Keeping business afloat without job cut a big challenge: DCCI

Staff Reporter :
Keeping business afloat without job cut is a big challenge this year due to the ongoing volatile world economy caused by Covid-19 pandemic and Russia-Ukraine war, according to Dhaka Chamber of Commerce & Industry (DCCI).
It also demanded monetary policy statement (MPS) quarterly in line with adjusting emerging economic situation.
“Global recession is going on. We are part of the global volatility. But, for the year 2023, both the employers and employees should be happy if they can keep the business afloat by retaining the existing manpower,” the DCCI President Md Sameer Sattar said while speaking at a press conference on Saturday.
The conference on contemporary economic situation was arranged by the DCCI to share its plan of action for the year 2023 at its head office in the city.
“Bangladesh Bank has decided to announce the MPS half yearly. But, we want it quarterly to adjust the emerging economic situation in the policy,” Sattar said.
Regarding the gas price hike, he said, “Prices of gas and electricity are increasing due to global economic crisis and energy shortage. But we urge the government that it should not be a one way street and when the prices of energy come down in the international market, then it should be adjusted in our country as well, without any delay.”
“Businesses may be willing to pay a higher price but, in return, they want uninterrupted gas supply so that they can continue industrial production without any hindrance, although it will have an adverse impact on the small traders,” he added.
He further said around 2 million graduates are added to the job market every year but it is difficult to accommodate them all with suitable jobs.
“Many will get jobs but a big portion of the rest may be more inclined towards becoming entrepreneurs as the young entrepreneurs are very innovative in terms of technological know-how,” the DCCI president said.
“To support the startups and sustain the CMSME sector in this global volatile market, access to finance is very important. They should have an easy access to finance with minimum onerous conditions,” he added.
Sattar also urged the central bank to consider LC margins especially during the upcoming Ramzan for essential commodities so that importers can import the same and keep supply stable.
Citing there is no `over-night’ solution to increase foreign exchange reserve, he said, “We have to incentivise more remittance inflow from abroad and enhance export earnings to expedite reserve.”
He informed that the trade body will focus on CMSME, skill development, export diversification, private investment & FDI, financial sector, TAX management, LDC graduation, economic diplomacy, infrastructure and smart Bangladesh this year.
DCCI Senior Vice-President S M Golam Faruk Alamgir (Arman) and Vice-President Md Junaed Ibna Ali, among others, were present.