DCCI proposes comprehensive economic reforms to spark ‘Road to Revival’

The Dhaka Chamber of Commerce and Industry (DCCI) on Monday presented a strategic ‘Road to Revival' roadmap, calling on the new government to implement urgent structural reforms to stabilize the national economy.

Addressing a "Meet the Press" event titled "Expectations from the New Government to Address the Current Economic Situation," DCCI President Taskeen Ahmed underscored the necessity of immediate policy interventions to navigate the private sector through a period of heightened volatility.

In his speech, he highlighted various issues including the financial sector, energy, industrialization, tariff policy, logistics infrastructure, employment and skills development, LDC graduation and the signing of trade agreements with the United States.

The DCCI President stated that due to the lack of automation in the country’s overall revenue management system, both individual taxpayers and businesses are often falling victim to unnecessary harassment while paying taxes, reports BSS.

At the same time, he said, many remain outside the tax net, depriving the government of due revenue and slowing the pace of revenue collection.  “Delays in land acquisition and high land prices, an average 41% increase in service charges imposed by the Chattogram Port Authority, and the ineffective utilization of inland waterways have significantly increased the cost of doing business,” he added. Besides, he mentioned that production and distribution costs have also increased, contributing substantially to inflationary pressure.

Regarding LDC graduation, he said that according to UNCTAD estimates, Bangladesh’s exports may decline by 5.5–7%, amounting to approximately $2.7 billion. Considering global economic instability and the current domestic economic conditions, he mentioned that such a significant negative impact on the export sector would be highly undesirable. In this context, he urged the government to take initiatives to defer Bangladesh’s LDC graduation by at least three years. Referring to the recently signed agreement with the United States, DCCI President strongly urged the new government to renegotiate with the United States government to revise the terms and conditions of the agreement. During the question-and-answer session, DCCI President called upon the newly elected government to take effective measures to eliminate extortion and improve the overall law and order situation in the country.A safe and predictable business environment is essential for sustainable industrial growth, he added.

He called for greater transparency and accountability in public administration. Tackling corruption and strengthening institutional governance would improve service delivery and help rebuild investor confidence, both local and foreign. Ahmed highlighted the importance of supporting non-wilful defaulters. Many otherwise viable enterprises have slipped into default due to external shocks and liquidity constraints. Targeted working capital support could help them resume operations and safeguard employment, he said. He also urged policymakers to bring lending rates down to a reasonable and sustainable level, noting that lower borrowing costs are vital to spur private investment, boost production, and generate jobs in the coming year.

He further mentioned that more than 2 million educated youths in the country are unemployed and the lack of employment opportunities may push many towards illegal activities. To address this issue, he emphasized reducing youth dependency solely on jobs by enhancing skill development initiatives and simplifying the conditions for engaging in business activities.

He also urged the relevant government agencies to ensure easier access to loans for young entrepreneurs, particularly to facilitate startup businesses under simplified terms.

Concluding the session, Taskeen Ahmed emphasized that a shift from ‘building assets to delivering services’ is essential for the nation's economic survival. “The Board of Directors of DCCI remains committed to the 'Road to Revival' and urges the government to act decisively to unlock the country’s full trade potential," he stated.

Senior Vice President Razeev H Chowdhury and Vice President Md. Salem Sulaiman, along with members of the Board of Directors of DCCI, were also present on the occasion.