Protection of small businesses will be top priority now

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) would give highest priority to the protection of the cottage, micro, small and medium enterprises (CMSMEs), as they are the worst hit by the ongoing pandemic.

Md Jashim Uddin, the newly elected president of the apex trade body, made the comment at his introductory meeting with journalists at the federation office in Dhaka yesterday.

He took over charge of the FBCCI for the 2021-23 tenure on Wednesday.

Although the government has allocated Tk 23,000 crore to save the CMSMEs across the country, a majority of them are yet to receive the loan from the stimulus fund because of banks' reluctance, unbanked entrepreneurs and stringent conditions attached to the loans, he said.

Many of the CMSMEs have been in a crisis due to a lack of capital and continuous losses in businesses since the Covid-19 outbreak, said Jashim Uddin, who is also the vice-chairman of Bengal Group of Industries and chairman of the Bengal Commercial Bank. He said the FBCCI will lobby the government, central bank and local business chambers to bail out the CMSMEs from the fallouts of the coronavirus.

The small entrepreneurs cannot thrive only with the benefit of tax. They need more policy support as these units have faced a lot of challenging times because of the pandemic, he said.

Jashim Uddin also said he will utilise the experiences of Malaysia, Thailand and Vietnam for the development of the CMSMEs.

On May 5, the election board of the FBCCI declared the names of 78 directors who were elected uncontested.  

Later, the directors, which include elected and nominated ones, elected the president, senior vice-president and six more vice-presidents for the next two-year term.

This is yet another showcase of the absence of democratic elections at the country's apex trade body.

The FBCCI election for the 2021-23 tenure was scheduled to be held on May 5.

However, the election was cancelled as four directors, two each from chamber and association groups, withdrew their candidature last week.

After the withdrawal of the nomination papers by the four hopefuls, the posts of 23 directors from each of the chamber and association groups were filled up automatically. As a result, the election did not take place.

The total number of posts of directors at the FBCCI is 80. Of it, 46 are elected -- 23 each from the chamber and association groups.

Another 34 directors are nominated -- 17 each from the chamber and association groups.

However, this time the total number of directors is 78 because the Gopalganj Chamber of Commerce and Industry and the Bangladesh Association of International Recruiting Agencies did not nominate directors.