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Fund, gas, power shortages biggest challenge to industry: DCCI Prez 

Published : Sunday, 29 September, 2024 at 12:00 AM  Count : 228
Business Correspondent
The biggest challenges in running industries over the past six months were shortage of bank funds, gas and electricity supply to keep factories running for at least four hours a day, said Ashraf Ahmed, president of the Dhaka Chamber of Commerce and Industry (DCCI).

"We are still facing gas and electricity problems. If we cannot resolve the issues of labour unrest and energy shortages, and if we cannot keep factories running continuously for at least four hours a day, it will have a major impact on exports," he said. 

He made the observations at a seminar organised by Dhaka Chamber of Commerce and Industry(DCCI)  titled "Bi-economic State and Future Outlook of Bangladesh Economy - Private Sector Perspective" held on Saturday in DCCI auditorium. 

"Production in MSMEs (Micro, Small, and Medium Enterprises) is also declining. If we fail to stabilise this situation, it will not only affect exports but also have a significant impact on employment," he said apeaking as chief guest on the occasion, 
He said the crisis is not limited to readymade garment sector, it is also severe in non-RMG sectors."We hear gas reserves are depleting. However, if the nuclear power plant comes into the grid by the end of this year, there could be a positive change.

 There is an urgent need for alternative measures to overcome this situation," the DCCI president noted.

He further said labour unrest was initially confined to Ashulia, but it was now spreading beyond that area. If confidence in changing the situation cannot be restored, it will affect investments, he warned, adding that private sector investment growth had remained around 24 percent over the past three to four years. 

In his address, Ahmed also highlighted that the interim government had already proposed some financial reforms. "If these are properly implemented, they will have a positive effect on the economy, though it may take time. 

He said if the government can increase tax revenue, it will improve the ability to repay global debts, for which revenue collection needs to be emphasised," he said.

Ashraf Ahmed said "Bangladesh Bank has been trying to control inflation by increasing the policy rate, but the effects of this measure will take three to six months to be felt. Additionally, while reforms are being discussed for 10 to 12 weak banks, care must be taken to ensure that these reforms do not negatively impact the entire banking sector."

The DCCI president also recommended that bank loans to the industry and MSMEs should be maintained at a normal level.



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