180 get CIP status

The government yesterday bestowed 180 businesspeople with commercially important person (CIP) status for their contribution to the export of merchandise and services and the economy in 2021. 

Of the total recipients, 140 persons were selected under the export category in merchandise and services sectors and the rest under the trade category as ex-officio members or directors of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

Under exports, the recipients were listed in 19 product and three service subcategories.

Commerce Minister Tipu Munshi, Senior Commerce Secretary Tapan Kanti Ghosh and FBCCI President Md Jashim Uddin presented the accolades at Pan Pacific Sonargaon Dhaka.

For one year the recipients will be entitled to a number of facilities

The commerce ministry and Export Promotion Bureau have jointly been bestowing the status following CIP guidelines of 2013.

For one year the recipients will be entitled to a number of facilities, including priority in seat reservation in government transportation over air, road, rail and waterways, invitations to national events and access to VIP lounges at airports.

Addressing the event, Sheikh Nasir Uddin, chairman of Akij Jute Mills Ltd, said he wanted a revival of the golden days of jute as use of the natural fibre was growing worldwide.

Currently, nearly $2 billion worth jute and jute goods is exported from the country annually, over 40 per cent of which is made by his company.

The company has diversified its range of products, now making coats and shoes, as the demand for such items has been rising among fashion and environmentally conscious consumers in the Western world, he said.

Nasir Uddin also spoke of the journey of him and his father, starting off with only 300 workers and now employing more than 17,000 people exporting jute and jute goods worth Tk 1,200 crore.

Jute and jute goods export may cross $5 billion in the near future, he added.

Bangladeshi businesspeople have performed strong even amidst the ongoing Russia-Ukraine war and pandemic fallouts, said Jashim Uddin.

Bangladesh's upcoming United Nations country status graduation from a least developed to a developing country in 2026 is simultaneously a matter of pride and challenges, he said.

He urged businesspeople to take preparations for reaching the annual export target of $100 billion by 2030 and $300 billion by 2041 and take the GDP to $1 trillion.

Most of the investment coming about in Bangladesh was for the competitive advantage enabled by low gas and electricity prices. However, energy prices now have really reached international rates and the advantage has been lost, said Jashim Uddin.

Now, only efficiency and productivity advantages remain for Bangladesh, he said.

Last year, opening of letters of credit (LC) declined by 50 per cent and their settlement by 30 per cent, said the FBCCI chief.

He suggested that the government giving the highest priority to gas and power so that industries can avail energy cheap.

The LDC graduation is bringing both challenges and opportunities, said Ghosh.

Local exporters will have to face competition from all countries as preferential treatments will cease to exist, he said.

The government is giving priority to economic diplomacy for more trade and at the end of the current fiscal year, export growth may come to stand between 6 per cent and 7 per cent, said Munshi.

Local businesspeople are not only focusing on export earning but also generating employment for thousands of people and Bangladesh is showcasing the strongest performance among South Asian nations, he said.