Local entrepreneurs of the information and communication technology (ICT) sector on Saturday demanded that the government allow them to invest abroad, aiming to brighten the image of Bangladesh.
They made the demand at the first meeting of the FBCCI Standing Committee on ICT and Digitisation of Trade Bodies held at FBCCI Icon - a multi-storey building of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) - in the capital.
During the meeting, Syed Almas Kabir, director in charge of the Committee, said if the government provided this facility, there would be an opportunity to rebrand Bangladesh abroad.
"The global entrepreneurs will be able to know the potential of Bangladesh differently if the government provided this facility to the local entrepreneurs to invest in the ICT sector abroad," he said.
Mr Kabir opined that the country's ICT companies should be included in the draft policy of the Bangladesh Investment Development Authority (BIDA).
Bangladesh Bank (BB) in its circular issued recently has allowed only exporters for overseas investment, said Mr Kabir, requesting the BB for reconsideration of this condition and giving the opportunity to the local ICT entrepreneurs as well.
Currently, several mega projects, including Padma Bridge, metro rail and Karnaphuli Tunnel, are being implemented in the country - these projects will require a good number of digital devices and services, observed Mr Kabir.
He urged the government to buy these products and services from the local manufacturers.
Speaking on the occasion, Chairman of the Committee Md Shahid-Ul-Munir said that a request had been made to BIDA to allow local software companies to invest in foreign lands.
During the meeting, the participants said the current Income Tax Ordinance had given tax exemption to the ICT sector till 2024.
They demanded the exemption to be continued until 2030 in the proposed new income tax law in line with the ICT policy.
The participants demanded repealing the provision of deducting advance income tax from incentives.
To them, the Public Procurement Act, which instructs for the purchase of services from local manufacturers, is not being complied with.
If the existing condition is not amended, small, medium and new entrepreneurs will be deprived, said the ICT sector entrepreneurs.
Although various types of ICT services are readily available in the country, local entrepreneurs are being deprived as the government bodies are keen to invite international tenders, alleged the entrepreneurs.
If the law is properly obeyed, they said, investment in the IT sector in the country will increase, further strengthening the 'Made in Bangladesh' branding.
Speaking on the occasion as the chief guest, FBCCI President Md Jashim Uddin said it was very important to digitise all the ministries, departments and agencies of the government, especially the National Board of Revenue (NBR) and BB, in order to continue the pace of development of the country.
Mr Jashim said the prime minister had declared ICT services and products as the product of the year 2022.
He urged the Committee to draw up a roadmap in a bid to achieve the export target.
"To achieve the five-billion-dollar export target from the IT sector by 2025, the government policy support needs to be increased," Mr Jashim added.
During the meeting, a sub-committee was formed to prepare draft recommendations for the IT sector for inclusion in the Income Tax Act and the forthcoming budget.
Co-Chairman of the Standing Committee Shoeb Ahmed Masud, and Md Motaher Hoshan Khan and Md Nazmul Karim Biswas Kazal, and FBCCI Secretary General Mohammad Mahfuzul Hoque were present, among others.
