DCCI President Rizwan Rahman presented the keynote paper on DCCI’s views on the current economic status of Bangladesh and DCCI’s Annual Plan of Action for the year 2022
Dhaka Chamber of Commerce & Industry (DCCI) President Rizwan Rahman has said that in 2022, DCCI will prioritize the cottage, micro, small & medium enterprises (CMSME) sector including export diversification, blue economy, economic diplomacy, infrastructure, private investment and foreign direct investment (FDI), export diversification, skills development, digital engagement, taxation and LDC graduation.
Rizwan Rahman presented the keynote paper on DCCI’s views on the current economic status of Bangladesh and DCCI’s Annual Plan of Action for the year 2022 at a press conference on 6 February, at its office in Dhaka.
Rizwan stressed that Bangladesh has been doing an outstanding recovery from the COVID-19 pandemic. In spite of the COVID – 19 induced economic tremors, the flexibility of Bangladesh’s economy and especially the private sector allowed us to grow at a rate of 5.43% in 2021 when most of our peers experienced a decline.
Throughout the year 2021, the economy indicated some positive growth trends in some major indicators- like export, remittance and private sector credit, he added.
but needs to boost its CMSME sector should get precedence specifically in terms of easy access to finance. As the CMSME sector employees, 80% of industrial employment and contributes to GDP is around 25%.
DCCI President highlighted that consolidating CMSME sector should get priority especially in terms of easy access to finance.
Rizwan Rahman said to survive with the rising demand for a future skilled workforce, there is no alternative of investing more in R&D, re-skilling and upskilling. He also added that LDC graduation will demand skilled workers.
For a seamless LDC graduation process, Rizwan stresses improving the country’s competitiveness, rational removal of non-tariff barriers, and creating a national way forward strategies for local and export market competitiveness.
To recover private investment and FDI Rizwan suggested rationalizing corporate tax structure, equipping economic zones, readiness and a national roadmap.
He also stressed for automation of overall taxation, VAT, audit, arrears management, investigation and inquiry, appeal, revenue account management, taxpayer account management and revenue information management.
He said a predictable and compliant tax culture would increase tax net and foreign investment. He further underscored the importance of a simplified VAT refund process.