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Will 2020 be a vintage year for businesses?
The Daily Star spoke with a host of eminent business personalities to gauge their expectations from 2020. The International Monetary Fund in its last update projected Bangladesh’s GDP growth slow down to 7.4 percent this year from 7.8 percent in 2019. But, how does 2020 look from businesses’ vantage point?
Sheikh Fazle Fahim
President of FBCCI
Better management of fiscal and monetary policies in line with Prime Minister Sheikh Hasina’s Vision 2021, Digital Bangladesh and 2041; consistent policies with updated revenue framework; a simple revenue system that betters tax-GDP ratio by widening the net without arbitrary assessments; scanners at ports; simple single-digit interest rates without hidden bank charges; and minimise existing costs of doing business.
Rubana Huq
President of BGMEA
New Year Resolution: We will try our best to turn the sector around, to initiate and sustain research on the sector and beyond, to provide a few pointers on long-term strategy, and to align workers’ rights and issues with industry realities. Above all, we will try to create a safe work space of understanding, empathy and inclusion in the industry. One tag line will dominate the rest of my tenure: Go Human, Go Green
Syed Mahbubur Rahman
Immediate past chairman of Association of Bankers, Bangladesh
The banking sector will feel discomfort at the beginning as lenders will have to fix the interest rate at 9 percent for lending and 6 percent for deposit. Credit growth will turn around because of new interest rate. The upward trend of credit growth will give a boost to imports. The balance of payments is now in a good shape, but the external sector will face pressure when imports rise.
Syed AlmasKabir President of BASIS
We can see an explosion of blockchain in the financial technology and service industries. Virtual reality will play an exponential role. As the government has targeted to roll out 5G service, we can start the Internet of Things from this year. The industry has a target to earn $5 billion by 2021 from software exports. To achieve that, at least three to four hi-tech parks need to be launched within the next few months.
SM Farhad
Secretary General of AMTOB
Last year was a topsy-turvy a year for the telecom sector as a number of regulatory issues made the environment volatile and uncertain. Now that the regulator is working on 5G guidelines, we envisage the government will revisit tax policy and spectrum price positively to encourage mobile operators to invest for the upcoming service roll-out. To be in line with Vision 2021, smartphone penetration is another aspect that needs to be considered.
Rupali Chowdhury
Managing Director of Berger Paints Bangladesh
Economic growth will continue this year as some infrastructure projects will be completed in time, which will fuel the economy. The projects will bring positive impact for businesses and the economy. Stable policies on value-added tax, customs duty on import and consistency in other laws and regulations are needed. Frequent changes to policies and laws affect businesses and bring hassles. Fair treatment for all sectors is needed.
Abdul Matlub Ahmad
President of India-Bangladesh Chamber of Commerce
Though 2019 started impressively the ending left business frustrated. But 2020 will be better as foreign direct investment will come to special economic zones. The banking sector and capital market will hopefully bounce back. The garment sector will make an earnest push towards high-value products, so shipments will pick up.
Asif Iqbal
DMD of Meghna Group of Industries
Commodity prices depend on global market, which was steady the last several years. But from the end of 2019 we saw instability. This may be temporary. But if this prolongs, it will affect the domestic market. Already, consumers started feeling the pinch of higher prices of edible oil after importers and processors hiked prices from the end of 2019. There will be impact on prices if the taka depreciates against the dollar.
Sabbir HasanNasir
Executive Director of Shwapno
The impact of the interest rate cuts on business should be positive. But if the banks suffer in terms of profitability that might create a balancing loop. There are concerns regarding the possibility of global economic recession as it might impact businesses here.