Dhaka Chamber of Commerce and Industry (DCCI) President Barrister Md Sameer Sattar today urged all concerned to work together to face the changing economic reality in the wake of the current global condition.
“I’ll urge all to work together in facing the changing economic reality,” he said.
The DCCI President said this while addressing the “Meet the Press” held at the DCCI in the city’s Motijheel area.
He said not only Bangladesh but also the whole of the world is now passing through a tough time mostly because of external factors.
“The business environment across the globe is also becoming challenging day by day,” he added.
Sameer said even developed economies like Japan have been experiencing their highest inflation over the last four decades which indicates that survival would be the most vital thing under such circumstances.
He cited that in this challenging year of 2023, the private sector and businesses could focus on maintaining their operations by keeping lesser profit margins without making job cuts although global tech giants like Microsoft and Google resorted to huge job cuts in recent times.
Answering to a question, Sameer said that although the central bank gives Monetary Policy Statements (MPS) every six months, its frequency should be increased in the country considering the ever-changing context and situation in the global economic front and in the domestic arena.
He also opined that it would be a bit difficult to face the changing economic reality with the existing government policy and thus it could be aligned with the changing context.
When asked about the possible impact of the recent gas tariff hike on businesses, the DCCI President said that such a hike could put an immediate impact on micro and small entrepreneurs.
He, however, opined that it is not possible to deal single-handedly with the impact on the businesses, rather all concerned need to play their due role.
Sameer said that the current energy tariff hike coupled with the shocks of the COVID-19 pandemic and the Russia-Ukraine conflict would surely put an impact, but to deal with such a situation, the industries especially the larger ones would have to chalk out plans to decide in which areas they could reduce their competitive edge.
The DCCI President also mentioned that it is the repeated demand of the private sector towards the government to ensure an uninterrupted supply of power and energy to the industries.
In his power-point presentation, the DCCI President highlighted 10 key areas which are Cottage, Micro, Small, and Medium Enterprises (CMSMES); skills development; export diversification; private investment and FDI; financial sector; LDC graduation; economic diplomacy; infrastructure; and Smart Bangladesh.