Bangladesh Chamber of Industries (BCI) appreciates the government for providing accurate data on the country’s economic trends and stresses the need for improvement in the law and order situation to attract local and foreign investment. “The government should pay extra attention to improving the law and order situation,” said Anwar-ul-Alam Chowdhury (Pervez), president of the BCI, while addressing a press conference at its office in the city on Saturday.
Presenting different data on the country’s economic trends, he said some of the sectors of the economy have progressed while the situation in some of the sectors has deteriorated. He said the deterioration in different sectors took place over the last two years, resulting in different challenges in the economy.
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He, however, differed with some decisions of the interim government including a 9 percent salary increment in the country’s readymade garment sector. Other leaders of the BCI were present during the press conference. Anwar-ul-Alam said the production at the industries has dropped by 30-40 percent because of the high inflation, high bank interest, contraction-based economic policy, and increased cost in transport and freight charges.
These have led to a decline in the private sector credit growth, he said adding the credit growth came down to 7.66 percent in November from 10.13 percent in July this year. The BCI president criticised the government for its move to raise the gas price when it has increased over 200 percent in the last two years. “The foreign exchange reserve position has come to a stable position while the balance of payment situation has also improved,” he said.
Business revenues drop due to high inflation: BCI
“We appreciate the government for releasing accurate data on the economy. Earlier all the data had been manipulated during the Awami League regime,” he added. He said that the BCI will again come out with some recommendations as to how the manufacturing sector can overcome the crises it has been facing.
