DCCI proposes robust financial reforms to boost private investment

Dhaka Chamber of Commerce and Industry (DCCI) on Sunday called for a series of robust financial reforms to boost private investment.

DCCI President Taskeen Ahmed made the call while meeting with Minister for Finance and Planning Amir Khasru Mahmud Chowdhury at the Ministry of Finance in the city, said a press release.

The discussions focused on bolstering financial stability and creating a more favourable environment for private sector growth to strengthen the national economy.

During the meeting, Khasru characterised the private sector as the primary engine of the nation's economic growth.

He assured the DCCI delegation that the present government views trade, commerce, and investment as high-priority sectors, given that the national economy is mostly contributed to by the private sector.

The minister highlighted ongoing efforts to develop a more vibrant capital market to provide diverse funding options for businesses.

He further noted that the government is undertaking various initiatives to make the Central Bank more private sector-oriented, ensuring that financial regulations are aligned with the needs of the business community.

Prioritising the accessibility of capital, the minister emphasised the government's commitment to easing lending processes for the private sector.

He underscored that enhancing credit flow remains a top priority for the administration to ensure robust and sustainable private investment across the country.

In his speech, Taskeen Ahmed presented several key recommendations aimed at revitalising the country's financial landscape and easing the burden on businesses.

He specifically advocated for a gradual reduction in the policy rate to effectively lower lending costs and stimulate increased private sector investment.

The DCCI president also proposed reconsidering loan rescheduling facilities specifically for genuine defaulters by extending existing classification periods, ensuring that honest businesses facing temporary hardships are distinguished from willful defaulters and provided the necessary breathing room to recover.

Emphasising the need for a holistic strategy, Taskeen noted that a coordinated approach is essential for the nation's economic trajectory.

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"Through a coordinated approach to monetary, fiscal and structural reforms, Bangladesh can restore investor confidence, strengthen financial stability, and accelerate inclusive development," he stated.

He further assured the Minister of the business community's full support in implementing these essential reform initiatives.

The meeting was also attended by DCCI Senior Vice President Razeev H Chowdhury and Vice President Md Salem Sulaiman.