FE REPORT
The pipe and tube-well sector, long dominated by traditional businesses in Old Dhaka, has seen a shift in recent years, with a new generation of young, highly educated entrepreneurs taking the lead.
Many of these young entrepreneurs, including MBA graduates from the Institute of Business Administration (IBA) and sector specialists, have taken over their family businesses, with renewed passion and innovation.
At a programme organised by the Bangladesh Pipe and Tube-Well Merchant Association at Dhaka Club on Monday, these young business leaders urged the government to address several critical issues hindering investment and business operations in this sector.
They identified several issues such as tax complexities, tariff barriers, and port demurrage as significant obstacles to fostering a conducive business environment.
Despite these challenges, they expressed optimism about doing business in the country, provided the government takes steps to ensure a favourable investment climate.
Dr. Muhammad Abdul Mazid, former chairman of the National Board of Revenue (NBR) and current chairman of the Social Development Foundation, attended the event as the chief guest while Md Mamun, a former Ward commissioner under Dhaka South City Corporation, was present as a special guest.
Speaking on the occasion, Dr. Mazid assured the young business leaders that he would convey their recommendations to the interim government.
As a member of the NBR advisory committee, he encouraged the entrepreneurs to formalise their proposals to facilitate discussions with policymakers.
Dr. Mazid also praised this new generation of business leaders for their commitment to contributing to the national economy rather than seeking opportunities abroad.
He highlighted their potential to drive transformation in the sector and urged the government to support their efforts by improving the overall business climate.
Solaiman Parsee, a prominent businessman in the sector, highlighted several key challenges that discourage young entrepreneurs from continuing their ventures.
He called for separate tax and VAT policies for large and medium enterprises to prevent big corporations from overpowering small traders.
The event underscored the need for policy reforms to encourage and retain young entrepreneurs in Bangladesh, paving the way for sustainable economic growth.
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