Reform insurance policy to tap potential found in changed global situation, businesses urge govt

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Organization leaders on Saturday urged the federal government to reorganise it has the financial and development policies based on the changed global situation amid the COVID-19 pandemic to safeguard jobs and livelihoods.

They sought proper implementation of the governmentannounced stimulus package to curb the rise in unemployment at a webinar on ‘Bi-annual Economic State and Future Stance of Bangladesh Economy: Private Sector Perspective’ organised by the Dhaka Chamber of Commerce and Industry.

‘The world economy is certainly going through a change and several countries are looking for an alternative sourcing country other than China. We must revisit our total professional policy, incorporating export and import plans, to utilize the potentials of the improved global situation,’ former DCCI president Abul Kasem Khan stated. 

He said that the country’s informal sectors ought to be brought beneath the government’s stimulus bundle considering their contributions to work technology and the nation’s gross household product.

Kasem said that the false COVID-19 test studies were also hampering the work of Bangladeshis overseas and the government should address the problem.

He urged the government to handle the supply area constraints to attract overseas direct investment.

Kasem also demanded a reform in the taxes policy, telling that Bangladesh was losing its competitiveness due to the existing tax structure.

‘We must be linked with ASEAN and the free trade agreements ought to be effective,’ he added.

‘Investment for research and development in sectors should be tax-free,’ he said.

Insurance policy Exchange chairman Masrur Reaz said that total employment protection was very important to the united states as 1.6 crore persons had already lost their jobs because of the COVID-19 outbreak.

‘If the unemployment fee continues to increase, the country will lose its economic prosperity due to too little domestic demand,’ he stated.

Masrur suggested that the taxes burden on businesses should be reduced to attract FDI together with decreasing the multiple VAT rates for the SMEs.

He also emphasised governance in the banking sector, saying that the financial sector have been struggling with non-undertaking loans for a long time.

He also suggested that the relationship market should be developed to make sure private sector finance.

Ex - DCCI president Hossain Khaled said that the government’s high lender borrowing might slow down credit flow to the private sector.
 
He said that the industries were trying hard to preserve existing jobs safe and the banking institutions and industries should work handinhand in that case.

He demanded scrapping of the provision of advanced taxes, saying that ‘Only Bangladesh collected AT from businesses but there is absolutely no guarantee how prolonged we will live amid the pandemic.’

DCCI president Shams Mahmud said that more concentration needed to be given on sourcing cash from external options and reduce dependency in lender borrowing to mitigate the deficit spending plan.

He also suggested that the foundation tax for export-oriented sectors ought to be reduced to 0.25 per cent.

Shams emphasised restoration of the GSP center Bangladesh enjoyed in america, eliminating non-tariff barriers with companions through strong diplomatic initiatives, creation of FTA and PTA with probable partners.

Chittagong STOCK MARKET Ltd chairman Asif Ibrahim said that GDP-market capitalisation in Bangladesh only accounted for only 11.1 per cent that was not up to the expected level.

For long-term project financing, an efficient bond market will be a key player, he said.

Asif requested all of the professional banks to inject at least Tk 200 crore in the stock market in compliance with the directives of the Bangladesh Bank.

‘It is true, we need reforms based on the present problem and the government does so,’ arranging minister MA Mannan said.

Citing the problem of false COVID-19 test reports, he explained that the accomplishment of the government cannot be tarnished due to the wrongdoings of a few people.

The minister said that there have been problems in the very beginning of the coronavirus outbreak but the government was back on the right track and now medical center beds and oxygen supply were designed for patients.

Relating to governance in the economical sector, the minister stated that good governance was a fruit of longterm outcome, and the federal government was on your path.

Emphasising policy reforms, the minister stressed the necessity to look at policies adopted in the east for better regional gains. 
Source: https://www.newagebd.net

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