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5-7 years’ lead-time needed for Bangladesh & 3 LDCs for SAFTA

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January 18, 2001 

Dhaka-- (UNB) – The Metropolitan Chamber of Commerce and Industry urged the government to ensure 5-7 years’ lead-time for Bangladesh and other three LDCs in the proposed South Asian Free Trade Area (SAFTA) agreement.

MCCI underscored the need for allowing duty-free market access to LDCs of SAARC by stronger economies in the region before striking the agreement for turning the region into a free-trade zone.

MCCI president Latifur Rahman and other executives of the chamber made the appeals when they met Industries Minister Tofail Ahmed in the conference room of the ministry.

They also requested the government to withdraw compulsory registration with the BOI for remittance of royalty and technical fee and reduce bank interest to help spur industrial growth.

The MCCI delegation lauded the enactment of the Bank Company Act (Amendment) bill, which has accommodated the longstanding demands of the business community for making a distinction between an individual shareholder and a corporate entity while defining loan defaulter.

In the meeting the MCCI president appreciated the Tk 100 crore equity fund for software, food processing and agricultural industries, but felt bank conditionalities for having such credits should be brought to the minimum to achieve the actual goal of the government of expanding export in these sectors.

Industries Minister Tofail appreciated the suggestions of the 96-year-old chamber and said the present government involved chambers in all trade and investment-related issues, including budget formulation and WTO negotiations.

“We are convinced that the policies which we framed are for business community. These are meant for facilitating business, not for restricting,” he told the business leaders.

He said the government always take into account the suggestions from the chambers and business leaders before framing business policies.

The minister noted economic indicators were moving towards a positive direction as the government has given equal importance to both agriculture and industry sectors.

Urging the business leaders to invest in export-led sectors, the minister said local investors are provided with maximum incentives and if needed, the government would give more.

“We consider businesspeople as businesspeople irrespective of their political affiliation.”

Industries Secretary Al-Ameen Chowdhury, MCCI Secretary General CK Heider, Vice-President of MCCI Tapan Chowdhury and other executives of MCCI were present in the meeting.

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