Mahbubul Alam, the recently appointed President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), has already communicated with the Bangladesh Bank, urging for measures to support struggling businesses that are finding it difficult to meet loan repayment obligations. He asserts that the issue of heightened inflation is not exclusive to Bangladesh but is a global concern, evidenced by surges in prices of essential goods and energy worldwide, including in the USA and Europe. While Bangladesh is striving to manage inflation, disruptions in the global supply chain are contributing to supply-side crises and subsequent price hikes in some instances.
In an interview with UNB, Mahbubul Alam shared his insights on various matters, including inflation, the dollar crisis, export diversification, and the challenges tied to achieving Sustainable Development Goals (SDGs). Elected as the FBCCI President from the Sammilito Oikko Parishad for the 2023-25 term, Alam also holds the position of President at the Chittagong Chamber of Commerce & Industry (CCCI). Beyond his business acumen, he has received accolades such as the CIP (Trade) and CIP (Industry) Awards from the Ministry of Commerce, Bangladesh. Additionally, he has been recognized internationally with a “Certificate of Merit” from the World Customs Organization.
Alam emphasizes the importance of not hastily declaring businesses as loan defaulters, particularly in scenarios where some units of a business group face issues while others are operating smoothly. He advocates for granting opportunities to rectify financial challenges rather than resorting to blanket declarations. He acknowledges the concern of loan defaults over the past two years due to non-payment by several entrepreneurs and suggests allowing struggling factories to continue operations as a solution.
Addressing the dollar crisis, Alam emphasizes augmenting remittance earnings by sending skilled workers abroad, and he calls for an improved system for channeling remittances from various parts of the world to Bangladesh. Alam, who owns M/S Alam Trading based in Chattogram, stresses enhancing the capabilities of foreign missions to organize trade fairs showcasing diverse traditions and non-traditional products, contributing to export diversification.
In the context of achieving SDGs, Alam underscores the need for local businesses to bolster their capacity to compete globally amidst the era of free trade. Despite the challenges posed by the Covid-19 pandemic, he commends Bangladeshi entrepreneurs for their resilience in maintaining business operations. Alam also highlights the significance of research and innovation, particularly involving youth, to navigate the demands of the Fourth Industrial Revolution.
Contrary to concerns about AI and machine learning displacing jobs, Alam asserts that numerous tasks still require human involvement. He advocates for increased domestic livestock rearing to meet the consumption demand for eggs, milk, and meat, emphasizing the importance of self-dependency in agricultural produce
