IBFB and JETRO Bangladesh joint meeting

The B2B meeting of the IBFB and JETRO Bangladesh was held on Tuesday, 23 June, 2020 at 12:00 noon (BST) via ZOOM Video Conference.

Mr. Humayun Rashid, President, IBFB presided over the meeting.

The President expressed his special thanks to Mr. Yuro Ando, Country Representative, JETRO Bangladesh for his kind presence with his team from JETRO Bangladesh despite their busy schedule.

Mr. Humayun Rashid, President, IBFB briefly described about the activities of IBFB and the business researches that IBFB done for the past, he said that research is one of the top most priority areas of works for IBFB as it strives for identifying common business and economic challenges of the country. President informed Mr. Ando that like every years IBFB expresses their reaction and observation on National Budget 2020-21 via press conference. IBFB regularly carries out both qualitative and quantitative research, followed by advocacy within the policy making circles, on different crosscutting issues of market, trade, business and economy of Bangladesh. He also mentioned that IBFB is forum of members practically engaged in different sectors of trades, businesses and economy like Automobile, Energy, Food Processing, IT, Skilled Development, Textile & Garments, Real Estate, Freight Forwarding, Hotel & Tourism, Shipping & Trading, Chemical Importer, Steel Manufacture & Exporter, Vehicle Export and Import and Agro sectors etc. Bangladesh is country of full of opportunity for bilateral business with Japan- he said. He also informed the representatives of JETRO that IBFB had solved so many issues of the business stakeholders and also made policies business persons and the Govt. that has already been implemented.  To explore bilateral trade and business relationship between Bangladesh and Japan the Japanese companies should invest in different sectors in Bangladesh. President, IBFB suggested and requested Mr. Ando to invite those investors who are interested to invest here. President, IBFB thinks that JETRO can play a vital role in enhancing business to business trade relationship between Japan and Bangladeshi companies, which in turn will be beneficial for both economies.

Mr. Yuro Ando, Country Representative, JETRO Bangladesh expressed his gratitude to IBFB management for arranging the joint meeting. He mentioned that many Bangladeshi businessmen and also foreign investors facing various problems in Bangladesh. IBFB can play a vital role here to solve the problems with proper communication with the Govt., but he didn’t mention the problems. Bangladesh Govt. can support by decreasing VAT in various sectors like local motorcycle and electronic goods manufactures and supplementary duties may be reduced. Govt. should expand more opportunities in food and medical sectors-he mentioned. There is no alternative to encouraging industrialization for creating employment in the country and bringing low-cost products to the people," he added.

As per permission of the chair Ms. Lutfunnisa Saudia Khan, Vice President Finance, IBFB also briefly described about the benefits and opportunities for both the countries and requested JETRO to invite the Japanese investors to invest in different sectors in Bangladesh. She also mentioned that she can help the Japanese investors to solve their problems like land, water, electricity, gas and other factory related issues in Bangladesh.

Mr. M.S. Siddiqui, Vice President requested Mr. Ando to specifically mention about the problems that foreign investors and local businessmen facing in Bangladesh so that IBFB can take proper steps to solve the issue by preparing proposals for the Govt.

Dr. Muhammad Abdul Mazid, Chairman, Finance Committee said that the country can be taken forward through proper use of technology, proper monitoring of budget implementation, coordinated communication between different ministries, increase in quick decision making ability, learning from the experience of other countries and working together with development partners. A high-powered advisory committee, involving the private sector, can be set up to review and monitor the implementation of the annual development program,” he said.

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