Foreign Investors' Chamber of Commerce & Industry (FICCI) Bangladesh Wednesday demanded that the government waive supplementary duty on the raw materials for import-substitute industries.
It has also urged reduction in issuing frequent Statutory Regulatory Orders (SROs), which eventually increases production cost of the foreign investors.
The FICCI placed the demands during a courtesy call by its team on Industries Minister Amir Hossain Amu at the latter's office in the city. The team comprised the new executive body of the chamber led by its president Rupali Chowdhury.
Additional Secretary of the Industries Ministry Farhad Uddin, FICCI executive committee members Riaz Islam and Nayan Mukhopadhyay, and executive director Jamil Osman were present, among others, at the meeting.
The FICCI representatives appreciated various steps taken by the government for the development of the industrial sector observing the investor-friendly policy of the government had helped increase the flow of foreign direct investment. They called upon the minister to enhance duty and tax benefits for developing a sustainable industrial sector in Bangladesh.
They said issuance of SROs frequently increased the volume of direct and indirect tax, contributing to an increased amount of production cost. They suggested that the government take business-friendly and realistic steps and expand the tax network, instead of increasing tax.
The Industries Minister said the government would continue its policy support for the development of a sustainable industrial sector. The minister informed the FICCI leaders that the ministry had already recommended the authorities concerned to provide duty-related assistance to them in importing raw materials for local industries.
He expressed his hope that the upcoming budget would see its reflection. The minister also suggested the FICCI leaders to submit their specific proposals on duty waiver on raw materials for import-substitute industries.
In another meeting with the minister, the representatives of the International Business Forum of Bangladesh (IBFB) demanded lowering of bank interest rate to 10 per cent.
They also said it was necessary to decentralise garment industries to district levels for developing a planned garment sector. For this, they suggested providing incentives by the government. They demanded some changes in the Industrial Policy 2010.
They also said long-term policy support was needed for boosting local industries and increasing export capacity.
