FBCCI terms budget business-friendly

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has lauded the proposed national budget for the 2019-20 fiscal year as a "business-friendly" one.

"We thank prime minister Sheikh Hasina and finance minister Mustafa Kamal for announcing such a public and business-friendly budget. We hope it'll help flourish the economic development of the country," FBCCI president Sheikh Fazle Fahim said at a budget reaction press conference in Dhaka on Saturday.

He also welcomed the black money whitening windows.

"We see positive things in the budget," he said.

Replying a question, he said that if the government takes loan from banks then it will have an impact on the banking sector.

"To meet the deficit in the proposed budget, we urge the government to reduce dependency on the banking sector and instead emphasise on foreign sources, infrastructure funds, infrastructure bonds and other financial tools," Fahim said in a prepared statement.

He noted that the proposed budget fixed a revenue collection target of Tk 3,256 billion (Tk 3,25,600 crore) - 16.29 per cent higher than the outgoing fiscal year. He said that the target is achievable.

The FBCCI president also urged the government and the authorities concerned not to hassle businesses during new VAT law implementation.

Fahim said that the budget is timely because it gives special importance to the social safety net, ICT, infrastructure, socio-economic development, poverty reduction, human resource, education, public health and agriculture.

He said that crop insurance for farmers is a creative initiative. Besides, tax holiday facility up to 2024 will help the industrial sector to flourish.

Fahim said they hoped that there will be no harassment at any level, obstacle to easing business will be removed, adulteration-free food will be ensured and tax net will be increased.

FBCCI expected assistance from concerned ministries to conduct research and development activities in agriculture, manufacturing, service and quaternary economic sectorial scan.

"Pilot projects can be taken prioritising trade logistics, banking and finance, SME sector business process re-engineering, investment, revenue regulatory framework and tourism for sectorial scan and mapping," he said.

The FBCCI president emphasised strengthening monitoring while implementing the budget. "It's possible to achieve the target," he said.