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The meeting is Tarique’s first with members of the business community since taking office on February 17.

Tarique wanted to hear about business-related challenges in different sectors, said a meeting attendant preferring not to be named.

Bangladesh wants to take the export-GDP ratio to 30 percent in the next few years from the current 10.5 percent, which is much lower than peer countries such as Vietnam and Indonesia.

Upon hearing this target, Tarique sought quick proposals from the businesspeople so that the government can facilitate resolving problems and challenges to expedite export and import processes.

To facilitate higher exports, the businesspeople recommended easier rules for export and import, better facilities at ports and expedited processes.

The PM is hopeful that the third terminal at the HSIA may be opened for business within the next one and a half years, said another meeting attendant.

Moreover, the deep seaport may also go into operation within the next six to seven years, he quoted Tarique as saying.

The structure of tariffs and protection should be modernised and rationalised to eliminate anti-export bias.

Advance income tax must be abolished -- as it is a tax on revenue not profit -- as well as tax deducted at source.

Bangladesh currently spends an estimated 15-20 percent of its GDP on logistics, which is significantly higher than the global average of 8-10 percent.

Improving logistical efficiency is critical for boosting manufacturing competitiveness across sectors.

The businesspeople called for continuing reforms and new investments in Chittagong port, new deep-sea ports, and terminals to ensure faster and more efficient import and export of goods.

Dhaka airport passenger and cargo handling must be globally competitive with peer countries for speed and cost, the council said.

Unclogging traffic in Dhaka and Chittagong will improve productivity and efficiency through multimodal, environment-friendly systems, they said, adding that railway services should be re-energised for cargo and passenger movement through a public-private partnership model, like Virgin Rail.

To hit $70 billion in garment exports over the next three years, greater diversity is needed, such as man-made fabric, workwear and sports apparel.

The businesspeople suggested supporting the next ten export sectors that can each reach $3 billion in exports annually.

They also sought government support for new sectors similar to what was provided to the garment sector and called for connecting small- and medium-sized enterprises to export firms through VAT and bond facilities.

The National Export Strategy needs to be designed and implemented.

Pointing out that China is visa-free for 42+ countries, they asked why Bangladesh still requires visas for those coming in from Japan, Korea, the EU, the US and the UK.

The business people also called for supporting new export products -- from outdoor equipment to stuffed toys, as well as Bogura’s light engineering industry -- which meets 80 percent of the country’s agricultural machinery needs.

Semiconductors offer an opportunity to level up manufacturing and design capabilities and upskill graduating engineers, they said.

They suggested the government open up the banking sector to allow Bangladeshi companies to borrow offshore more freely based on their balance sheets and rebuild the local bond market to move beyond bank loans.

They called for accelerating the use of renewable energy, especially solar power and incentivising the shift to electric vehicles across commercial, public and private sectors, and suggested reviving commercial commuter rail services, especially in Dhaka and Chattogram.

Finance Minister Amir Khosru Mahmud Chowdhury, Energy Minister Iqbal Hasan Mahmud, Commerce Minister Khandakar Abdul Muktadir, State Minister for Energy Anindya Islam Amit, PM’s Adviser Mahdi Amin and BIDA Executive Chairman Chowdhury Ashik Mahmud Bin Harun.

After the meeting, Khosru said the PM wanted to know what challenges the businesses were facing.

“Some were addressed and solved immediately -- the rest will be resolved later.”

The meeting discussed reopening closed factories in both the public and private sectors.

However, he denied that lowering bank interest rates was discussed.