IBFB Organizes 14th AGM
IBFB organized its 14th Annual General Meeting (AGM) 2018 today, 25 July, 2019 at Pan Pacific Sonargaon, Dhaka.
Mr. Tipu Munshi, MP, Hon’ble Minister, Ministry of Commerce, Govt. of the People’s Republic of Bangladesh was present and given his valuable speech as Chief Guest. Bangladesh can reach its export target of $60 billion by 2021 if new products and value addition can be ensured alongside market diversification, said Commerce Minister Tipu Munshi yesterday.
“Now our priority is to ensure ease of doing business, and for this sake we took initiatives to provide all necessary support under an umbrella with a view to promoting business,” he said.
Munshi said Bangladesh had opened its doors to foreign investors for the expansion of business and committed to providing all kinds of cooperation to promote local and foreign investors.
He said Walton, Pran-RFL and Runner were able to enter the international market amid a lot of limitations, proving that there was immense scope for expanding businesses.
Among the Special Guests Sheikh Fazle Fahim, President, The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Mr. Geoffrey Macdonald, Ph.D., Resident Program Director, International Republican Institute (IRI), Mr. Giorgi Gigauri, Chief of Mission, International Organization for Migration (IOM) given their valuable speech.
Dr. M.A. Razzaque, Research Director, Policy Research Institute of Bangladesh was present as Conference Speaker. the flow of foreign direct investment was witnessing a rising trend but it was not as per needs and the economy’s absorption capacity.
According to him, investment from China was coming to Bangladesh while exports to the US were also increasing due to the US-China trade war but the export growth was less than what Vietnam was experiencing.
Razzaque said Vietnam had reached a free trade agreement with the European Union which would help increase their business and raise competitiveness with Bangladesh, for which steps should be taken to remain in the market.
In his speech Mr. Giorgi Gigauri, Chief of Mission, International Organization for Migration (IOM) said after a short introduction of IOM that Rohinga and refuge issue is the most prior part of present government. Labor migration for domestic and international view, migrant’s right for legal and ethical recruitment to protect the interest of labor and owners as specially women’s right. Private sector can play important and vital role in migration.
Mr. Geoffrey Macdonald, Ph.D., Resident Program Director, International Republican Institute (IRI) said in his speech that foundation of democracy, transparency, economic freedom, freedom of speech is truly needed to get the dramatic economic growth.
In his speech IBFB President Mr. Humayun Rashid said that In the past, IBFB carried out several research and advocacy works on different important business and economic issues like One Stop Service Act, Shipbuilding Industry, Light Engineering Sector, Strong Public Financial Management, Complexities in Income Tax Laws & its simplification, City Governance & Private Sector Development, Industrial Credit & Improving Transparency of State-owned Commercial Banks, Overseas Investment by Bangladeshi Entrepreneurs etc.
The private sector is considered as the engine of economic development in a developing economy. IBFB highly appreciates the investment in energy and communication sector to achieve growth rate of above 8 percent despite so may odds. The growth of FDI of last year has proven the confidence of overseas investors.
Bangladesh need overseas investment in order to enter into global supply chain both vertically in upstream and downstream. IBFB had an extensive study in 2015 on overseas investment by Bangladeshi Entrepreneurs and shared with government policy makers. IBFB is glad that government has accepted the policy and kindly amended the Foreign Exchange Regulation Act 1947 allowing conditional overseas investment by Bangladesh Entrepreneurs. We believe the policy should be more flexible to allow overseas investment in different source of raw materials and other business to reach to end customers of our export products. I strongly believe that now the prime time has come to allow Bangladeshi entrepreneurs to invest abroad legally and easily will definitely reduce the informal capital flight. It will also help our companies expand their business, utilize their expertise in international market, bring back substantial amount of profits and brand Bangladesh across the world.
In the second session IBFB elected Mr. Syed Enamul Hoque Murad, Managing Director, Sunyan Fashions Ltd., Mr. Anwar Shahid, Managing Director, Shimex International Ltd., Ms. Tauhida Sultana, Managing Director, Advance Homes Pvt. Ltd. and Engr. Hasan Mahmud Babu, Managing Director, Agro International and Consultants Ltd., was elected as Directors for the first time in the Board of Directors of IBFB.
Apart from them, Mr. Mohammed Nasir Uddin Chowdhury, Managing Director, LankaBangla Securities Ltd., Mr. Md. Azizul Haque, Proprietor, M/s. Azizul Haque, Dr. Md. Mozibur Rahman, Managing Director, Runner Oil & Gas Ltd. and Mr. Md. Sirajul Islam Varosha, Managing Director, Shiraj Varosha Gorup was also reelected as Directors in the Board of Directors of IBFB.
President of IBFB Mr. Humayun Rashid thanked to the Honorable Chief Guest, Conference Speaker and Special Guests, Honorable Members of Parliament, former Ministers and Govt. High Officials of the country, Members from different diplomatic missions, distinguished business leaders from other chambers, friends from different print & electronic media, and all others present there for spending some of their valuable time off to come and attend our program.
Mr. Mahmudul Islam Chowdhury, Founding President of IBFB, facilitated the general election session of the AGM. In addition to IBFB Directors and Members, diplomats, eminent business leaders, civil society members, retired high govt. officials, dignitaries from different foreign missions and international organizations etc. attended the even