Shippers' Council of Bangladesh has hailed the proposed national budget for the 2021-2022 fiscal year terming it "exceptional and courageous" amid the Covid-19 pandemic.
"Unlike in the past, under the directive of Hon'ble Prime Minister Sheikh Hasina, Finance Minister AHM Mustafa Kamal did not impose any new taxes.
"We welcome that he, instead, either withdrew, reduced or increased advance tax, VAT, import duty, supplementary duty, etc conveniently to protect local industries, export-oriented industries and agro processing industries," says a press release signed by Sippers' Council Charman Md Rezaul Karim.
Rezaul expressed his belief these steps will boost private investment and thereby will create more employment opportunities, and help develop local industries.
The council thanked the finance minister for increasing allocations in the health, transport and communication, and social safety net sectors.
The association of shippers also expressed happiness about various development activities at seaports in the country.
"The Council is glad to know that during the last 12 years, the container handling facility in Chittagong Port has been raised to 49,018 TUEs (twenty-foot equivalent units) from only 27,000 TEUs. For safe navigation, machineries have been upgraded, digital berthing has been installed and Patenga-Halishahar Bay Terminal and Port at Matarbari are in progress.
"The Council is very much encouraged to now believe that the country's foreign trade will greatly benefit from these measures. In addition, dredging at Mongla Port will also enhance our handling capacity."