the 10 operational land ports, five are run by BLPA and five are outsourced to private operators under built-operate and transfer (BOT) agreement. The country has 181 LCSs. Mr Tapan Kumar Chakravorty, chairman of BLPA, said Government has been implementing a project worth Tk 143 crore to widen a road up to Benapole port to ease traffic. FBCCI first vice president Mr Shafiul Islam Mohiuddin said many land ports are not that much functional, while the cross-border trade remains very low for various reasons. We re working on regional connectivity. There s huge potential. It is time to work together to resolve all the problems, he added. FBCCI vice president Mr Mahbubul Alam offered vote of thanks in the seminar. It may be mentioned here that NTMs (Non-Tariff Measures) are considered as the major obstacle in trade liberalization among the SAARC countries. It is now becoming very important to focus on the NTMs issues for advancing trade cooperation among the SAARC countries for economic integration. In this context, FBCCI set up the NTM (Non-Tariff Measures) Desk with cooperation of SAARC TPN (SAARC Trade Promotion Network) and GIZ (German Development Cooperation) with a view to regularly monitoring and reporting the NTMs (Non-Tariff Measures) in the SAARC region and use the information as the basis of lobbying and advocacy for reduction and elimination of NTMs in the countries and in region. Budget business friendly: FBCCI Opposes hike in tax at source for exports FBCCI has termed the proposed National Budget for the fiscal is business and investment friendly. But it has been expressed fear that the Government s excessive borrowing from the banking system may shrink credit flow to the private sector. The apex trade organization passed their observations at a post-budget press conference at the Federation Bhaban on June 6, FBCCI president Mr Abdul Matlub Ahmed briefed the press. FBCCI president, during briefing the press on budget said the Government should concentrate on strengthening monitoring activities effectively from the beginning of the fiscal to implement the budget. He also urged the Government to ensure a business-friendly revenue collection process as the private sector is the main source of revenue collection to meet the financing of the budget. Expressing gratitude to the Government, FBCCI president said most of the recommendations made by the FBCCI have been reflected in the budget. For the first time, almost all the proposals referred by the FBCCI have been included in the national budget. We ve some observations that would be submitted to the Government in writing, and hope the Government would consider those, he added. FBCCI president mentioned to plug budget deficit, the Government plans to borrow Tk 56,523 crore from domestic sources next fiscal year, of which Tk 38,523 crore may come from banks. This dependence on the banking system may put a negative impact on the private sector credit flow, Mr Matlub said adding that on the other hand, if the Government fails to address deficit financing properly, development activities will be hampered. We think the government will have to deal with the issue competently, president remarked. He said the country s economic growth has been hovering around 6 percent for the last few years. Investment should be increased to raise the economic growth rate to 7 percent, he said.a Given the private sector s huge contribution to gross domestic product, bank interest rate for them should be lowered, he said. Industrialization will accelerate only if loans are given at a single-digit interest rate, he said. FBCCI chief said the Government revises the budget every year due to a mismatch between funding and expenditure. The government should strengthen FBCCI president Mr Abdul Matlub Ahmad is seen briefing the press on FBCCI s reaction on proposed national budget at FBCCI office on June 6, FBCCI Business News 16 FBCCI Business News 17

10 its monitoring so it can start implementing the budget from the very beginning of the fiscal year, he said. Referring to the proposed hike in taxat-source on exports to 1 percent, he said it is true that the exportoriented industries, especially the apparel sector, have been enjoying various tax benefits for years. But still it s too early to increase the FBCCI launched video-conferencing network with the District Chambers on August 19, 2015 to help promote businesses. State Minister for Post and Tele communication Advocate Tarana Halim inaugurated the network as the chief guest at FBCCI. State Minister for Information and Communication Technology (ICT) Mr Junaid Ahmed Palak was present in the occasion as special guest while president of FBCCI Mr Abul Matlub Ahmad chaired the program. The apex trade body launched the tax rate and I think the Government can continue the existing facility for another 2-3 years, he said. It will be difficult for garment makers to achieve the $50-billion export target by 2021 due to the hike in tax, he said. He also said there should not be any supplementary duty on the services such as mobile phone that the masses use. vide-conferencing network with 5 district chambers on the day. The districts were Natore, Rangpur, Tangail, Sylhet and Jhenidah. Other Districts would also come under video-conferencing network with the FBCCI very soon. President of FBCCI Mr Abdul Matlub Ahmed said they would go for videoconference networking with rest of the district chambers every day. This would help to identify problems and suggest way-out for resolving issues related to businesses. Mr Matlub said the Government proposed to reduce taxes and duties in many cases to encourage the local industries. But there are some proposals for increasing taxes and duties in other cases too that may hurt the related industries, he said. FBCCI first vice president Mr Shafiul Islam Mohiuddin also spoke on the occasion while directors of the apex body were also present. FBCCI sets up video-conferencing network with District Chambers He said state-owned Sonali Bank, Janata Bank and other private banks assured to provide all sorts of financial assistance in this regard. State Minister Advocate Tarana Halim assured all possible assistance from the Government to the FBCCI s initiative. Mr Shafiul Islam Mohiuddin, first vice president, Mr Mahbubul Alam, vice president, directors of FBCCI and leaders from different Chambers and Associations, among others, were present. 6th SA Sichuan Business Promotion Conference held Major FDI boost from China on the way: FBCCI Chief A FBCCI Business delegation led by Mr. Abdul Matlub Ahmad, President, FBCCI attended the 6th South Asia Sichuan Business Promotion Round- Table Conference held during June 14-16, 2015 at Chendu, China. FBCCI President addressed the 3rd Session of the 6th South Asia Sichuan Roundtable Conference on Potential and Investment Opportunities in Infrastructure. He said China is a long trusted friend of Bangladesh and is a strategic business and development partner. Historically, Bangladesh was connected through the Southern Silk Road and in the present day, Bangladesh is walking in those lines to connect with China in a big way. He said world economy and international markets are witnessing structural changes and a rapid pace of innovation. In this Asian century, it is our responsibility to ensure effective and efficient infrastructure which will enable the business enterprises and the economy as whole to better respond to these changes and trends, he added. He said like many other South Asian countries, in the last decade, the Bangladesh has placed a strong emphasis on infrastructure development and market based economic activities. Investment in industry related ventures and infrastructure is being specially encouraged through a liberal investment regime. He said the widely discussed issue of Silk Road Economic Belt is expected to fulfill the infrastructure gap and create important economic opportunities, especially for Bangladesh as an economic hub between China and other South Asian and South East Asian Countries. A blueprint in this regard has already declared by China. A Memorandum of Understanding between FBCCI and Sichuan Council of China Council for the Promotion of International Trade (CCPIT) was signed during the visit. The Chinese investors at the conference stated that the recent economic stability and progress in Bangladesh attracted them to relocate their business there. They expressed their keen interest in renovating power plants in Bangladesh. On his return to Dhaka, FBCCI president said Foreign Direct Investment (FDI) would get a major boost over the next few years as a good number of Chinese investors are strongly considering relocation of their industries to Bangladesh. A delegation from the capital of Sichuan, Chengdu, would visit Bangladesh to see the opportunities and benefit of the relocation of their enterprises, he added. State Minister for Post and Telecommunication Advocate Tarana Halim is inaugurating the video-conferencing network with District Chambers on August 19, 2015 at FBCCI. State Minister for ICT Mr Junaid Ahmed Palak was also present in the program as special guest. Mr Abdul Matlub Ahmad, president, FBCCI and Mr Li Gange, president, China Council for Promotion of International Trade (CCPIT), Sichuan, China are signing a Memorandum of Understanding on 15th June, 2015 at a local hotel in Chengdu during the 6th South Asia Sichuan Business Promotion Round-Table Conference. FBCCI Business News 18 FBCCI Business News 19

11 FBCCI Delegation attended China-SA Business Forum MoU between FBCCI & CCPIT signed A FBCCI business delegation led by Mr Mahbubul Alam, vice president of FBCCI attended 10th China South Asia Business Forum and 3rd China South Asia Expo held at Kunming in Yunnan Province of China during June 11-13, The China Council for the Promotion of International Trade (CCPIT) and the Government of Yunnan Province jointly organized the China-South Asia Business Forum. Regional cooperation, women entrepreneurship and various aspects of cooperation between China & South Asian nations were discussed in the forum. Apart from delivering speeches at different sessions, Mr. Mahbubul Alam, vice president of FBCCI delivered speech at the 10th China South Asia Business Forum on the theme on Promoting the Construction of Silk Road Economic Belt and Accelerate the Pace of Business Cooperation on 11th June. He also addressed at the BCIM Business Council Meeting on the same day. FBCCI vice president Mr Mahbubul Alam said since its inception in 2004 the China-South Asia Business Forum has been an important platform to promote economic cooperation between China and South Asian Countries. He said Bangladesh considers itself to be a close friend of China and has always been an active supporter of greater regional cooperation between China and South Asia. Since 2004, the CSABF has provided an effective platform to discuss ways to enhance trade and investment cooperation within Chinese and South Asian business communities. He remarked that China and South Asian Countries making up about 45% of the world population have immense possibilities for expansion of economic relationships. He also added that if the vast manpower of the region is transformed into human capital it would play a significant role in fostering growth. The huge population also creates a large market, which is an essential requirement for boosting economic growth. In order to face the challenges of the ongoing global economic crisis, Bangladesh and China need to have a greater partnership through economic A Memorandum of Understanding (MoU) was inked between FBCCI and China Council for the Promotion of International Trade (CCPIT) on June 12, 2015 in Kunming, China during the 10th China South Asia Business Forum. Mr Mahbubul Alam,vice president of FBCCI and Mr Yu Ping, vice chairman of CCPIT signed the MoU from their respective side. cooperation, trade and investment, he added. He said China was well-connected with its immediate neighbours as well as Europe, Middle East and Africa through the old Silk Road for centuries. He hoped such an initiative would accommodate to the needs and capacity of various countries in both land and sea related projects. He also remarked the BCIM economic corridor, a part of the Silk Road is thought out to form a thriving regional zone which would enable the development of manufacturing and service based industries along the route, especially in the under developed areas and contribute to the energy needs of the region. He said Bangladesh is situated in a geographically and strategically important location and for that reason it attracts investment from the growing SARCC (South Asian Association for Regional Cooperation) and ASEAN (Association of Southeast Asian Nations) regions. A Memorandum of Understanding (MoU) was inked between FBCCI and China Council for the Promotion of International Trade (CCPIT) during the 10th China South Asia Business Forum. Mr. Mahbubul Alam, vice president of FBCCI and Mr. Yu Ping, vice chairman of CCPIT signed the MoU from their respective side. Under this MoU it will emphasize on promotion of inter-regional economic & trade cooperation and exchanges among women entrepreneurs and promotion of development of SME enterprises and women s employment. Since its launching in 2004 the CSABF has played an important role in cementing the economic and regional cooperation between China and South-Asian countries. FBCCI delegation attended Trade & Investment Summit, Singapore Urged for joint venture investment A FBCCI delegation led by its president Mr Abdul Matlub Ahmad attended Trade & Investment Summit held in Singapore, during August 26-27, The High Commission of Bangladesh in Singapore organized the Trade and Investment Summit at the Fullerton Hotel, Singapore in collaboration with MIDAS Touch Asia Institute. The Summit was attended by Mr Tofail Ahmed, commerce minister, Dr. Gowher Rizvi, adviser for international affairs and Mr Shahidul Haque, foreign secretary, among other dignitaries. The opening address in the summit was given by Mr Mahbub Uz Zaman, High Commissioner of Bangladesh to Singapore. In his address, the High Commissioner spoke about the business, trade and investment potentials in Bangladesh. He said that the economic fundamentals are very strong in Bangladesh. He invited the businessmen and investors to invest in Bangladesh. In his welcome address, Dato Andy Wong, the Executive Director of Midas Touch Asia institute, expressed his great optimism of the business potentials in Bangladesh. Adviser for International Affairs Dr. Gowher Rizvi highlighted the progress of social indicators in Bangladesh and viewed that such progresses create opportunities for more investment in Bangladesh. In the summit, the key note speech was given by commerce minister of Bangladesh. He said that since forming the Government in 2009, Prime Minister Sheikh Hasina has given top-most priority and policy directives towards promotion of business and investment. These initiatives have already yielded positive results. Mr Abdul Matlub Ahmad, president of FBCCI is seen speaking at the Trade & Investment Summit held in Singapore on August 27, Bangladesh, with an average GDP growth rate of six per cent is fast becoming a preferred destination for investment and doing business. He hoped that businessmen and investors from Singapore will take advantage of the huge potentials of doing business in Bangladesh, he added. The summit was organized into two panels. Both panels included leading business persons as panelists. The first Panel discussed leather goods & footwear, RMG, textiles, energy & power and shipbuilding sectors. The second panel focused on information technology, pharmaceuticals and infrastructure development. In his speech FBCCI president Mr Abdul Matlub Ahmad said Singapore is the role model for Bangladesh in terms of economic development as the businessmen of the country are one of the most prominent business hub in the world with modern infrastructure and excellent resource management capabilities. He said Bangladesh is undergoing tremendous transformations and rapid changes are taking place. In the socio-economic front there are many success stories and the small economy of the country has demonstrated strong resilience to the global economic downturn that has gripped the last couple of years. He also remarked ongoing digitalization ensures that Bangladesh is moving forward keeping up with the international pace. Bangladeshi industries have been able to considerably improve on rights and standard issues and as such the future of the business seems upbeat. The RMG sector has much room for expansion in the up market of designer labels and exclusive textile materials. FBCCI Business News 20 FBCCI Business News 21

12 FBCCI president invited joint venture investment with a local business partner and assured to provide all kinds of support required by the investors. In his concluding remarks, foreign Secretary of Bangladesh Mr. Shahidul Haque highlighted the strength of Bangladesh. He said that the stable society, inter-cultural harmony and geo-strategic location of Bangladesh are very much conducive to doing business and investment in the country. He concluded by inviting the business persons and investors of Singapore to take advantage of Bangladesh s location as the hub of regional economic activities as the country is increasingly getting integrated with the economic corridors of China, Myanmar and India. The summit provided an ideal platform for businessmen, investors and representatives from trade bodies from Bangladesh and Singapore to interact and share business experience. The event also provided an excellent opportunity to network and explore business and investment opportunities in Bangladesh. It is expected that the event will create more business opportunities between Bangladesh and Singapore. A B2B Meeting between FBCCI delegation and the Bangladesh Business Chamber of Singapore was held on 28 August, 2015 at Chancellor Orchared Hotel, Singapore. President of Bangladesh Business Chamber of Singapore Mirza Golam Sabur was also present in the meeting. Mr. Aminul Haque Shamim, Mr Dilip Kumar Agarwala, Mr K M Akhtaruzzaman, Alhaj Md Masud, Mr Shameem Ahmed, Mr Mohammad Nizam Uddin, directors of FBCCI joined the FBCCI Delegation, among others. FBCCI urges for undisrupted gas, power supply to industries Press Conference on Prospects of Industrialization Scenario and the Role to Play held FBCCI demanded immediate steps for supply of power and gas to the industries that have already secured demand notes of availing the utilities. The Apex trade body made the demand at a press briefing titled Prospects of Current Industrialization Scenario and the Role to Play at Federation Bhaban on July 22, FBCCI president Mr Abdul Matlub Ahmad briefed the press. FBCCI president said many industries have been idle for months for not having power and gas supply although demand notes were issued for supplying those. FBCCI president said a number of industrial units were built over the years in the country amid a stable economy, as recognized by different global rating agencies. He said a good number of the units could not go into production for long due to power and gas shortage. It has forced the industrialists to count substantial financial loss in the form of paying high bank interest rates. They made large volume of investment to set up those units. If the situation prolongs further, it will put the bank financing to those industrial units at risk. It will also have a negative impact on both local and foreign investment in the coming days, which none in the country wants, he said. At the briefing, FBCCI president placed some proposals on behalf of the organization to the Government to consider for overcoming the utility crises that have been holding back the growth of the industrial sector as well as the economy. The proposals include supplying gas to the industries, which have received demand note from various gas transmission and distribution companies including Titas, by August 15 as part of short-term initiatives. Many apparel factories were relocating their units from the capital to meet compliance issue set by the international buyers. But the factories now need to submit fresh applications for electricity and gas connections. FBCCI proposed to ensure resumption of gas and power supply to the shifted factories according to their previous approval. The industrial units, driven by gasbased generators, should also be given top priority in supply of gas, it FBCCI president Mr Abdul Matlub Ahmad is speaking at the press briefing titled prospects of industrialization scenario and the role to play at FBCCI on July 22, added. FBCCI president also said the Government can take measures to resume operation of the old and suspended power plants, inviting the private sector through PPP (public-private partnership) to further minimize the supply-demand gap. Speaking at the briefing former FBCCI former president Mr AK Azad said some 75 demand notes were issued over the years in favour of various industries. But only 10 to 12 industries got the utility supply and the rest have not got it yet. He said the government projected eight per cent growth rate over the next few years from existing six-plus growth. But it cannot be achieved leaving industries without power and gas. Hailing various government moves, including fiscal measures, for trade and business in the country, former FBCCI president Kazi Akram Uddin Ahmed said the government needs to focus more for overcoming key barriers, like - infrastructural shortcomings, high bank interest rate and inadequate industrial plots, for attracting the expected level of investment here. Mr Mahbubul Alam, vice president of FBCCI urged for uninterrupted gas supply to the factories generating own power from gas. Former president of FBCCI and president of ICC Bangladesh, Mr Mahbubur Rahman, directors of FBCCI and other business leaders of the country were also present at the briefing, among others. FBCCI Condoles death of Dr. APJ Abdul Kalam FBCCI expressed deep shock at the demise of former Indian President Dr APJ Abdul Kalam. The 11th President of the neighbouring country who was recipient of India s highest civilian honour - the Bharat Ratna, Padma Bhushan and Padma Vibhushan -- gave consequential guidelines and suggestions for the socio-economic advancement of the entire South Asia, FBCCI said in a press statement. FBCCI termed the death of APJ Abdul Kalam irreparable for the South Asian nations. APJ Abdul Kalam, also known as Missile Man of India, visited Bangladesh last year to attend a program for youths. Addressing the program, he had motivated the youths saying the work identity of the youth will be the future of Bangladesh which encouraged the attendees to choose their appropriate career. FBCCI Business News 22 FBCCI Business News 23

13 Seminar on Problems and Prospects of Silk and Other Industries in Rajshahi Division held FBCCI will work positively to revive Rajshahi s silk sector: FBCCI President Highlighting the enormous potentialities of the traditional silk sector in Rajshahi, FBCCI president Mr Abdul Matlub Ahmad has said the FBCCI would work positively for reviving the sector on priority basis. He was addressing a seminar titled Problems and Prospects of Silk and Other Industries in Rajshahi Division held at the conference hall of Rajshahi Chamber of Commerce and Industry (RCCI) as chief guest. FBCCI and Fredrich Newmann- Stifting Furdie Freihfit (FNF) jointly organized the seminar on August 30, Mr Moniruzzaman, president of Rajshahi Chamber presided over the Seminar. Dr Nazmul Hossain, country representative of FNF presented the key-note paper. FBCCI vice president Mr Mahbubul Alam, directors Mr Rezaul Karim Reznu, Khandakar Ruhul Amin and Mr Prabir Kumar Saha, RCCI former presidents Mr Muhammad Ali Sarker and Mr Abu Bakkar Ali and president of Bangladesh Silk Industry Owners Association Mr Liakat Ali also spoke on the occasion. During his keynote presentation, Dr Nazmul Hossain, country representative of FNF, illustrated the existing problems and prospects of the silk sector. He also put forward a set of recommendations on how to revive the sector through overcoming the problems. He said everybody should work together to regain its lost glory as it has a big market in both domestic and global. FBCCI president Mr Matlub Ahmad said utmost emphasis would be given on boosting more silk yarn along with promoting more silk export from the region for making its economy vibrant coupled with elevating its socio-economic condition through earning more foreign currencies. He mentioned that boosting production of local yarn can help bolstering the export list coupled with revitalizing the silk sector to regain its lost legacy alongside meeting the existing local demands. He also stressed the need for enhancing export items through establishing industries based on agricultural and non-agricultural products in the region by utilizing government initiatives aimed at earning foreign currency. FBCCI will extend all-out support in this regard. Mr Matlub urged the local entrepreneurs to display their products in various exhibitions in both local and abroad for successful expansion of their business. FBCCI delegation attended D-8 Private Sector Meeting at Malaysia Further strengthening of cooperation urged A 22 members Business Delegation led by Mr Abdul Matlub Ahmad, president, FBCCI attended the D-8 Private Sector meeting organized by the D-8 organization for Economic Cooperation held in Malaysia. 1st conference of the D-8 Chambers of Commerce and Industry commenced on 01 September 2015 till 02 September 2015 in Kuala Lumpur. This first ever initiative of D-8 private sector congregation was organized by the National Chamber of Commerce and Industry of Malaysia (NCCIM). The gathering of D-8 business leaders played an important role to fabricate the network of private sector in order to foster trade and investment manifold. Business leaders discussed collective measures for trade facilitation and tapping into the potentials. Dr. Seyed Ali Mohammad Mousavi, D-8 Secretary-General, attended the 2-day gathering and expressed his gratitude to the participants from the Chambers of Commerce and Industries of the D-8 Member States for their attendance and constructive contribution. He emphasized the need for trade openness and capital account convertibility for favourable investment. He also hoped that the private sector meeting would be held every year and in every capital of the D-8 Member States on the principle of rotation. He also underscored the need for private sector to lay out framework and mechanism towards enhancing future cooperation. FBCCI president Mr Abdul Matlub Ahmad called upon the D-8 countries entrepreneurs to enhance their investment in Bangladesh. He said the Developing-8 is an important platform for Bangladesh since the eight countries represent 13% of the population, fast growing countries with a focus on maximizing on the global opportunities and are united by history, faith, culture and values. He also said it is now the responsibility of the private sector of D-8 countries to develop effective cooperation and supply chain linkages through which we can transform ourselves into a power-force generating better products and services that can successfully compete in the international markets. He also stated that sectors including Shipbuilding, Pharmaceuticals, Agro-processing sector, prepared FBCCI president Mr Abdul Matlub Ahmad as chief guest, speaking at the seminar on Problems and Prospects of Silk and Other Industries in Rajshahi Division held at the conference hall of Rajshahi Chamber of Commerce and Industry on August 30, FBCCI Business News 24 Mr Abdul Matlub Ahmad, president, FBCCI is seen among the leaders of D-8 Chambers in Malaysia during the D-8 Private Sector meeting on September 1, FBCCI Business News 25

14 food products, frozen food, jute and diversified jute products, diversified plastic products, tourism products, health care sector, etc. are all important avenues for business collaboration in Bangladesh. He urged the Governments and private sectors of D-8 to focus on identifying possible measures in strengthening the cooperation in the areas of trade and investment. He said in almost all the sectors Bangladesh needs technological support and investment. Considering the global supply chain, we also need support with packaging and distribution he said adding that Bangladesh can effectively procure the raw materials and manufacture but we also need help with the branding and designing. FBCCI president invited all the business entrepreneurs of D-8 member countries to visit Bangladesh and explore the opportunities. President of National Chamber of Commerce and Industry of Malaysia Mr Datuk Syed Ali Alattas delivered the welcome remarks of the D-8 private sector meeting. FBCCI delegation had a meeting with H.E. Mr Shahidul Islam, High Commissioner of Bangladesh High Commission in Malaysia and Indian investors in Malaysia. FBCCI president invited the Indian investors to invest real estate and housing sector in Bangladesh. Mr Mohammad Nizam Uddin, director of FBCCI Mr Farukul Islam Shova and Mr Khurshed Ali Mollah, Former directors of FBCCI also joined the delegation among others. D-8, also known as Developing-8, is an organization for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey. The establishment of D-8 was announced officially through the Istanbul Declaration of Summit of Heads of State/Government in Plan to build RMG warehouse in Russia: Finance Minister Exploring CIS markets key to boosting exports Going for bilateral arrangements with Commonwealth of Independent States (CIS) can be the key to boosting the country s exports to the ex-soviet nations as well as diversifying export destinations. The observation came at a seminar on 3rd Front of Bangladesh s Export Destination Russia & other CIS Countries, jointly organized by Bangladesh Foreign Trade Institute (BFTI), FBCCI and the CIS- Bangladesh Chamber of Commerce & Industry held on September 12, 2015 at a city hotel. Mr Abul Maal Abdul Muhith MP, minister for finance was the chief guest of the seminar while Mr Tofail Ahmed MP, commerce minister was the special guest. Speakers said in the context of a turbulent global economy, Bangladesh is struggling to increase its export receipts, focusing on the US and the EU markets predominantly with apparel items. The country is now looking to diversify its export destinations especially the emerging CIS besides diversifying export baskets to lower risks stemming from the traditional US, EU markets. They said the issue has become more important after many of Bangladesh s competitors are going to sign Free Trade Agreements (FTAs) with the countries that entertained Bangladesh with GSP facility. If the FTAs are put in place, Bangladesh s competitiveness will be seriously hampered, and then the 12-country Russia-CIS block will protect, safeguard and enhance the countries trade interests, they added. Besides, entering the Russian apparel market has become more important as the country is going to hold World Cup football in 2018, they also said. Speaking on the occasion, finance minister Mr AMA Muhith said the CIS market is lucrative for local businessmen as the region has the potential to grow in the near future and Bangladesh has historically maintained a good relationship with the region. Russian market could be a good destination for us while other CIS countries are the potential markets for Bangladesh because of their good education system inherited from former Soviet Union, he commented. Finance Minister also said the Government planned to set up a mainly readymade garment warehouse in Russia in a bid to increase trade with the Commonwealth of Independent States countries. Bangladesh has no warehouse in the world. But we are now thinking of such a one to bring about pace in our exports, he added. He urged the entrepreneurs to find a suitable place in the CIS countries to build a warehouse, mostly for apparel goods. Mr Shafiul Islam Mohiuddin, acting president of FBCCI is seen speaking at the seminar on 3rd Front of Bangladesh s Export Destination Russia & other CIS Countries, jointly organized by BFTI, FBCCI and the CIS-Bangladesh Chamber of Commerce & Industry on September 12, 2015 at a city hotel. Mr Abul Maal Abdul Muhith MP, minister for finance was the chief guest of the seminar while Mr Tofail Ahmed MP, commerce minister MP was the special guest. Commerce Minister Mr Tofail Ahmed said time has come to sign bilateral deals to boost exports without waiting for WTO resolutions to this end. Banking and LC related problems are the main hurdles to entering the Russian market, which can be resolved through opening Russian bank branches in Dhaka or Bangladeshi bank branches in Russia, he pointed out. He also said there is no alternative to providing cash incentives on exports to include new products in the export basket. Acting President of FBCCI Mr Shafiul Islam Mohiuddin said bilateral and regional FTAs were becoming very prominent and happening all over the world now. So, there is no alternative to signing FTA to boost bilateral trade, he said. Finance Secretary Mr Mahbub Ahmed, Foreign Secretary Mr Shahidul Haque, EPB vicepresident Mr Shubhashish Bose, CIS-BCCI president Mr HK Kabir, among others, spoke at the event, moderated by BFTI CEO Mr Ali Ahmed. FBCCI adviser Mr Manzur Ahmed and CIS-BCCI senior vice president Mr Lokman Hossain presented two keynote papers -- Bangladesh Foreign Trade Strategy and Strengthening Bangladesh-CIS trade relations in the meeting. Business people and high government officials at the seminar laid emphasis on signing bilateral Free Trade Agreement (FTA) to increase volume of trade with the different countries. Bangladesh is a signatory in several multilateral FTAs, but has yet to sign any bilateral FTA. Meetings held with leaders of Associations to identify the trade related problems FBCCI Directors assigned for Chambers and Associations In order to look after the overall functions & activities of trade bodies including its problems and remedies, all the Chambers and Associations have been allocated among the Directors of FBCCI. The assigned Directors are responsible for handling the matter of the concerned trade bodies. A number of meetings with the concerned Associations have already been convened by the respective Directors at FBCCI to discuss on the problems and prospects of the sectors. Leaders of the Associations attended the meeting. It was decided in the meetings that the problems and proposed remedies would be forwarded in written by the concerned Associations as soon as possible to FBCCI. FBCCI will take appropriate steps to solve the problems. Mr Jashim Uddin, Mr Habib Ullah Don, Mr Abu Motaleb, Mr SM Jahangir Hossain, Mr Abu Naser, Khandaker Ruhul Amin, Mr Shafiqul Islam Vorosha, directors, FBCCI have convened the meetings with leaders of respective assigned Associations. FBCCI Business News 26 FBCCI Business News 27

15 Economic News Indian Prime Minister paid his maiden visit to B desh Modi vows to move ahead along with Bangladesh The Indian Prime Minister Mr Narendra Modi paid his maiden visit to Bangladesh on June 6-7 after his swearing-in as the 15th prime minister of India. The visit took place at the invitation of Bangladesh Prime Minister Sheikh Hasina. During the visit the two countries signed the agreements in the fields of telecommunication, security, infrastructure development, education, science and technology, information and communication technology and culture. In the first-day of his visit a total of 22 agreements were signed after the bilateral talks between Prime Minister of Bangladesh Sheikh Hasina and her Indian counterpart Mr Narendra Modi. Later, officials of the two countries exchanged the documents before the two leaders spoke to the press on the outcome of their meeting. The Indian Premiere said he was at Dhaka bringing with him goodwill from his countrymen for their neighbouring nation. Mr Modi paid his respects to the martyrs of Bangladesh s Liberation War at National Mausoleum at Savar. He also visited Bangabandhu Memorial Museum at Dhanmondi to pay homage to the father of the nation Bangabandhu Sheikh Mujibur Rahman. Saluting an icon of democracy, a towering personality and a great friend of India, Bangabandhu Sheikh Mujibur Rahman, said Modi in facebook post shortly after paying the tributes. Mr Modi accompanied by Bangladesh PM Sheikh Hasina and West Bengal chief minister Ms Mamata Banarjee inaugurated Dhaka-Shillong-Guwahati and Kolkata-Dhaka-Agartala bus services. India PM met president of Bangladesh Mr Abdul Hamid at the Bangabhaban. He received the Independence Award on behalf of former Indian prime minister Mr Atal Bihari Vajpayee for his outstanding contribution to Bangladesh s Liberation War. Mr Modi met former prime minister and BNP chairperson Begum Khaleda Zia, leader of opposition in parliament Begum Rowshan Ershad and other political leaders. A business delegation led by FBCCI President Mr. Abdul Matlub Ahmad, made a courtesy call with visiting Indian Prime Minister on June 7 at Hotel Pan Pacific Sonargoan. Issues regarding bilateral business relations were discussed during the meeting. Business leaders proposed establishing a Joint Working Group involving private sectors of the two countries to help implement the agreements signed to narrow the trade gap between Delhi and Dhaka. Indian PM assured the business delegation for taking necessary initiatives to implement the agreements, signed during his visit, to boost bilateral trade, business and investment between Bangladesh and India. He visited Dhakeshwari temple and Ramakrishna Mission Math in Dhaka city. He inaugurated the new Indian chancery at Baridhara Diplomatic Zone in Dhaka. Visiting Indian Prime Minister Mr Narendra Modi ended his two-day maiden Bangladesh visit wishing common prosperity and future while identifying progress in sub-regional cooperation as a major achievement of his tour. He delivered a public speech on Bangladesh-India relations at Bangabandhu International Conference Center (BICC). I would like to tell you, we are along with you and alongside you... the dream I have for India, the same I have for Bangladesh, he told a public lecture for select gathering hosted by Dhaka University at the BICC in collaboration with the Indian High Commission in Dhaka. He said that the unity set by the common history and geography and culture was the strength of the bilateral ties saying can anyone could ever think that one man could be the composer of national anthems of two countries. here lies the strength of our unity. Eminent personalities representing different sections of society and foreign diplomats rallied at BICC when the 65-year Indian leader touched upon most issues of bilateral, regional and international interests during his more than one hour lecture. Dhaka University vice chancellor Professor AAMS Arefin Siddique introduced the Indian premier to the audience while the recipient of India s Padma Bushan Professor Emeritus Anisuzzaman and Padma Sri Jana Das joined the function as special guests along with Finance Minister Mr AMA Muhith and government leaders. Mr Modi said what the South Asian grouping of SAARC could not yield the expected development for regional connectivity, the two countries made a great achievement towards that end on sub-regional basis involving the common neighbours of Nepal and Bhutan. Everybody may not move together, is it not an achievement that some of us could move together... now even the decision has been taken for connectivity in sea routes as well apart from road, railway and river communications... we are proud for the great achievement, he said. We re are with you and continue to walk together, said Mr Modi at a the program. Indian Prime Minister Mr Narendra Modi left Dhaka for New Delhi on June 7 after wrapping up his twoday visit to Bangladesh wishing common prosperity and future while identifying progress in sub-regional cooperation as a major achievement of his tour. US welcomes BD-India deals during Modi s visit US Deputy Assistant Secretary of State for South and Central Asia Ms Eileen O Connor welcomed the deals signed between Bangladesh and India during Indian Prime Minister Mr Narendra Modi s visit to Dhaka. She said the United States always looks at relationship among countries positively for regional economic development. We look very positively at all agreements signed between India and Bangladesh, Eileen O Connor said appreciating it as a sign of vibrant cooperation between Bangladesh with India just like the United States. The visiting US Deputy Assistant Secretary made the comment while replying to a question at a press meet with a group of journalists in Dhaka. Ms Connor said the US has been promoting a much more integrated region throughout South Asia and Central Asia because of its shift towards Asia. We share the enthusiasm with Bangladesh for greater cooperation in trade and commerce and greater exchanges of people and ideas, the deputy assistant secretary said. She termed ratification of the land boundary agreement a landmark one and said the US sees it like Bangladesh as a model for economic growth for the entire region. She said for the US, greater connectivity in any form is better for a country to develop. It also helps a region to be stable with more prosperity, education and jobs. The US official visited Dhaka on a threeday visit on June 7, 2015 ahead of a regional conference on counter violent extremism to be held in Astana of Kazakhstan. Bangladesh moves up to lower middle-income country According to the World Bank s latest estimates of Gross National Income per capita (GNI), Bangladesh has moved up to a lower-middle income economy from a lower-income country. Bangladesh, a low-income country until the latest WB report, has continued to show improved economic performance in terms of GNI, says the WB report. The World Bank, in a press release, made the disclosure on July 1, Countries with annual incomes of $1,046 to $4,125 are called lowermiddle income countries. Apart from Bangladesh, three other countries have got their income status upgraded Kenya, Myanmar, and Tajikistan. The per capita income in Bangladesh rose from $1,190 to $1,314, according to Bangladesh Bureau of Statistics (BBS). Mongolia and Paraguay move from lower middle-income status to upper middle-income, a group with yearly income levels of $4,126 to $12,735. Malawi has the world s lowest GNI per capita at $250, while Monaco has the highest, at more than $100,000, according to the latest World Bank Atlas method. GNI is a broad-based measure of income generated by a nation s residents from international and domestic activity. GNI per capita measures the average amount of resources available to persons residing in a given economy, and reflects the average economic wellbeing of a population. Each year on 1 July, the World Bank revises the income classification of the world s economies based on estimates of GNI per capita for the previous year. The World Bank also uses the updated GNI per capita estimates in its operational classification of economies that determines lending eligibility. Four South Asian nations sign motor vehicle transport deal Bangladesh, Bhutan, India and Nepal (BBIN) signed a historic agreement opening their borders to motor vehicles of each other for both passenger and freight transit. Transport ministers of countries concerned inked the deal in the Bhutanese capital of Thimphu on June 15, 2015 and declared that it will be effective within next six months under a work plan. The transport minister-level meeting held before the signing ceremony also decided to run a car rally across the four South Asian countries in October this year. The planned debut stands for a show of opening up broader horizons for peoples movement and interaction in multifarious fields, including trade and commerce, in this era of globalization. FBCCI Business News 28 FBCCI Business News 29

16 Road Transport and Bridges Minister Mr Obaidul Quader signed the deal titled Motor Vehicles Agreement for the Regulation of Passenger, Personal, and Cargo Vehicular Traffic with Bangladesh, Bhutan, India and Nepal (BBIN) on behalf of Bangladesh. Mr Lyonpo DN Dhungyel, Minister of Information and Communications of Bhutan, Mr Nitin Jairam Gadkari, Minister of Road Transport and Highways, and Shipping of India, and Mr Bimalendra Nidhi, Minister of Physical Infrastructure and Transport of Nepal, signed for their respective countries. A joint statement was also issued on the occasion. The six-month work plan, according to the statement, would start in July to complete preparation of bilateral agreements/protocols for implementation of the MVA, by July Preparatory tasks also include formalization of the agreement, including the protocols, by this coming August. The negotiation and approval for the bilateral agreements/ protocols would be completed by September next while installation of prerequisites for implementing the approved agreements by December this year. Among the prerequisites are IT systems, infrastructure, tracking, and regulatory systems. The staggered implementation will be from October. Scope of trilateral/ quadrilateral arrangement will also be explored during the preparation level, sources said. In the joint statement, the ministers of the four South Asian countries took note of the progress made in formulating and negotiating the MVA for the Regulation of Passenger, Personal and Cargo Vehicular Traffic between the SAARC Member States (known as SAARC MVA). They recognized the need to accelerate cross-border transport facilitation to deepen and hasten regional integration through subregional measures in line with the directive of leaders as articulated in the Declaration of the Eighteenth SAARC Summit. They recalled their renewed commitment to substantially enhance regional connectivity in a seamless manner through building and upgrading roads, railways, waterways infrastructure, energy grids, communications and air links to ensure smooth cross-border flow of goods, services, capital, technology and people. After the signing, Bhutanese Prime Minister Tshering Tobgay flagged off a car rally to drive through Bhutan-Gowahati-Shilong-Sylhet- Benapole-Kolkata route to survey the road. Sources said survey on several other routes will also be conducted by October next. These are Thimphu-Phuentsholing-Jaigaon- Burimari-Mongla/Chittagong, Kathmandu-Kakarvita/Phulbari- Banglabandha-Mongla/Chittagong, Samdrup Jonhkar (Bhutan)- Guwahari-Shilong-Tamabil-Sylhet- Chittagong, Silchar-Sutarkandi- Paturia Ferryghat-Benapole/Petra pole-kolkata, Silchar-Saturkandi- Chittagong Port and Agartola- Akhaura-Chittagong Port The BBIN MVA was drafted in line with the SAARC MVA which, however, could not be done due to reservation of one member- Pakistan-- in November. Bangladesh Bank unveils Monetary Policy for July-Dec 15 The monetary policy for the first half (H1) of the current FY would pursue cautious stance in credit expansion to keep inflation at a comfortable level. Unveiling the half-yearly monetary policy statement (MPS) on July 30, 2015, Bangladesh Bank (BB) Governor Dr Atiur Rahman made the comment. The central bank projected 15.0% credit growth to private sector while the overall domestic credit growth would be 16.3%. The projections are higher than the preceding year s actual domestic credit growth of 10.4% and private sector credit growth of 13.6%. We have therefore been taking care in adopting cautious, restrained monetary stance ensuring adequacy of credit growth, but at the same time avoiding undue excessive expansion. This stance is serving our economy well in maintaining inflation moderation and stability on a sustained basis, said Dr Rahman. He said the central bank would pursue a firm policy stance to maintain inflation at 5-6% to comfort limited income people, with help the government keep prices of essential at an affordable level. To this effect, the governor said the MPS is designed to contain credit growth consistent with real sector output growth and manage inflation at lower level by easing of the repo and reverse repo policy interest rates occasionally. The MPS projected BB s reserve money growth at 16.0% in FY16 against actual 14.3% of FY15. FBCCI Comments on MPS Cut in lending rates sought FBCCI sought a cut in lending rates to help make trade and businesses more competitive on the global market. Commenting on the Monetary Policy Statement (MPS) of Bangladesh Bank (BB) for the term July- December 2015, FBCCI said that the central bank maintained its previous policy stance to contain inflation. In a press statement, FBCCI said the BB should address some major issues including lowering interest rate on loans, increasing credit flow to the private sector and disbursing adequate loans to productive sectors to implement the MPS towards attaining inclusive growth. FBCCI said the interest rates should be the bank s cost of fund plus 2.5 per cent, meaning banks would require slashing the spread further (gap between deposit and lending rate). FBCCI, however, suggested a further cut in the lending rates saying that the banks in Bangladesh were charging more interest rates than in the neighbouring countries, raising the cost of business here. The higher interest rates discourage investment and resultantly hinder the initiatives of creating jobs and reducing poverty, FBCCI said, advising that the investment ratio to GDP (gross domestic product) should be 34.0 per cent to earn the country the middle-income status. FBCCI also reiterated the demand for bringing down the lending rate to single digit, especially for small and medium enterprises (SMEs) and women entrepreneurs. The other major demands of FBCCI included steps for ensuring a sustainable exchange rate, increasing credit flow to the productive sector with cautious monitoring on loan disbursement and arranging supply of funds from local and foreign sources for projects under Public Private Partnership (PPP). Business urged for urgent adequate gas and electricity connections FBCCI team met Energy Adviser and Principal Secretary to PM Business leaders of the country demanded urgent gas and electricity connections to industries to expedite investment and industrialization process in the country. They made the demand at the meetings with Prime Minister s Power and Energy Adviser Dr Tawfiq-e-Elahi Chowdhury and Prime Minister s Principal Secretary Mr Abul Kalam Azad held at PM s office. A FBCCI delegation led by president of FBCCI Mr Abdul Matlub Ahmad met Hon ble Prime Minister s Power and Energy Adviser Dr Tawfiq-e- Elahi Chowdhury on July 22, 2015 at his office to discuss on power and gas supply to the industries. FBCCI president placed some proposals on behalf of the private sector to consider for overcoming the utility crises that have been holding back the growth of the industrial sector as well as the economy. The delegation urged for supplying gas to the industries, which have received demand note from various gas transmission and distribution companies including Titas, immediately as part of short-term initiatives. They also proposed to ensure resumption of gas and power supply to the shifted factories which are being relocated to meet compliance issue set by the international buyers. They also urged to give top priority in supply of gas to the industrial units, driven by gas-based generators. Vice President of FBCCI Mr Mahbubul Alam, former presidents of FBCCI Kazi Akram Uddin Ahmed, Mr AK Azad, Mir Nasir Hossain, BKMEA president Mr AKM Salim Osman, Dhaka Chamber president Mr Hossain Khaled, BGMEA president Mr Atiqul Islam, EAB president Mr Abus Salam Murshedy, former BTMA president Mr. Jahangir Alamin, former President of Bangladesh Oushad Shilpa Samity Mr Abdul Muktadir, former president of Dhaka Chamber Mr ASM Kashem, FBCCI director Mr Kamran T Rahman, also joined the team. At another meeting with the principal secretary to the Prime Minister Mr Abul Kalam Azad, business leaders also sought gas connections on priority basis to the industries which have already got demand note from the various government agencies. Acting president of FBCCI Mr Mahbubul Alam led the business delegation consisting of 22 business leaders on July 29, During the meeting with principal secretary, business leaders expressed that private investment and industrialization were not being made at expected level due to infrastructural limitations particularly sufficient gas and electricity supply despite having huge potential. They said immediate connections of gas and electricity are important for reaping the initiatives of the government to expedite investment and industrialization. They also said factories were forced to use captive power to continue production that was increasing cost of doing business and was decreasing its competitiveness. They also placed a set of recommendations including providing immediate gas connections to the factories receiving demand note from Titas Gas Transmission and Distribution Company and other companies, providing gas and electricity connections to the readymade garment factories relocated on demand of foreign buyers and factories running with own gas generators, and including representatives from private sector to the board of directors of gas companies to solve the crisis. Former presidents of FBCCI Mr Salman F Rahman, Kazi Akram Uddin Ahmed, Mr AK Azad, Mir Nasir Hossain, former first vice president and director of FBCCI Mr Jashim Uddin, Dhaka Chamber president Mr Hossain Khaled, EAB president Mr Abus Salam Murshedy, former president of Bangladesh Oushad Shilpa Samity Mr Abdul Muktadir, BGMEA Vice President Mr Shahidullah Azim, joined the team among others. FBCCI Business News 30 FBCCI Business News 31

17 Principal Secretary Mr Abul Kalam Azad assured the delegation to take steps to solve the crisis after having consultations with the Prime Minister and her Energy Adviser. He also suggested the delegation provide proposals on setbacks on the issues including policy, licensing and tariff issues. Development of infrastructures urged for regional connectivity benefits. Businessmen and policymakers at an Indo-Bangla business conclave have said the lack of transportation infrastructures remains to be the main hurdle to establishing connectivity within the region. They urged private sector investors to come forward in overcoming impediments to greater connectivity. They were speaking at the India- Bangladesh Business Conclave: The Way Forward in Dhaka on August 8, The Indian Chamber of Commerce (ICC) with the support of the Federation of the Bangladesh Chamber of Commerce and Industry (FBCCI) and the India-Bangladesh Chamber of Commerce (IBCCI) organized the function. Speaking at the conclave as chief guest, Finance Minister Mr AMA Muhith said the absence of a developed transportation infrastructure in the countries of the region acts as a major obstacle to getting benefits of regional connectivity. Although Bangladesh s political parties have unanimously declared the country as a transit point, we have failed to reap benefits using the opportunity, he told the gathering. The business gathering was attended by Advisor to the Prime Minister Dr Mashiur Rahman, FBCCI President Mr Abdul Matlub Ahmed, Indian High Commissioner Mr Pankaj Saran, Director General of the ICC Dr Rajeev Sing, businessmen and connectivity experts from both Bangladesh and India. Mr Muhith said, Infrastructure that is needed for facilitating transit is not really there. And this is the area which is receiving the greatest importance from both the private sector and the government. He also said Here only the government cannot do everything. The PPP (public-private partnership) model could be a good option for upgrading the infrastructure. Easy means of transportation between Bhutan and Bangladesh through India is very important. So connectivity is the most important thing at this moment. You (businessmen) have to find out the best way of connectivity where both the governments can help, Mr Muhith added. The Asian Development Bank (ADB) s specialist on regional connectivity Mr Nazrul Islam said fund crisis is the biggest challenge for the countries in this region for establishing connectivity. He hailed the recent Motor Vehicle Agreement (MVA) among Bangladesh, India, Bhutan and Nepal saying the execution of this deal will be the main challenge for the governments now. He said the proposed regional connectivity in South, South-East Asia and with other countries in Asia is aimed at giving boost to the economies of these countries. Indian High Commissioner Mr Pankaj Saran said in the last few years, both India and Bangladesh prepared enough plans and announced many decisions. Now it is time to execute those. We seek help of the private sector for implementing the decisions, he said. About the bilateral trade, Mr Saran said a lot of trade is taking place between the two countries but now it s high time to translate our trade into investment. He urged the Indian businessmen to invest in Bangladesh, especially in the proposed two exclusive Special Economic Zones (SEZs) for Indian investors in Bangladesh. Mr Saran urged the Bangladeshi businessmen to arrange roadshows in different parts of India to tap more investments. Advisor to the Prime Minister Dr Mashiur Rahman also urged the Indian businessmen to invest in Bangladesh. FBCCI president Mr Abdul Matlub Ahmad said Bangladesh has received only US$ million foreign direct investment (FDI) from India in last three years. This is not enough. The Indian businessmen should come forward to invest in Bangladesh s potential sectors like health care, education, agro- business etc., he added. ICC DG Dr Rajeev Sing said the conclave was the beginning of the breaking of silence among the business people of both the countries. I hope, this type of bilateral meetings will continue and the businessmen from both the sides will be benefited through economic and business cooperation, he added. The seminar was organized on the occasion of the three-day exposition of titled India Investrade 2015 held at the city s Bangabandhu International Conference Centre on August 6-8, 2015 where nearly 60 companies from India participated. FBCCI urges Italy to enjoy trade benefits in Bangladesh FBCCI president Mr Abdul Matlub Ahmad called upon the Italian Government to relocate its sick and closed industries to Bangladesh to enjoy a bilateral business benefit. Italian investors and industrialists can come forward to investment in Bangladesh and set up joint venture industries, especially by shifting its sunset industries, as the Government of Bangladesh provides special advantage to the foreign investors. FBCCI chief made the call when Mr Mario Palma, Ambassador of Italy in Bangladesh, paid a courtesy to the FBCCI president at the Federation Bhaban on July 1, Discussion on bilateral trade and economic cooperation took place at the meeting. Mr Matlub Ahmad called upon the Italian entrepreneurs of ceramic, tiles, tire factory, marble and footwear industries to come forward to making investment in Bangladesh considering cheap labour and business-friendly atmosphere which would be beneficial for both the countries. FBCCI president also emphasized the importance of organizing joint trade fair by the two countries twice every year to introduce the products of respective countries particularly to promote export. He also stressed the need for signing agreement between the two apex chambers of Bangladesh and Italy and also suggested setting up Italy-Bangladesh Business Forum considering joint venture investment program. The Italian envoy, however, assured the FBCCI president of working for more bilateral business. Mr Shamim Ahmed, Mr Nizam Uddin Rajes, and Mr Kamran T Rahman directors of FBCCI, among others, were present at the meeting. FBCCI urged for fixing trade license fee rationally FBCCI has urged the Government to fix trade license fee rationally for flourishing small and medium enterprises (SMEs). A delegation of the apex trade body, led by first vice president Mr Shafiul Islam (Mohiuddin), met secretary of the local government division of LGRD Ministry Mr Abdul Malek at his office at the Bangladesh Secretariat on September 13, Mr Shafiul Islam said the Government has taken different steps to develop the country s businesses. But the local government, rural development and cooperatives ministry s recent decision to increase trade license fees will put small, medium and marginal traders in difficulties to do business. He said the trade license fees had been increased excessively which, along with imposition of VAT, would discourage the new entrepreneurs in starting business and hit financially the small and medium enterprises. He called upon the government to fix the license fees rationally. He also requested the LGD to extend the deadline for renewal of trade license until the demands are met. The local government secretary assured the FBCCI delegation that the Government would consider their recommendations with due importance. Mr Malek said that they were discussing with the NBR the issue of withdrawal of VAT on trade license and assured that a committee would be formed for taking a logical decision on trade license fee. He also assured FBCCI for extending the deadline for renewal of trade license until any decision is made. Vice-President of FBCCI Mr Mahbubul Alam, directors Mr Rezaul Karim Reznu, Mr Amin Helali, Mr Nizam Uddin, Mrs Hasina Newaz, president of BGMEA (elect) Mr Siddiqur Rahman, president of Bangladesh Dokan Malik Samity Mr SA Qader Kiron, president of Bangladesh Hardware Machinery Merchants Association Mr Kamal Hossain, president of SME owners Association of Bangladesh Mr Ali Zamal, FBCCI secretary general Mir Shahabuddin Mohammad and advisor Mr Manzur Ahmed among others, were present. Earlier, a FBCCI delegation led by its first vice president Mr Shafiul Islam Mohiuddin, met LGRD minister Khandker Mosharraf Hossain, MP on August 23, 2015 at his Secretariat Office to discuss on Trade License Fee. FBCCI directors Mr Sheikh Fazle Fahim, Mr Rezaul Karim Reznu, and Mr Habib Ullah Dawn were present. Mr Abdul Malek secretary, Local Government Division of LGRD Ministry was also present. LGRD minister requested FBCCI delegation to submit proposals on trade license fee and also advised LGD secretary to take up the issue with due importance. B desh achieves early most MDG targets Bangladesh has made significant strides achieving major Millennium Development Goals (MDGs) targets, mostly spending its own funds, says the country report published on the UN-designated global agenda on September 16, According to the MDG Bangladesh Country Report 2015, despite having resource constraints, Bangladesh is on the right track in achieving most of the MDG targets with remarkable successes in poverty alleviation, food security, gender equality, checking infant death, lowering maternal mortality and reining in HIV spread and tuberculosis. The Government is now preparing Bangladesh proposal on Sustainable Development Agenda (SDA) as post-2015 development agenda which will be placed with the United Nations. The implementation period for SDA has been proposed a decade and a half ( ). According to the MDG performance report, released by the General Economics Division (GED) of the Planning Commission, Bangladesh has made commendable progress in respect of eradication of poverty and hunger. The country received an impressive outcome in poverty reduction, from 56.7 per cent in to 24.8 per cent in 2015, says the report. Major achievements Reducing extreme poverty Reducing prevalence of underweight children under 5 years Reducing under-five child mortality Increasing enrolment in primary schools Increased ratio of girls to boys in primary and secondary education Improved maternal health Finance Minister Mr AMA Muhith, Planning Minister Mr AHM Mustafa Kamal, State Minister for Finance and Planning Mr MA Mannan and Bangladesh Bank Governor Dr Atiur FBCCI Business News 32 FBCCI Business News 33

18 Rahman jointly unveiled the report, titled Millennium Development Goals: Bangladesh Progress Report Bangladesh has achieved considerable success in many areas of MDGs and has become a role model for others, said the finance minister while inaugurating the publication ceremony. Although Bangladesh has successfully met most of the UN Millennium Development Goals (MDGs) targets, it still misses some indicators, including employment generation, adult literacy and the elimination of hunger and poverty, the progress report admitted. It pointed out fund shortages and climate change as severe threats to achieving the remaining goals. The report identified the areas which are in need of greater attention. These are increases in primary school completion and adult literacy rates, creation of decent-wage employment for women, increase in the presence of skilled health professionals at delivery, increase in correct and comprehensive knowledge on HIV/AIDS, increase in forest coverage and coverage of ICT. In line with the Millennium Declaration, a framework of 8 goals, 18 targets and 48 indicators were set to measure progress towards the MDGs over the period from 1990 to However, from January 2008, twenty-one targets were reset and 60 indicators used to monitor the MDGs progress. BB s second strategic plan targets inclusive growth Bangladesh Bank (BB) launched its second Strategic Plan ( ) that, it expects, would contribute to the task of achieving sustainable and inclusive growth and maintaining financial stability. BB governor Dr Atiur Rahman formally unveiled the five-year plan on September 19, The plan, he said, will help the Bank uphold its mandate as a central bank of the country and achieve Vision 2021 of the Government as well. The Strategic Plan is crafted with 14 strategic goals and 395 key performance indicators, said the governor adding it will lead to emergence of a forward-looking, proactive and responsive central bank and give it an international standard. The goals will be reached through a total of 105 objectives, which would essentially be attained by 320 action plans in the medium and long run. The Bangladesh Bank Governor asked all the banks to prepare their own strategic plans to make their services more proactive and responsive and thus support socially responsible and environment friendly sustainable development initiatives. The central bank formulated its first five-year strategic plan in 2010 to support sustainable economic growth reinforcing a dynamic, efficient and resilient financial system combined with large-scale digitization process. Dr Rahman pointed out that the BB was highly praised for its role in promoting mobile financial services, and other inclusive financial activities such as school banking, women empowerment and promotion of agriculture and SMEs. Dwelling on the country macroeconomic stability, the BB governor said the country maintains a constant 6.0 plus GDP growth but inflation is still low because of prudent monetary policy. Remittance is one of the biggest contributors to the country s growth, he said, adding that the forex reserve also crossed US$ 26.0 billion that can cover the country s 7 and half months import bill. èr fôknet xrtjrl KmùK Important Circulars to Note After taking the charge, a short press briefing was made by the newly elected Board of FBCCI for on May 31, 2015 at FBCCI. FBCCI president Mr Abdul Matlub Ahmad briefed the press. He expressed firm commitment of the Board to make FBCCI more vibrant, effective and service oriented. FBCCI Business News 34 FBCCI Business News 35

19 FBCCI Pictorial FBCCI president Mr Abdul Matlub Ahmad along with first vice president Mr Shafiul Islam (Mohiuddin) and vice president Mr Mahbubul Alam are handing over a crest to the Prime Minister Sheikh Hasina during the courtesy call at her office on September 3, Members of the newly elected Board of Directors of FBCCI for the term led by its president Mr Abdul Matlub Ahmad paid tributes to the county s founder Father of the Nation Bangabandhu Sheikh Mujibur Rahman by placing floral wreaths at Mujib s portrait at Dhanmondi in the city on June 1, Members of the newly elected Board of Directors of FBCCI led by Mr Abdul Matlub Ahmad paid tribute to the graveyard of Father of the Nation Bangabandhu Sheikh Mujibur Rahman at Tungipara by placing floral wreaths on June 5, They also took part in Fateha and special Munajat. FBCCI Business News 36 FBCCI Business News 37

20 FBCCI Pictorial FBCCI Pictorial A Milad and Doa Mahfil was organized by FBCCI on the occasion of National Mourning Day and Death Anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman on August 15, 2015 at FBCCI. A FBCCI delegation led by its first vice president Mr Shafiul Islam Mohiuddin, met LGRD Minister Khandker Mosharraf Hossain, MP on August 23, 2015 at his Secretariat Office to discuss on Trade License Fee. 1st Emergency Board Meeting of FBCCI for the term was held on June 1, 2015 to discuss about Reforms of FBCCI. President of FBCCI Mr Abdul Matlub Ahmad presided over the meeting. A FBCCI delegation led by its first vice president Mr Shafiul Islam Mohiuddin, met home minister Mr Asaduzzaman Khan MP at his office to discuss on Secretariat entrance passes for the chiefs of the Member bodies of FBCCI. Mr Mahbubul Alam, vice president, Mr Nizam Uddin, Mrs Hasina Newaaz, directors of FBCCI are also seen in the Photo. Ambassador of Nepal H.E. Mr Hari Kumar Shrestha made a courtesy call with president of FBCCI on June 8, 2015 at FBCCI. Issues related to trade between Bangladesh and Nepal were discussed in the meeting. FBCCI president is seen speaking at the discussion meeting on Trade License Fee on August 20, 2015 at FBCCI. First Vice President, Vice President, Directors of FBCCI and leaders from Chambers and Associations attended the meeting. FBCCI Business News 38 FBCCI Business News 39

21 FBCCI Pictorial FBCCI Pictorial FBCCI president is seen speaking at the opening session of National Workshop on Proposed New Customs Act, 2015 and Respective Best Practices organized by NBR on August 17, 2015 at Pan Pacific Sonargaon Hotel. Finance Minister Mr Abul Maal Abdul Muhith MP was present in the program as chief guest. H.E. Ambassador of Iran Dr. Md. Abbas made a courtesy call with president of FBCCI on August 5, 2015 at FBCCI. Issues related to trade between Bangladesh and Iran were discussed in the meeting. Ambassador of Italy H.E. Mr Mario Palma made a courtesy call with president of FBCCI Mr Abdul Matlub Ahmad on July 1, 2015 at FBCCI. Issues related to trade between Bangladesh and Italy were discussed in the meeting. FBCCI in cooperation of Bangladesh Bank distributed fake-note detection machines among big shopping centres in the capital. Mr Abdul Matlub Ahmad, president of FBCCI and Mr Abul Kashem, deputy governor of Bangladesh Bank, handed over the fake note detector machines to the businessmen, at a function at FBCCI office on June 30, A FBCCI delegation led by its first vice president Mr Shafiul Islam Mohiuddin, met secretary of Local Government Division, Ministry of LGRD Mr Abdul Malek at his office to discuss on City Corporation Ideal Tax Schedule Mr Mahbubul Alam, vice president, Mr Nizam Uddin, Mrs Hasina Newaaz, Mr Rezaul Karim Reznu, Mr Amin Helaly, directors of FBCCI also joined the delegation, among others. H.E. Ambassador of Bhutan Mrs Pema Choden made a courtesy call with president of FBCCI on August 18, 2015 at FBCCI. Issues related to bilateral trade relations between Bangladesh and Bhutan were discussed in the meeting. FBCCI Business News 40 FBCCI Business News 41

22 FBCCI Pictorial FBCCI Pictorial H.E. Ambassador of Slovenia in India Ms Darja Bavdez made a courtesy call with President of FBCCI on August 10, 2015 at FBCCI. Issues related to trade between Bangladesh and Slovenia were discussed in the meeting. A FBCCI delegation led by acting president of FBCCI Mr Mahbubul Alam met principal secretary to the prime minister Mr Abul Kalam on July 27, 2015 at his office to discuss on power and gas supply to the industries. FBCCI hosted Ifter and Doa Mahfil in honour of the General body Members of FBCCI on July 2, 2015 at Officers Club, Dhaka. A press conference on India Investrade 2015 was held at FBCCI on August 3, FBCCI president Mr Abdul Matlub Ahmad briefed the press on different aspects of the multi-sectoral exposition on the India Investrade 2015, Dhaka. First Secretary of the Indian High Commission Mr Bijoy Silvaraj and president of India Bangladesh Chamber of Commerce Mr Mohammad Ali are also seen in the photo, among others. FBCCI hosted an Ifter party in honour of Ministers and Diplomats on July 11, 2015 at Panpacific Sonargoan hotel. FBCCI vice president Mr Mahbubul Alam attended the Consultation Meeting between Consul General of Dubai and members of Bangladesh Business Council, Dubai held on June 3, 2015 at Dubai. The Commercial Wing of Bangladesh Consulate General in Dubai organized the meeting. FBCCI Business News 42 FBCCI Business News 43

23 FBCCI Pictorial FBCCI Pictorial FBCCI president is speaking at a discussion meeting with the leaders of Joint Chambers held on August 9, 2015 at FBCCI. Issues relating to present situation, prospects, problems of trade and future programs for solutions with respective country were discussed in the meeting. Deputy Trade Commissioner of Italy in Delhi Mr Martino Castellani made a courtesy call with president of FBCCI on August 18, 2015 at FBCCI. Issues related to bilateral trade relations between Bangladesh and Italy were discussed in the meeting. FBCCI organized a discussion meeting with the MDs of Banks and Financial Institutions on Role of Banks and Financial institutions for Industrialization on August 10, 2015 at FBCCI. FBCCI president chaired the meeting. Chairman of SME Foundation Mr K.M. Habib Ullah met FBCCI president at FBCCI Office on August 10, Issues related to development of SMEs sector of the country were discussed in the meeting. They made commitment that FBCCI and SME Foundation will work together for further development of the SMEs sector. FBCCI president is speaking at a discussion meeting with the leaders of Women Chambers held on August 10, 2015 at FBCCI. FBCCI Business delegation attended US Bangladesh Trade Investment Conference on September 25, 2015 during the USA visit as the entourage of the prime minister of Bangladesh Sheikh Hasina. FBCCI Business News 44 FBCCI Business News 45

24 FBCCI Pictorial Country Profile of Bangladesh Country Name: : People s Republic of Bangladesh Mr Mohammad Nizam Uddin, Mr Masud Parves Khan (Imran), Rtn. Abul Ayes Khan, directors visited Republic of Belarus as the entourage of the Hon ble Industry Minister of Bangladesh Mr Amir Hossain Amu, M.P, during 21st to 25th July, The visit program was organized by Ministry of Industries, Govt. of Bangladesh. A business meeting was also organized by the Belarusian Chamber of Commerce and Industry (BelCCI) during the visit. Type of Government : Parliamentary form; President is the ceremonial head of the state and Prime Minister is the head of the government Geographical Location : In South Asia; between to north latitude and between to east longitude. Boundary : North : India (West Bengal and Meghalaya) West : India (West Bengal ) East : India (Tripura & Assam) and Myanmar South : Bay of Bengal. Area : 1,47,570 sq. km. Population ( est) : Total Population : Million Density (2012) : 1035 Population Growth Rate: 1.36 (2012) Capital City : Dhaka, Metropolitan Standard Time : GMT + 6 hours FBCCI president met Governor of Bangladesh Bank Dr. Atiur Rahman at Bangladesh Bank on August 16, 2015 to discuss on issues related to Bank interest rate, Non-Performing Loan, access to finance of SME s and others. Climate and Climatic Variation : Sub-tropical monsoon. Winter (November-February) Temperature : average maximum 29 C, average minimum 11 C ; Summer (March- June) Temperature : average maximum 32 C, average minimum 21 C; Monsoon (July-Oct.) Language : Bangla. English is second most important language. Percentage of Population According to Religion : Muslim (88.3%), Hindu (10.5%), Buddhist (0.6%), Christian (0.3%) and Animists and believers in tribal faiths (0.3%). Principal Crops and Fruits : Rice, Wheat, Jute, Tea, Tobacco, Sugarcane, Pulses, Oilseeds, Spices, Potatoes, Vegetables, Banana, Mango, Coconut, Jack fruits and Pineapple. Mineral Resources : Natural gas, Limestone, hard rock, coal, Peat, lignite, silica sand, white clay, radioactive sand, etc. Principal Industries : Jute, Tea, Textiles, Garments, Knitwear, Paper, Newsprint, Fertilizer, Leather and Leather Goods, Sugar, Cement, Fish Processing, Pharmaceuticals, Chemicals, Light Engineering, Plastic and Rubber, Furniture & Ceramic, etc. Mr Muntakim Ashraf, director of FBCCI is distributing fake currency detector machine among the businessmen of different markets in Chamndina, Comilla on July 10, 2015 on behalf of FBCCI and Bangladesh Bank. Principal Exports : Readymade garments, knitwear, frozen food and shrimp, tea, raw jute, jute products, leather and leather products, chemical fertilizer, ceramic tableware, naphtha, furniture, fruits and vegetables,handicraft, light engineering products including bicycle, etc. Principal Imports : Wheat, oil seeds, crude petroleum, raw cotton, edible oil, petroleum products, fertilizer, cement, staple fibers, yarn, iron and steel, capital goods and machinery, automobiles, food grains, milk powder & baby food, etc. Literacy Rate (7+Years) 2015 : 62.3 % Life expectancy (Years), 2015 : 70.7 FBCCI Business News 46 FBCCI Business News 47

25 Economic Update Major Economic Indicators of Bangladesh Labour Force (Labour Force Survey, 2013) : Total Labour Force (15 years +) : 61 million Male : 43 million Female : 18 million Sectoral Distribution of Labour Force Agriculture : 45.1% Non-Agriculture : 54.9% Food : Staple diet: rice, vegetable, pulses, fish and meat Tourist Spots : Cox s Bazar, Rangamati, Chittagong, Sylhet, Kuakata (Patuakhali), Sundarban (Khulna). The 120-km long Cox s Bazar sea beach is considered to be the longest in the world. Kuakata is a unique beach for viewing sunrise and sunset. Sundarban is the home of the Royal Bengal Tiger. Energy Sources : Fuel wood, natural gas, liquid petroleum fuels, coal, hydropower, solar power, biogas. Export Processing Zones (EPZ) : Chittagong, Dhaka, Mongla, Ishwardi, Comilla, Uttara-Nilphamary, Adamjee- Narayangang and a Korean EPZ in Chittagong. Sea Ports : 2 (Chittagong and Mongla) Airports : 11 (3 International and 8 Domestic) International: Dhaka, Cittagong and Sylhet. Domestic: Jessore, Iswardi, Comilla, Cox s Bazar, Thakurgaon, Rajshahi, Barisal and Saidpur GDP at current market price ( ) US$ 195 billion (Base year ) ( Cr. Tk) GDP Growth Rate ( ) 6.51% (Base year ) Total Export ( ) US$ billion (P) Population (Million) Density Per Sq. Km National Accounts (New Estimate) GDP (Million US$) at current market price ( Cr. Tk) ( Cr. Tk) ( Cr. Tk) ( Cr. Tk.) ( Cr. Tk.) GDP Growth (%) (at constant price) Per Capita GDP (US$) (at current price) GNI per capita at Current Market Price (US$) Sectoral Growth Rate of GDP Agriculture Contribution to GDP (%) Growth (%) Industry (total) Contribution to GDP (%) Growth Manufacturing Contribution to GDP (%) Growth (%) Service Sector Contribution to GDP (%) Growth (%) Trade & Balance of Payment Export (Million US$) Export Growth (%) Total Import ( ) US$ billion Import (Million US$) Import Growth (%) (-) GNI per capita ( ) (at current price) US$ 1314 (Base year ) Source : EPB, Bangladesh Bank, Bangladesh Bureau of Statistics and Bangladesh Economic Review-2015 Trade Balance (Million US$) (7519) (6942) (7534) ( ) ( ) ( ) ( ) ( ) Numbers of Workers in Abroad Workers Remittances (Million US$) Foreign Exchange Reserves (Million US$) (5 Aug, 15) Public Finance Total Revenue (Million US$) Tax Revenue (Million US$) (July-May) Import Duty (Million US$) (July-Apl) Total Expenditure (Million US$) Revenue Expenditure (Million US$) Annual Development Program (Million US$) Money & Banking Beautiful Bangladesh Total Domestic Credit (Million US$) FBCCI Business News 48 FBCCI Business News 49

26 Major Economic Indicators of Bangladesh (P) Bank Rate (%) Exchange Rate Consumption, Savings & Investment Consumption (Private and public.) (Billion US$) Gross Investment (Million US$) Public Investment (Million US$) Private Investment (Million US$) Gross Domestic Savings (Million US$) National Savings (Million US$) Consumption, Savings & Investment (As % of GDP) Consumption (Private and public) Gross Investment Public Investment Private Investment Gross Domestic Saving National Savings Price Trends National Consumer Price Index ( =100) % Change in CPI National Consumer Price Index ( =100) % Change in CPI Source : Bangladesh Economic Review 2014 and Bangladesh Bank FBCCI urged for extending tax return submission deadline FBCCI requested the National Board of Revenue (NBR) to extend the income tax return deadline for one month from September 30. In separate letter to the Ministry of Finance and the NBR dated September 28, 2015, FBCCI said it would not be possible to file income tax return by most of the income taxpayers, including the businesspeople, by September 30, the deadline for submission of return because of Holy Eid-ul-Azha. If the deadline is extended for one month from September 30, it would be helpful for the income taxpayers to clear their tax and file tax return, it added. The FBCCI highly appreciated the Government s efforts to increase income tax collection and assured the Government of extending its continued support and cooperation in this regard. Business Inquiry Countries interested to import Name of the Company Mr. Elder Samuel johnson Import-marketing Director, OMO Aresa Trading Co. Ltd Victoria Island, Lagos Nigeria Mob: , Fax: [email protected] Mr. Maria Encinas [email protected] Mr. Abdullah Mamoon Sales & Marketing Manager Bin Lori Trading & Contracting Company, Qatar Tel: , Fax: , [email protected], Web: Joint Venture/ Distributer Name of the Company Mr. Gordon Lester Aponso CEO Chrystal Inks (PVT) Ltd. Sun Electronics Lanka (Pvt) Ltd. City & Guilds certified Specialist Train the Trainer, Sri-Lanka Tel: , Fax: +94 (11) Web: Mr. Vindya Wjemanne Manager Finance & Personal 450, D.R. Wjewardana Mawatha, Colombo 10, Sri Lanka Tel: (Office), Fax: [email protected], Website : Products Polo T-shirt, Textile/Leather Garments, Sports Goods, Toys, Wrist watches, Tiles & general quality consumable goods, etc. Clothing Looking into expanding their business in Bangladesh( Vehicle Tracking and Fleet Management ) Business Printing inks, Sheet Fed offset inks, water based inks for corrugated and packaging industries and also PVC and screen inks. 1. Process Food (fish, meat)brand: Keels Food products 2. Soft Drinks- Brand: Elephant House 3. Ice Cream- Brand: Elephant FBCCI Business News 50 FBCCI Business News 51

27 Countries interested to Export Name of the Company Mr. Shahram Zhejiang Kolotool Inc., China Tel: , Fax: Mob: ( wechat-viber-whats app) Mian Textile Industries Limited 29-B/7 Model Town, Lahore/ Pakistan Tel: , Fax: Mr. Manish Jain 3Chowringhee Approach Kolkata , India, Contact: / jain Products Hand tools and tool sets Grey yarn and grey fabric Chemicals, Iron & Steel Fairs and Exhibitions Date Description Venue Organizers with Address October 2015 Bangkok Intgernational Gift Fair and Bangkok International Houseware Fair October, th Indian Handicrafts and Gift Fair Autumn October, 2015 Argus Dewitt Aromatics Conference-2015 BTTEC Bangkok, Thailand India Expo Centre and Mart Singapore Office of Commercial Royal Thai Embasy Dhaka web: bigandbih.com Web: Mr. Josephine Pulvera Event Sales, Asia Pacific Tel: Mr. Noni G,Das Economic & Commerce Section High Commission of India, Dhaka, Three Wheeler parts/tiers November, nd Organic and Natural Products Expo-2015 Shooting Complex, Gulshan-1, Dhaka, Bangladesh Bangladesh Organic Products Manufacturers Association Web: Mr. Kam Wai Tel: [email protected], Web: Mr. Shailesh Sanghavi Director- Technical Sales, India Tel: /2074/72 40 Mob: , [email protected] Mr. Anil Lunia Director Eastern Weldmesh Pvt.Ltd. Kolkata, India Tel: , [email protected], Web: Mr. Hanif Banduka President & CEO, Markatiya Marketing Company Pakistan Tel: / [email protected], Skype: hanif_bandukda Mr. Jamal Akbar Technical Coordinator Industrial Equipment & Services Co. Doha, Qatar Tel: Ext: 336, [email protected], Web: Mr. Nuray Maden Imza [email protected] Web: Mr. Gaurav Joshi Sr. Executive- Marketing Titagarh Agrico (P) Limited, India Tel: , Mob: s Organic fertilizers Plastic Additive chemicals, Textile Printing Dyes & Chemicals, Paint Additive Chemicals Stainless Steel, Brass, Spring Steel, Plastic nylon, Copper etc. Fresh dates, Black seed oil, Almond Oil, Fresh Honey and Miswak Industrial Equipment (Bulk Scrape Metal) Textile, food and medicine packing & Steel iron etc. Tractors and other products November 4, November, December, December, December, 2015 Buyers-Sellers Meeting session in conjunction with 9th International Trade Malaysia (INTRADE- 2015) Asia Pacific Business Forum 2015 MATRADE Kuala Lumpur Malysia Reception Hall, Ground Floor, United Nations Conference Centre, Bangkok MATRADE ( or kindly contact MATRADE Chennai, tel: or [email protected].) Bill Dia ESCAP United Nations Business and Development Section Trade and Investment Division, Tel: , Fax: , Web: apbf.unescap.org RACON Kolkata, India Ashok Bhatt Second Secretary (Commercial & Projects) High Commission of India Tel: Extn: [email protected] 12 th SAARC Fair and 9 th Wexnet India International Mega Trade Fair (IIMTF) January, 2016 International Industrial Exhibition Lahore, Pakistan Science City Ground, Kolkata, India Surat, Gujarat, India March, 2016 Rand Show-2016 Johannesburg Expo Centre, Johannesburg, South Africa Ms. Saira Imdad Ali Director Trade Development Authority of Pakistan Tel: , Ext: 113, Fax: [email protected] G.S. Marketing Associates 108/9, Monohar Pukur Road, Kolkata, India Tel: / Fax: [email protected] Web: Mr. E J Thomas Tel: , Fax: Mob: [email protected], Web: ww.sgcci.in Mob: , [email protected] Web: Johannesburg, South Africa FBCCI Business News 52 FBCCI Business News 53