শুক্রবার, ২৪ মে ২০২৪, ০৪:৪৭ পূর্বাহ্ন




Uninterrupted, affordable energy key to recovery: DCCI

আউটলুকবাংলা রিপোর্ট
  • প্রকাশের সময় : রবিবার, ১ জানুয়ারী, ২০২৩ ৯:০৮ pm
Dhaka Chamber of Commerce & Industry DCCI ঢাকা চেম্বার অব কমার্স অ্যান্ড ইন্ডাস্ট্রি ডিসিসিআই
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Dhaka Chamber of Commerce & Industry (DCCI) on Sunday urged the government to focus on uninterrupted and affordable energy supply to local and export-oriented manufacturing industries to accelerate the country’s economic recovery in 2023.

The recent increase in energy prices is disrupting the production of energy-intensive industries and they are increasingly falling behind to compete in international trade, read a press release.

To ensure energy security, it is necessary to urgently explore new gas fields, strengthen long-term energy supply contracts and find alternative sources of energy import.

Besides, it is necessary to ensure an uninterrupted supply of energy to the industries and the government is requested to emphasize on it as a matter of priority.

Issues such as the ongoing foreign currency crisis and devaluation of the Taka against the US Dollar have challenged the country’s financial sector, resulting in some negative impact on the import of energy, industrial raw materials and supply chain for local export-oriented industries.

“Therefore, more emphasis is needed on increasing incentives to increase remittance inflow in order to enhance the foreign exchange reserve. At the same time, ‘currency-swap’ may be prioritised to meet necessary import expenditure,” DCCI mentioned.

In addition, DCCI believes that to mitigate the liquidity crisis in the financial sector, the ongoing austerity measures taken by the government should be maintained and project implementation efficiency should be increased ensuring good governance.

“Due to the global economic problems and inadequate revenue collection of the government, the government has to borrow more than its target from the local banks in recent times. As a result, the available credit to the manufacturing private sector may decrease,” said DCCI.

Dhaka Chamber feels that, in order to achieve higher revenue collection, the government should focus on complete automation of revenue management, necessary reforms of existing revenue laws and increasing the avenues for revenue generation.

After the LDC graduation, to continue the existing export growth, we have to take the initiative of signing free trade agreements (FTAs) with potential trade partners and various regional economic blocs. In this transitional period of LDC graduation, we need to ensure proper readiness and preparation of local businesses.

DCCI also feels that, inter alia, export diversification, infrastructure development, skills development, technological advancement, expediting backward linkage industries, reforms of tax and tariff structure and continued negotiation for ensuring “International Support Measures” even after LDC graduation are important agendas that the government should focus on.

Lastly, to increase local and foreign investment in the country, there is a need for timely reforms of various laws such as the Companies Act, Arbitration Act, and Bankruptcy and Insolvency Act.

“There is no alternative but to emphasis and strengthen the industry and academia relationship for the best utilisation of the country’s demographic dividend in future.”




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