176 businesspeople get CIP status

The government yesterday presented the commercially important person (CIP) 2018 title to 176 businesspeople for their extraordinary contribution to export and trade.

Of the recipients, 138 were awarded under the export category based on earnings in fiscal year 2016-17.

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The remaining 38 were given the status under a trade category as ex-officio as they are directors of apex trade body Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

Commerce Minister Tipu Munshi presented the accolade through a programme at the Sonargaon hotel in Dhaka jointly organised by the commerce ministry and the Export Promotion Bureau (EPB).

Last December, Bangladesh attained the highest single-month export earning of $4.9 billion and $24.7 billion in the July-December period, registering more than 28 per cent year-on-year growth.

In his speech, FBCCI President Md Jashim Uddin said the central bank was yet to publish a circular although the FBCCI demanded that the government not classify bank loan in 2022 considering the Covid-19 fallouts.

Uddin said the decision of reduction of single borrower exposure limit to 25 per cent of the bank's capital from 35 per cent would affect the business as credit growth would be reduced.

He also said nobody was consulting with the FBCCI and commerce ministry when taking such decision.

Auditing by Financial Reporting Council will also affect business, said Uddin, adding that Bangladesh was not yet ready to abide by associated rules.

Speaking on behalf of the status recipients, Md Saiful Islam, president of the Metropolitan Chamber of Commerce and Industry, said in fiscal year 2020-21 export earnings stood at $38.7 billion

At the end of the current fiscal year, merchandise export may cross $50 billion, he said.

Targeting to take export earnings to $80 billion by 2024 is practical as the trend is very much showing positivity, he added.

Tapan Kanti Ghosh, senior secretary to the commerce ministry, suggested businesspeople take preparations as the government was also taking measures to face challenges of the 2026 graduation from least developed to developing country.

"I am hopeful that we can achieve the export target at $51 billion at the end of the current fiscal year and $80 billion at end of 2024," said Munshi.

"Work orders are shifting from China and Vietnam as they have a shortage of workforce," he said.

The CIP status will be valid for one year. However, the CIPs can use the cards until the next group is named.

On expiry of the validity, those will have to be returned to the commerce ministry, said a gazette.

In case of nominated directors of the FBCCI, the CIP cardholders will be able to enjoy the benefits of the status as long as they remain in the trade bodies or until announcement of the next status, whichever is applicable, said the gazette.

Every CIP will get to enjoy some government-sponsored benefits such as being able to enter Bangladesh Secretariat using vehicle stickers and get invited to national programmes and receptions accorded to citizens by city corporations and municipalities.

The foreign ministry will send letters of introduction to embassies concerned in favour of the CIPs whenever they travel abroad while the CIPs can also enjoy VIP lounges at airports.

The CIPs will also get priority in booking seats in public transport like airlines, railway, buses and water vessels, the gazette also said.

Moreover, their children and wives can avail cabins in public hospitals on a priority basis.

AHM Ahsan, vice-chairman of the EPB, and Naaz Farhana Ahmed, president of the Dhaka Women Chamber Of Commerce and Industry, also spoke.