Bangladesh can become an export powerhouse: ICCB

Bangladesh can become an export powerhouse if it can get its act together and seize the opportunities presented, said the International Chamber of Commerce Bangladesh (ICCB) president. ICCB President Mahbubur Rahman made the observation while presenting the report of the ICCB Executive Board at the 16th Council of the Chamber in the city Saturday. "With wages rising, China is becoming uncompetitive in most of its labour-intensive exports, such as textiles, shoes, furniture, toys, electrical goods, car parts, plastic products, kitchenware and other consumer goods. Foreign investors in these sectors are looking for alternative locations to set up industries. Bangladesh can seize the opportunity." Mr Rahman said. The council expressed deep shock at the huge loss of life and properties due to the massive earthquake followed by tsunami in Japan. The earthquake and nuclear crisis in Japan have put pressure on the already fragile global economy with reduced supplies of goods from computer chips to auto parts and raised apprehension of higher interest rates, the report added. On the stock market crash, the ICCB president said the regulators had apparently tried to prevent market overheating and regulate volatility, adding that sensing irregularity in the book-building method for IPOs, the practice was temporarily halted. Mr Mahbub said the business sector is facing severe problems arising out of the liquidity crisis in the banks resulting in impediment to establishing new manufacturing units. Rising trend of inflation, upward trend in price of essentials, unstable situation in capital market, fall in remittance inflow and infrastructural constraints did not give Bangladesh a chance to relax in the outgoing year (2010) although it has overcome the economic meltdown successfully, the report said adding that the economy however witnessed good performances in the fields of export earnings and harvest of crops including boro and aman during the period. ICCB Vice presidents Latifur Rahman and Samson H Chowdhury, Singer Bangladesh Chairman Mahbub Jamil, DCCI President Asif Ibrahim, CCCI President Murshed Murad Ibrahim, FBCCI First Vice President Md Jashim Uddin, MCCI Vice President Nihad Kabir and Managing Director of Nestle Bangladesh Ltd Laurent Therond, among others, attended the Council.