Private sector facing various challenges: DCCI

DCCI President Ashraf Ahmed speaking at a discussion

Dhaka, Oct 15 - The Dhaka Chamber of Commerce and Industry (DCCI) believes that the private sector is facing various challenges including devaluation of taka, high inflation, lack of enough foreign exchange, growing lending rate and obstacles in opening LC (Letter of Credit).

Ashraf Ahmed, president of DCCI, said this at a discussion titled "Easing the Business System: An International Trade Perspective”, organised by the trade body at its auditorium on Tuesday.

The DCCI president said that the contribution of international trade to GDP is about 25 percent.

However, in order to increase this rate further, it is necessary to increase the automation of port and customs operations, increase logistics facilities, reduce the incoordination of related government agencies, improve the balance of payment conditions, increase foreign reserves, and reduce the interest rate of bank loans logically, said Ashraf.

Apart from this, he pointed out that business costs are constantly increasing due to the imposition of various types of fines and procedural complications in the port.

Ashraf opined that the government is setting an export target of US $57.5 billion for the fiscal year 2024-25, to achieve this target and increase overall exports, automation and facilitation of operations at all ports, ensuring modern facilities, skills training of C&F agents, port and customs house personnel is required.

Emphasis should be placed on growth, improvement of land, rail, and water connectivity with ports, and increase in foreign exchange reserves to facilitate international transaction process, he pointed out.

Among others, Deputy Secretary (Director, Traffic) of Mongla Port Authority, Md. Kamal Hossain, Joint Secretary (WTO Wing), Ministry of Commerce Dr. Farhana Iris and Superintendent Engineer of Bangladesh Land Port Authority, Md. Hasan Ali joined the event as designated discussants.-UNB