PPP essential to bolster economic recovery: DCCI

The enterprising spirit of the country's business community and joint efforts of the public and private sectors have largely assisted our economic recovery process despite the global economic downturn, said the Dhaka Chamber of Commerce and Industries (DCCI).

The chamber has urged the government to take a number of measures to further accelerate the country's economic recovery in 2023, reads a press release.

The DCCI urged the government to ensure an uninterrupted but affordable energy supply to local and export-oriented manufacturing industries and improve the ease of doing business. 

It also requested the government to develop an infrastructural environment conducive to attracting local and foreign investment, boost export diversification, and facilitate credit facilities for Cottage, Micro, Small and Medium Enterprises (CMSME).

Issues such as the ongoing foreign currency crisis and devaluation of the taka against the US dollar have challenged the country's financial sector, resulting in some negative impact on the import of energy, industrial raw materials and supply chain for local export-oriented industries, the organisation said.

More emphasis is needed on increasing incentives for more remittance inflow in order to enhance the foreign exchange reserve. At the same time, 'currency-swap' may be prioritised to meet necessary import expenditure, it said. 

In addition, the DCCI believes that in order to mitigate the liquidity crisis in the financial sector, the ongoing austerity measures taken by the government should be maintained and project implementation efficiency should be increased ensuring good governance.  

After the LDC graduation, in order to continue the existing export growth, the country has to take the initiative of signing Free Trade Agreements (FTAs) with potential trade partners and various regional economic blocs. In this transitional period of LDC graduation, we need to ensure proper readiness and preparation of local businesses, the DCCI said. 

The DCCI also feels that export diversification, infrastructure development, skills development, technological advancement, expediting backward linkage industries, reforms of tax and tariff structure and continued negotiation for ensuring "International Support Measures" even after LDC graduation are important agendas that the government should focus on.