The National Budget FY 2024–25 outlines strong and versatile development strategies for Smart Bangladesh, said speakers at a post-budget meeting on Monday stressing that to maintain promising GDP growth, the government, policymakers, and the central bank must work together to implement effective measures to control inflation and mitigate its impact.
The American Chamber of Commerce in Bangladesh (AmCham) organized the “Post-Budget Panel Discussion” at the Sheraton Hotel, Banani, Dhaka.
The believed the budget formulation and implementation should be handled by separate entities to maintain the sanctity and address the key challenges that include declining foreign exchange reserves, the balance of payment deficit, energy sector demand-supply imbalances and the struggling banking sector.
Mahbubul Alam, President, Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) attended the discussion as the “Chief Guest”.
Dr. M. Masrur Reaz, Chairman, Policy Exchange of Bangladesh moderated the panel discussion where Dr. Muhammad Abdul Mazid, Former Chairman, National Board of Revenue (NBR), Nihad Kabir, Former President, Metropolitan Chamber of Commerce and Industry (MCCI), Ashraf Ahmed President, Dhaka Chamber of Commerce & Industry (DCCI), Md. Moinul Huq, AmCham Executive Committee Member & Citi Country Officer, Bangladesh, Citibank, N.A. and Reaz Islam, Chief Executive Officer, L-R Global Bangladesh Asset Management Company Limited partook as the designated panelists.
Dr. M. Masrur Reaz, Chairman, Policy Exchange of Bangladesh presented the brief overview on the FY 2024-25 budget.
Al Mamun M Rashel, Treasurer, AmCham and Country Manager & Managing Director, NATco Bangladesh shared some remarks on National Budget FY 2023-24.
Addressing these requires a holistic approach, including monetary policy adjustment, fiscal discipline, FDI and export promotion, and fostering long-term structural changes through stakeholder engagement. AmCham recommended prioritizing on the following matters:
Foreign Exchange Reserve, Alternatives to Increase Export Revenue, Adjustment of the Tax-free Threshold, Tax and VAT Policy, Social Safety Nets, Duties on EPZ and Hitech Parks.
Renewable Energy to Offload Existing Supply Chain, Reducing Per Capita Liability, Focused Project on Climate Vulnerability: A good number of AmCham members including the Executive Committee Members, foreign dignitaries, business leaders, media representatives and other distinguished guests attended.
Rubaba Dowla, AmCham Executive Committee Member & Country Managing Director- Bangladesh, Nepal, Bhutan, Oracle Bangladesh Limited offered the vote of thanks
