AdminDhaka, September 30, 2024: A delegation from the Foreign Investors’
Chamber of Commerce and Industry (FICCI), led by President Zaved Akhtar, met
with Finance and Commerce Adviser Dr. Salehuddin Ahmed on September 29, 2024,
at his office to discuss vital reforms in Bangladesh’s financial sector.
During the meeting, Dr. Salehuddin commended FICCI for
their support and emphasized the government’s commitment to increasing foreign
direct investment (FDI) as a critical driver of economic growth. He stated,
“Without the private sector, the country cannot make significant progress,”
highlighting the importance of collaboration between the government and private
enterprises.
FICCI President presented a comprehensive outline on how
the interim government can implement necessary reforms to enhance the business
climate.
He recommended practical measures, including reforms in
the banking sector and tax-revenue administration, as well as maintaining law
and order to foster a favorable business environment. They also proposed
leveraging world-class regulatory technology to enhance efficiency and
effectiveness, increasing the tax-to-GDP ratio, and easing transaction
processes.
Additionally, FICCI President highlighted the need to
address the punitive corporate tax, particularly in the banking sector. They
also raised concerns about the additional withholding income tax on interest
payments earned by non-resident institutions from foreign currency borrowing,
which raises the cost of borrowing for Bangladeshi borrowers.
Furthermore, FICCI emphasized that banks should not bear
the responsibility for tax deductions at source for customers’ direct tax
payments. They called for the simplification of tax deduction processes,
suggesting that the ultimate responsibility should lie with the taxpayer.
Dr. Salehuddin assured the delegation of the government’s
commitment to addressing these issues and working collaboratively with FICCI to
foster a more favorable business environment in Bangladesh.
The meeting was attended by FICCI Advisor to the Board
Naser Ezaz Bijoy, Board Members Ala Uddin Ahmad, Najith Meewanage, Md. Miarul
Haque, Faisal Ahmed Chowdhury, Rubaba Dowla, Sumitava Basu, M. H. M Fairoz, CEO
of Citi NA Moinul Huq, Country Managing Partner at PricewaterhouseCoopers (PwC)
Bangladesh Shams Zaman, Head of Markets and Security Services (Acting CEO) of
HSBC Bashar Mustafa Tareq and Executive Director T.I.M. Nurul Kabir. Commerce
Secretary Md. Selim Uddin was also present.
About FICCI
Foreign Investors’ Chamber of Commerce & Industry
(FICCI) the apex chamber of multinational companies has been working as the
development frontier of Bangladesh by creating significant footprints in
economic growth since its journey started in 1963. As a leading chamber, FICCI
represents Foreign Investors from Thirty-five (35) countries across the globe
in Twenty-one (21) sectors in Bangladesh. In its six decades of excellent
journey, around 210 member companies of this chamber are contributing around
30% internal revenue of the government and representing more than 90% inward
FDI in Bangladesh.
For further information
T.I.M
Nurul Kabir
Executive Director, FICCI
Email:
info@ficci.org.bd,
Subarna
Mostafa
Specialist,
Communication, PR & Stakeholder Management, FICCI
Email:
subarna.mostafa@ficci.org.bd
