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Proposed budget business-friendly, says FBCCI

Published : Sunday, 16 June, 2019 at 12:00 AM  Count : 619

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) - the apex trade body of the country's business community, hailed the budget as business-friendly, saying it would accelerate the nation's economic growth.
Sheikh Fazle Fahim, the newly elected president of the chamber, told this in a post- budget press conference at its office in the capital on Saturday city.
The FBCCI chief said the budget for the fiscal year 2019-20 with a proposed expenditure outlay of Tk5.232 trillion and focused on achieving 8.2 per cent GDP growth will play a pivotal role to take the nation to achieve higher development in all fronts.
It will particularly help implement big infrastructure projects, eradicate poverty, improve quality of education and human resources so needed for the country to achieve higher growth.
Large allocation in the budget for creating young entrepreneurs and vocational training for younger people are timely steps. He said tax reforms and business friendly policies adopted in the budget will increase both domestic and foreign direct investments.
It will increase industrialization, accelerate public-private partnership for implementing big projects to create more income and employment generating activities. The budgetary target of creating 30 million jobs will have far reaching impact in the economy.
He said to elevate the country from third dimension industrial revolution to fourth dimension the  budget has provided for introducing Nano-Tchnology, Bio-Technology, Robotics, Artificial Intelligence, Material Science, Internet of Things, Quantum Computing, Blockchain and such others. It will open new corridors for creative activities in the economy.
He welcomed the finance minister for innovative steps to remodel education based on modern science and technology. Particularly, priority on technical education, engineering and mathematics will open new horizon for achieving higher growth, he said.
Mr Fahim sounded positive for providing incentives to RMG exporters, cash bonus to remitters. He said increasing duty on import of motorcycles and mobile phones will give protection to local industries. Introduction of crop insurance will provide safeguards to farmers. Whitening of black money will help curb money laundering, he said. He said withdrawal of duty on import for pharmaceuticals raw material to be used in the API Park is a good step. It will help further flourish the pharmaceutical sector and increase export in the global competitive market.
The FBCCI chief said raising VAT ceiling for women entrepreneurs and special considerations for SME sector development are also good steps in the budget. He hoped these steps will bring positive impact at all levels.  Replying to a question, he said staggering loan defaults is creating liquidity crisis in banking sector but he hoped that all these problems would be resolved.
Former BGMEA president and FBCCI Vice President Siddiqur Rahman, among others, were present at the press conference.

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