Lockdown not a solution: FBCCI president

Another lockdown is not a solution to prevent coronavirus infections. Rather it increases the misery of low-income people and affects the country’s trade and economy, said Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) president Jashim Uddin on Wednesday, reports UNB.

He said this while responding to a question at ‘Meet the Reporters programme’ organised by Dhaka Reporters’ Unity.

He urged people to abide by the restrictions imposed by the government to prevent the third wave of the coronavirus pandemic.

“A lot of export orders are coming now. Fresh lockdown decision will actually disrupt the industry’s growth and hurt the economy in the long run. The countries that resorted to lockdown suffered the worst,” he said.

Addressing the programme, FBCCI president said the main obstacle to foreign investment was the lack of adequate infrastructures. But now, various development projects undertaken by the government including Padma Bridge, Karnafuli Tunnel, Metrorail and 100 economic zones have created investment-friendly environment in the country, he said.

Meanwhile, the FBCCI president urged banks to lend more to small and medium enterprises.

“Bangladesh will face several challenges to protect local industries after the country’s graduation from LDC category. In order to face these challenges, it is important to have free trade agreements with different countries, said the FBCCI chief.

The six blocs account for 90 per cent of world trade, so FTA can be signed with the six blocs - Regional Comprehensive Economic Partnership (RCEP), European Economic Union, USA, EU, UK and African Continental Free Trade Agreement, said Jashim.

He emphasised increasing the capacity of various ministries including the Ministry of Commerce to negotiate the post LDC challenges.

FBCCI is going to set up an innovation centre to enhance the capacity of the private sector, he said adding that this will accelerate research and development in various sectors.

To enhance the FBCCI’s own research capacity, 18 experts from various fields have been appointed as panel advisors, he said.

The FBCCI will play a more effective role in formulating various policies based on their analysis and opinions. In order to address the post-transformation challenges of developing countries, Internal Resource Mobilisation and Tariff Rationalisation, Global Market Access 2021-2026 and Beyond, Investment Measures for Sustainable Inclusive Development and Sustainable Export Development, Subsidies and Incentives have been formulated.

DRU president Nazrul Islam, general secretary Nurul Islam Hasib and organising secretary Abdullah Al Kafi were, among others, present at the programme.