Price fall of commodities in global market hits local import trade

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FE Report
Finance and Planning Adviser Mirza Azizul Islam advised businessmen to bring their import-related problems to the notice of the secretary-level committee on global economic recession.
Dr Aziz made the suggestion when a group of importers led by Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Annisul Haq met him Thursday at his office.
They informed the finance adviser of the problems they were facing in running import business due to falling price of commodities in the global market.
"I asked them to notify their sectorwise problems to the secretary-level committee," Dr Aziz said.
Finance Secretary Mohammad Tareque is leading a committee that has been formed to suggest government remedies to keep away from the adverse impacts of the lingering global economic downturn.
Annisul Haq said they did not seek any financial assistance.
"We just came to let the finance adviser know the import-related problems," he said.
Meanwhile, Bangladesh-British Chamber of Commerce (BBCC) sought cooperation of the country's apex trade body to create environment for non-resident Bangladeshis (NRBs) to invest in the country.
Speaking at a press conference Thursday after the meeting with the leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president of the BBCCI Shahagir Bakth Faruk said the apex trade body should have a role in encouraging the NBRs in UK for more investment in the country.
"We have sought cooperation of the FBCCI. It can play a vital role to woo more NRBs living UK to invest in the country," he said.
The FBCCI president Annisul Huq said his organisation will extend all possible cooperation to the NRBs in their investment in the country.
"But we need to develop our infrastructure and ensure better gas and power supply to attract NRBs to come and invest here," he added.
Mr. Faruk, who is leading a 47-member business delegation in Dhaka from UK, further said NRBs should have the opportunity to participate in election by exercising their voting right.
"We should be given the chance to cast our vote in parliamentary election," he added.
He said there should be more involvement of the NRBs in the country's development works.
Mr. Huq further said this is the right time for NRBs to come up with ideas and money for investment.
He urged the BoI to introduce an effective one-stop service for the convenience of NRBs or other investors.
BBCC president said there is a potential for further investment in a number of sectors particularly light-engineering industry, call center business and tourism in Bangladesh.
"The call centres may be a lucrative area for the NRBs' investment," he said, adding that investment by the NRBs in the country will help Bangladesh boost its export to the European country.
In fiscal 2007-08 year, Bangladesh fetched around $1.374 billion from export of its goods including knitwear, woven garments, frozen fish, home textiles, terry towel and vegetables to UK.
On the other hand, Bangladesh imported goods worth $323 million from UK, which are mostly machinery.