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FBCCI President calls for formulation of business-friendly budget

FBCCI President calls for formulation of business-friendly budget

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called for the formulation of a business-friendly budget in the next fiscal year (FY25) and keeping the price of essential items as well as their supply normal during the upcoming holy month of Ramadan. FBCCI President Mahbubul Alam made this call during a courtesy meeting with Finance Minister Abul Hassan Mahmood Ali at his office at the Secretariat on Monday (Jan 22), said a press release.

The FBCCI President urged the Ministry of Finance to take necessary initiatives so that there is no disruption in the import and supply chain of essential commodities due to the dollar crisis.

In addition, Mahbubul drew the attention of the Finance Minister to make the necessary arrangements for the opening up of LCs by small and medium entrepreneurs alongside the large entrepreneurs, along with ensuring that they could buy dollars at the rate announced by Bangladesh Bank.

Highlighting the need for further improving the mutual cooperation between the private sector and the National Board of Revenue (NBR), the FBCCI president said that FBCCI wants to work closely with various departments and organizations of the government, including the NBR. He also opined that apart from expansion of trade, commerce and industries in the country, it is possible to boost the revenue collection of the government significantly through the simplification of tax management, establishment of transparency and accountability and automation.

In response, the Finance Minister gave a patient hearing and called for the active participation of the private sector in all the initiatives of the Ministry of Finance, including formulation and implementation of the national budget.

The minister said that FBCCI's proposals would be seriously considered in the formulation of the next national budget.

Ali also assured that the Ministry of Finance would stand by the local businessmen and industrial entrepreneurs with protection and policy support to ensure sustainable economic growth.

FBCCI Secretary General Md. Alamgir was present.