Refayet Ullah Mirdha

Bangladesh needs to bring in further progress to the business regulatory environment in order to retain and attract foreign investors, said the top leader of the trade body of global firms operating in the country.

A fresh stimulus package of at least Tk 20,000 crore is needed specifically for the survival and revival of cottage and micro enterprises (CMEs) as those are most vulnerable to the Covid-19 fallout, said Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

The budget has not proposed any direct cash support to revive the cottage, micro, small and medium enterprises (CMSMEs) sector, where millions of workers lost jobs, though the government proposed some short tax-relief measures.

The one-person company (OPC) law is off to a disappointing start as no single entrepreneur has come forward to incorporate firms under the provision although six months have passed since its passage.

The government should implement the current stimulus packages for the cottage, micro, small and medium enterprises (CMSMEs) and announce another round of support in the upcoming budget to help them survive, said experts and entrepreneurs.

Businesspeople have urged the government not to allow any blanket black money whitening opportunity, saying the preferential tax treatment should be extended to the sectors that create jobs and have a positive impact on the economy.

Myanmar’s deepening political crisis and India’s grave coronavirus situation are prompting international retailers and brands to divert work orders to Bangladesh because of its stability and milder-than-expected impacts of the second wave of the infections.

Naoki: Bangladesh at present and Japan in 1971 share almost the same level of GDP per capita (About $2,000). Japan achieved rapid economic growth after the Second World War, particularly in the 1960s and the 1970s.

Some 200 garment factories could not pay workers’ salaries and festival bonuses as of yesterday although the Eid-ul-Fitr festival is just knocking at the door, said union leaders.

Not all garment factories have been able to pay workers’ salaries and festival allowances within the government-set deadline ending yesterday.

Gas heat recovery has become the name of the game for efficiency in the textile and garment industry to remain competitive in business and for a green transformation to save the environment and the next generation.

The election board of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) yesterday declared the names of 78 directors who were elected uncontested.

Production in a number of local chemical, textile and glassware factories is facing setbacks for delays in the shipment of soda ash by Indian exporters over the past four months.

The strong performance of the US economy fuelled by the Biden administration’s relief cheques to the people and the ongoing rapid vaccination holds promises for the recovery of Bangladesh’s garment shipment to its single largest export destination.

The relationship between Japan and Bangladesh is a trusted and time-tested one. Bangladesh became Japan’s biggest recipient of the Official Development Assistance in 2020. Since the Covid-19 pandemic started more than a year ago, there has been a lot of talks and anticipation about Japanese businesses moving base to Bangladesh.

Earnings from merchandise exports surged as much as six times year-on-year to $3.13 billion in April thanks to a rebound in apparel shipment buoyed by the reopening of the economies in the US and Europe.

The business community is deprived of an opportunity to choose their leaders through a participatory election as directors of the FBCCI are picked through consensus among hopefuls, who are often backed by the ruling parties.

The biennial election of the country’s apex trade body might not take place on May 5 as candidates have been elected uncontested after four hopefuls withdrew their candidature.

The country’s apex trade body plans to set up a commercial bank and an insurance company to serve better cottage, micro, small and medium enterprises (CMSMEs), which struggle to secure loans despite being the backbone of the economy.

Garment factory owners are demanding more stimulus funds from the government to pay three months’ salaries alongside festival allowances to workers.