Lay emphasis on power supply

The government should lay emphasis on the electricity transmission and distribution system to ensure uninterrupted supply, said Mahbubul Alam, the newly elected president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

Industries badly need uninterrupted power supply to flourish and it is very important for the country's ongoing economic development, he said.

Voltage fluctuations and frequent and unexpected power outages are age-old problems. Consumers are said to be deprived of quality service even though the government prioritised increasing power generation, said the country's apex trade body's president.

In fiscal year 2007-08, Bangladesh's economy stood at less than $100 billion and now it is moving towards a trillion dollars. It remains to be seen whether the business community is prepared, said Alam.

The business community has a responsibility here and this is where the FBCCI has to work on, he said.

Many countries, including Bangladesh, suffered economically for the Russia-Ukraine war but Bangladesh is still in a fairly good position, he said.

"There are challenges and possibilities for us in the coming days. Traders will have to move forward keeping two things in mind," said Alam.

To deal with the challenges, the things that have to be done have to be more focused on a particular matter, he said.

Small and medium industries are the main driving force of a country's economy. Such businesses which are far from the city centres have been facing some challenges for a long time. "Work will be done to resolve those issues," he mentioned.

Those who are dependent on electricity will not be able to sustain themselves if they do not get uninterrupted power supply. Employment will not be generated, he added.

Therefore, there is a need to give a lot of importance on solving the problems of the SME sector, said Alam.

"Japan and Korea are dependent on SMEs. We have to work in the places where there are gaps in the development of SMEs," he said.

"We businessmen want political stability. If the stability of the country remains the same as it was in the last 14 years, then the country's economy will improve further and the common people of the country will benefit," he said.