Dhaka Chamber chief concerned over industries facing capital gap

15 Feb '24

1 min read

Pic: Pixabay

Insights

Ashraf Ahmed, president of the Dhaka Chamber of Commerce and Industry (DCCI), highlighted a 30-40 per cent working capital deficit in industries, attributing it to the increasing exchange rate between the US dollar and the local currency.
The DCCI president highlighted difficulty of promoting loan expansion within the present economic environment.

During a recent event in Bangladesh’s capital Dhaka, the Dhaka Chamber of Commerce and Industry (DCCI) president voiced concerns over a pressing issue: a 30-40 per cent working capital deficit plaguing the country’s industries.

This shortfall arises from the escalating exchange rate between the US dollar and the local currency even as entrepreneurs navigating trade and commerce need to secure additional funds to sustain operations, failing which would necessitate cost reductions.

The DCCI's remarks underscored the criticality of bridging this capital gap to prevent adverse consequences such as reduced production and employment opportunities.

Highlighting the pivotal role of private sector vitality, the DCCI president emphasised the challenge of fostering loan growth in the current economic landscape.

Collaboration with the government to implement conducive policies was proposed as a potential solution.

Furthermore, leveraging the Smart Bangladesh Vision to bolster industrial capacity could significantly elevate the nation’s economy, potentially reaching the ambitious milestone of a one trillion-dollar GDP, he felt.

The event saw participation of key figures including Capital Market Journalists Forum (CMJF) president Golam Samdani Bhuiyan and Secretary Abu Ali.

Fibre2Fashion News Desk (DR)

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