The International Chamber of Commerce Bangladesh (ICCB) identified geopolitical tensions as the biggest risk to the global economy and recommended structural reforms to address those as Bangladesh looks to achieve middle and upper-middle-income status, according to a press release.
ICCB President Mahbubur Rahman, presenting the Executive Board Report at the 29th Annual Council in Dhaka on Saturday, said the Russia-Ukraine war has caused an economic crisis in Bangladesh due to rising global commodity prices. The country’s foreign currency reserves are depleting rapidly due to higher import bills.
Middle East tensions are further straining the economy, he added.
While Bangladesh’s economy made a strong recovery from the Covid-19 pandemic, the ICCB president noted that the post-pandemic progress is hampered by high inflation, a persistent balance of payments deficit, financial sector vulnerabilities and ongoing global economic uncertainty.
As Bangladesh is set to achieve middle-income status by 2026, the ICCB Executive Board identified key areas for improvement.
Those include addressing complex challenges through structural reforms, boosting trade competitiveness, resolving non-performing loans, improving revenue collection, enacting monetary reform and attracting foreign investment by focusing on governance and legal stability.
The Council approved the 2023 audited accounts, appointed an auditor for 2024 and announced the new ICC Bangladesh Executive Board for April 2024 to March 2026.
UN Resident Coordinator Gwyn Lewis, ADB Country Director Bangladesh Edimon Ginting and Unicef Bangladesh Acting In-charge Farook Doomun attended the meeting as special guests.
It was attended, among others, by ICCB Vice President AK Azad MP; FBCCI President Mahbubul Alam; DCCI President Ashraf Ahmed; MCCI President Kamran T. Rahman; CCCI President Omar Hazzaz; BIA President Sheikh Kabir Hossain; Shohagpur Textile Mills Limited Chairman & CEO Abdul Hai Sarker; Evince Group Managing Director Anwar-ul-Alam Chowdhury (Parvez); IOE (Bangladesh) Limited Chairman Aftab Ul Islam; Senior Partner, Islam Aftab Kamrul & CO AKM Kamrul Islam; MB Knit Fashion Ltd Managing Director Mohammad Hatem; Mir Nasir Hossain Managing Director Mir Akhter Hossain Limited; Plummy Fashions Limited Managing Director Md Fazlul Hoque; Muhammad A (Rumee) Ali, Chairman, ICCB Banking Commission & Vice Chairman, BIAC; ICCB Secretary General Ataur Rahman & ICCB Members: Syed Mahbubur Rahman, Managing Director & CEO, Mutual Trust Bank PLC; Md Monzur Mofiz, Managing Director, One Bank PLC; Mosleh Uddin Ahmed, Managing Director, Shahjalal Islami Bank PLC; Mohammad Shamsul Islam, Managing Director, National Housing Finance PLC; Mohammed Salim, Chief Executive Officer, Eastland Insurance Company Limited; Khawza Manzer Nadeem, Managing Director, United Insurance Company Limited; Mohammed Furrukh Rahman Head Of Chambers, Rahman’S Chambers; K A M Majedur Rahman, Chief Executive Officer, AK Khan & Company Ltd; Asif A Chowdhury, Managing Director, Bay Consolidation (Pvt.) Limited; Mujibul Cezanne Hasan, Country Director, Swisscontact, and SM Moinul Islam, Managing Director, Tyser Risk Management Bangladesh Limited (TRMBL).