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Restoring business confidence biggest challenge: MCCI

Star Business Report
The biggest challenge for the government is to restore business confidence to take the country to the path of higher growth, the Metropolitan Chamber of Commerce and Industry said.
The chamber said Bangladesh has a great future, but political instability and infrastructure bottlenecks are eating up the potential.
Other major challenges are boosting private investment and bringing momentum to economic activities, MCCI said in its latest economic review for the October-December quarter of the current fiscal year.
It said entrepreneurs, whether local or foreign, are not as interested in economic incentives as they are in sound economic policies, favourable business environment and stable political climate.
It is apprehended that the nonstop blockade and shutdowns would take further toll on exports in the coming months hampering overall economic growth, according to the review released yesterday.
The chamber predicts that the inflation rate is expected to decline further because of the falling commodity and fuel prices in the global markets. Inflation was 6.11 percent in December, which may come down to 6.10 percent in January, 6.05 percent in February and6 percent in March.
In the quarter under review, the MCCI said overall economic condition was positive as indicated by steady improvements in the major economic indicators.
Although the progress made was below potential, the country experienced stable growth, inflation was under control, the exchange rate remained stable, and foreign exchange reserves remained at over $21 billion, the chamber said.
Though exports grew by 1.6 percent to $14,915 billion during the first half of FY2015 over the corresponding period of the previous fiscal year, it fell short of the strategic target by 4.42 percent due to sluggish performance of the garment sector.
Import payments during July-November of FY2015 stood at $17,308 billion, up by 5.1 percent than the corresponding months of FY2014.
Foreign direct investment in the first five months of the present fiscal year increased 5.8 percent to $585 million from $553 million in the same period a year ago.
Quoting industry insiders, MCCI said inflow of FDI was not enough to meet the country's development needs. The country requires $7.4 billion to $ 10 billion annually to spend on infrastructural development in line with its target of graduating to a middle-income country by 2021.
The industrial sector bore the brunt of blockades and shutdowns in 2013 and yet it managed to grow by 8.39 percent in FY2014, the chamber said.
The chamber hailed the country's achievements in inward remittances and stability in exchange rates. The agriculture sector is believed to have performed well in the October-December quarter, it said.
The services sector is doing well but these will need adequate government support to enable them recoup the losses they suffered during die political crisis before January 5, 2014 elections.
MCCI, however, said political stability should be maintained to achieve the government's growth and inflation targets, and the medium term goal of achieving a middleincome country status.
Without developing new infrastructure and improving the existing ones, Bangladesh may not become a middle-income country within the targeted time period, it said.
The chamber said priority should be given to complete the ongoing road development projects, including the Dhaka-Chittagong four-lane project and Dhaka-Mymensingh highways, the double tracking of the Dhaka-Chittagong railway, the Padma bridge, and the Dhaka metro rail.