Exploration of export baskets, proactive stance of government agencies and proper coordination among the regulatory bodies can improve the country’s financial ecosystem, suggested speakers.
They came up with the suggestions on Wednesday at a webinar titled “Covid-19 Pandemic: Impact on Investment in Bangladesh and the way forward” arranged by Bangladesh Association of Publicly Listed Companies (BAPLC).
The webinar was chaired by BAPLC President Azam J. Chowdhury, while Salman F. Rahman, MP, private industry and investment adviser to the Prime Minister, was present as chief guest.
Md. Sirazul Islam, chairman of Bangladesh Investment Development Authority (BIDA), Prof. Shibli Rubayat-Ul-Islam, chairman of Bangladesh Securities and Exchange Commission (BSEC), and Sheikh Fazle Fahim, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) attended the webinar as special guests.
Salman F. Rahman said the mindset of the government’s high officials has changed enough because of strong leadership of the Prime Minister.
“Now, businesses can talk to high officials for solving their problems. The job of trade bodies is to move forward together to solve different problems including the legacy complexity,” Mr. Rahman said.
He said without raising ‘complaints’, the trade bodies should come forward to solve their problems proactively.
“Business community wants privilege. But responsibilities also lie with privileges,” said Mr. Rahman.
He said trade bodies will have to identify the opportunities that can be availed after LDC graduation.
Referring a recent meeting with the Prime Minister, Mr. Rahman said tax net will have to be expanded using technologies.
“We cannot depend on customs duty only. We will have to depend on tax and VAT.”
Mr Salman also laid importance on signing of FTA to fill the gap that may be created after LDC graduation.
BSEC Chairman Prof. Shibli Rubayat Ul Islam said the country needs to be prepared to face the challenges after LDC graduation.
“We will have to diversify products and demands along with enhancing the state of accountability,” Prof. Islam said.
He said the country’s capital market must be expanded to ensure accountability and coordination among the regulatory bodies.
“We need to remove ambiguity in regulations enacted by different authorities,” said Mr. Islam.
The FBCCI President Sheikh Fazle Fahim said compliant regulations will facilitate the development of financial ecosystem.
He said implementation of projects, lower tariffs including corporate tax, customs duties, widening tax net, and integrated and automated tax management framework will facilitate financial ecosystem.
“Financial ecosystem will increase tax volume and investment GDP ratio.”
The FBCCI is engaged with stakeholders in facilitating LDG graduation and SGD 2020.
“When this transition takes place, financial mindset of entrepreneurs and land owners needs to be revisited along with focusing on projects’ feasibility,” Mr. Fahim said.