Staff Correspondent

A meeting was held at the BGMEA Complex in the capital's Uttara area today to discuss the current business situation in the country and the safety of industrial sector.

The meeting was chaired by BGMEA Administrator Md Anwar Hossain and attended by leaders from major trade associations, as well as key BGMEA leaders.

The primary focus of the meeting was on the challenges facing all industrial sectors, with particular emphasis on the garment industry.

The participants discussed pressing issues such as safety and security in industrial areas, the ongoing shortage of gas supply, and banking-related difficulties affecting businesses, said a BGMEA press release.

One of the key points of discussion was the safety issue of factories across. The business leaders strongly urged the government to take immediate action to facilitate the economic growth, maintain a stable law-and-order situation in industrial areas, and ensure the safety and security of all factories, including those in the garment sector.

They emphasized that maintaining a secure environment is essential for safeguarding employment opportunities and sustaining economic development. The meeting also discussed concerns regarding a new policy by Bangladesh Bank on defaulted loans, which business leaders said might impact the private sector.

They argued that the policy, set to take effect in April 2024, could disrupt investment and negatively affect employment in the country.

The business community agreed to conduct a sector-wise study to assess the potential impact of the policy on various industries.

The issue of Bangladesh's upcoming graduation from Least Developed Country (LDC) status in 2026 was also discussed in details. The leaders pointed out that Bangladesh stands to lose important trade benefits and other advantages upon leaving the LDC list, which could affect its competitiveness in the global market.

Given the current state of Bangladesh's industrial and economic situation, the business community recommended extension of transition period for the LDC graduation by 3-6 years to allow the country sufficient time to better prepare for the challenges ahead.

Tapan Chowdhury, Adviser to the former Caretaker Government of Bangladesh and Managing Director of Square Pharmaceuticals; Md. Hafizur Rahman, Administrator, FBCCI; Ardashir Kabir, President, BEF; Anwar Ul Alam Chowdhury (Parvez), President, BCI; Mohammad Hatem, President, BKMEA; Showkat Aziz Russell, President, BTMA; Kamran T. Rahman, President, MCCI; Md. Shahriar, President, BGAPMEA; Osama Taseer, Past President, DCCI; Shams Mahmud, Member of BGMEA Support Committee; Abrar H Sayem, President, BAYLA; and Hasin Arman, 1st Vice President, BAYLA were present, among others, at the meeting.