The New Nation - Internet Edition

NATION BUSINESS REPORT

The Annual General Meeting (AGM)-2007 of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) was held on December 22 last at FBCCI Conference Centre in the city.

Annisul Huq, president, FBCCI chaired the meeting while FBCCI first vice president Abul Kashem Ahmed, vice-president Abu Alam Chowdhury, directors of FBCCI, heads of member bodies and the general body members of FBCCI attended.

In his speech, Annisul Huq said that after taking charge of FBCCI the present board, for the first time, accorded a grand reception in honour of the general body members of FBCCI.

Huq mentioned that the FBCCI got Taka 20 crores from the government for infrastructure development of the district chambers. "We also hope that we would be able to manage such an arrangement for the associations as well."

The present board of FBCCI has formed 44 Standing Committees on different sectors, he added.

Huq said a neutral, arbitration tribunal has been formed with an efficient judge including representation of Dhaka University Law Department for fair judgement. Price monitoring activities of FBCCI has been appreciated by the civil society, he said.

The FBCCI president mentioned that proposals have been sent to the government regarding direct election of FBCCI president, vice-presidents and directors. FBCCI is also working for reducing bank interest rate and different service charges. FBCCI played a vital role in reformation of the Board of Investment, he added. The FBCCI president said that FBCCI in going to establish an institute, namely FBCCI Institute of Entrepreurship funded by different donor agencies. "We are also going to start our journey with a noble mission i.e, a businessmen will make at least one unemployed person self-employed. It will not take huge amount of money, we hope at best Tk 25,000 is required to do so," he said.

In his written speech, the FBCCI president said that, the world economy of the year 2008 is very important for two events: first half of the year is for unprecedented price hike of oil and other daily essentials which increased inflation and last quarter of the year for credit crisis in the United States which downturn the global economy as like as the Great Depression of 1930s.

The Bangladesh economy is also largely shielded from the most immediate and direct effects of the financial crisis. However, Bangladesh exposure to real economy effects of the financial crisis is likely to be greater through exports, remittances, and foreign capital inflow channels.

In Bangladesh context FBCCI president said that, the private sector of the country is playing a significant role in the field of investment, employment generation and savings of the country. Private sector is also working successfully under public-private partnership in many regulatory be dies like Bangladesh Better Business Forum (BBBF), Bangladesh Regulatory Reforms Commission (BRRC), etc. A new generation of private sector entrepreneurs has emerged in Bangladesh who are well educated, hard working, capable and eager to face t1e challenges of the globalized competitive market.

In FY2008, economic performance was better than expected considering the effects of natural disasters in the first half of the fiscal year and higher international commodity prices. The recovery in agriculture and services and the rebound in exports in the second have contributed to the reawnable 6.2% growth of GDP. Growth was supported by a steady flow of bank credit and a surge in workers' remittances.

Total exports during FY 2007-08 increased by or J5.9 percent to US$14.11 billion compared to DS$12.18 billion during FY 2006-07. In the first 7 month of FY2008, exports showed single-digit growth, but rebounded strongly during the end of FY2008, driven by a rise in knitwear and woven garment exports. Knitwear rose by 2 1.5%, while woven garment exports rose by 10.9%. With the economic slowdown in the United States and the European Union, the garment sector in Bangladesh is under growing pressure to augment productivity to stay competitive.

The President, FBCCI has mentioned that, Inflation edged up to 10% on a moving average basis in March 2008, and remained at almost the same level (9.9%) in June 2008. Food inflation rose to 12.3% in June from 11.1% in January, while nonfood inflation declined to 6.3% from 7.3% in January Although inflation almost reached double digits in FY2008, it has shown a rising trend from the beginning of the current decade. Consumer Price Index inflation rose to a record high of 10.19 percent at the end of September, 2008 with food price rising by 13.05 percent and non-food price by 6,06 percent compared to 7.22 percent at the end of June 2007.

FBCCI First Vice-President Abul Kashem Ahmed and Vice-President Abu Alam Chowdhury also spoke on the occasion.

In the miscellaneous agenda, general body members of FBCCI, Lutfar Rahman, Jahangir Alam, KM Aktharuzzaman, Nazrul Islam, Salahuddin Ahmed, Alhaj Harun-Ur-Rashid, Iqbal Jamal Jewel, Nasiruddin, Khodadad Ahmed, Matiur Rahman, Alhaj Md Badiuzzaman Badal, Dr Rezaul Rahim, Engr Mohammad Abdur Rahman, Syed Moazzem Hossain, Shahidul Haq, SA Kader Kiron, SM Nazrul Islam, Faruq Ahmed, Alauddin Malik, Mokhlesur Rahman, Helaluddin, Harunur Rashid Dulal, Milon Bhuiyan, Ashikur Rahman, Prof Masuda M Rashid Chowdhury, Habibur Rahman Lablu, Ali Zaman and Mrs. Salima Ahmed spoke on various issues at the AGM. They mentioned that the country was passing through a critical time. The economy has already suffered heavy damage. This can not be allowed to continue. Business leaders urged the FBCCI president to go ahead with productive programmes.