FBCCI concerned over ‘political instability, volatile economy’
Reported by: UNB Connect
Reported on: Jun 23, 2012 04:54 pm
Reported in: Business
Dhaka, June 23 (UNB) – President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) AK Azad on Saturday voiced concern over the ‘political instability and volatile economic condition’, and said the country is unlikely to be able to achieve the export target fixed for the outgoing fiscal year.
Identifying political instability and current volatile economic conditions as two major barriers to progress, he said they could not explore some prospective global markets like Russia, Japan and Brazil.
“Despite huge potentials, we couldn’t explore these prospective global markets for Bangladeshi products,” the apex trade body chief said while addressing a seminar at the FBCCI auditorium.
He sought government’s pragmatic initiatives to resolve gas and electricity crises and required development of infrastructures to help grow the economy.
The government set an export target of US$ 26.37 billion for the current fiscal (2011-2012), a 15 percent rise compared to that of a year ago.
Bangladesh exported goods worth US$ 22.93 billion in fiscal 2010-11, registering a 41.47 percent growth, according to the Export Promotion Bureau.
The export earnings surpassed the yearly target of $18.5 billion, buoyed by shipments of RMG and jute and jute goods. In fiscal 2009-10, Bangladesh exported goods worth $16.20 billion.
Bangladesh Engineering Industries Owners Association and Light Engineering Product Business Promotion Council jointly arranged the seminar titled ‘Economic Zone for Light Engineering Sector: Opportunities and Challenges’.
Industries Minister Dilip Barua spoke as the chief guest. FBCCI first vice president M Jashim Uddin, vice president Mostafa Azad Chowdhury Babu, Bangladesh Engineering Industries Owners Association president M Abdur Razzaque and Prof Kamal Uddin Ahmed of Buet, among others, took part in the discussion.
Managing Director of Summit Assets Limited Abu Reza Khan presented the keynote paper at the programme.