Economy
DCCI President Affirms Bangladesh’s Resilience Amid Economic Challenges
Dhaka Chamber of Commerce and Industry (DCCI) President Ashraf Ahmed expressed confidence in Bangladesh’s ability to overcome current economic challenges. He acknowledged issues such as inflation, non-performing loans (NPL), foreign exchange reserves, financial market volatility, balance of payment, and the depreciation of the currency but emphasized that Bangladesh has successfully faced similar challenges in the past.
During a press conference organized by DCCI, Ashraf highlighted that while inflation, foreign exchange reserves, NPL, and liquidity are indeed significant challenges, Bangladesh has a proven track record of overcoming such economic obstacles. He also addressed the energy crisis, emphasizing the negative impact of manufacturing industries’ closures due to power shortages on economic capacity.
Ashraf called for the swift resolution of the energy crisis and emphasized the need for data transparency improvement in the Bangladesh Bureau of Statistics (BBS) and other relevant sectors. He suggested that both the private and public sectors need to collaboratively address economic challenges, with the private sector playing a pivotal role in stabilizing and reviving economic growth.
To promote the development of import substitute industries, Ashraf recommended expanding access to finance for cottage, micro, small, and medium-sized enterprises (CMSMEs) and industrial startups through dedicated credit lines, loan guarantees, and venture capital initiatives. He also proposed measures such as export diversification, export factoring, inter-bank foreign currency exchange, incentivizing remittance inflow, and promoting the Alternative Trade Board (ATB) for trading infrastructure.
Ashraf expressed optimism about the implementation of the new monetary policy stabilizing the macroeconomic scenario and relieving inflationary pressure. He urged continuous efforts for inclusive growth, export base diversification, and policy focus on stimulating growth. Additionally, he called for the synchronization of accounting and reporting processes with the tax code and the formulation of a long-term, time-bound, sector-specific national investment roadmap for key industries like Agriculture, Pharmaceuticals, Electronics, Light-engineering, IT & ITES, and the RMG industry to boost private investment.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
