Joint chambers are like cogs in a wheel. Photo: Steven Puetzer

The term "joint chambers" generally means trade chambers involving bilateral or multi-pronged participation of countries. A joint chamber should support and strengthen business and economic cooperation between the concerned countries. This is a broad mandate, but one that befits an organisation that serves as a commercial bridge between two or more countries.
Joint chambers in general provide such services as access, business facilitation, advocacy, and professional advancement (ABFAP). Joint chambers are required to lead or receive high-level delegations, co-host events, provide public platforms for VIPs visiting from the region, go to bat for many of the members, and offer commercial services designed to help member companies win and retain business.
In broad terms, joint chambers perform a wide array of value-added services to the members which, at the end, comes down to partnerships. As they say, "one hand alone cannot clap." With this in mind, the joint chambers should extend the hand of partnership not only within the associated countries but sometimes also those outside.
There are over sixteen joint chambers in Bangladesh, which include American Chamber of Commerce (AmCham), Canada Bangladesh Chamber of Commerce and Industry (CanCham), India Bangladesh Chamber of Commerce and Industry, German Bangladesh Chamber of Commerce and Industry, France Bangladesh Chamber of Commerce and Industry, Japan Bangladesh Chamber of Commerce, Korea Bangladesh Chamber of Commerce and Industry and so on.
However, while some joint chambers are playing a crucial role in augmenting the inter-trade and investment, there is growing criticism against many, because it is felt that the office-bearers of the latter group spend most of their times in purposeless luncheon or dinner meetings and pose for photographs along with foreign dignitaries just to get media publicity.
As a matter of fact, the joint chambers' primary role is supposed to be trade facilitation. They should introduce companies to opportunities, show them how to do the deal, and then get out of the way. It's dramatically different from what governments generally do. Governments promote, joint chambers facilitate.
Joint chambers may also act as unofficial envoys in furthering the cause of cooperation in trade and commerce. In order to awaken the local business community and to improve trade relations between the participating countries, joint chambers should organise seminars and workshops, and reception to resourceful persons from within the country and outside, in cooperation with the respective high commissions/embassies in Dhaka. The prime object of all these seminars and workshops should be to create a favourable investment climate and branding Bangladesh to attract investors.
The Bangladesh economy also performed remarkably well despite the global economic crisis, and the macro-economic indicators are in good shape. This relative stability helped put Bangladesh in the limelight. Bangladesh figures in a select group of countries that have emerged from the shocks of the global economic crisis with a decidedly positive growth outlook.
Although, due to the commodity price crash, value of imports dropped slightly and capital machinery imports also declined, indicating sluggishness in the manufacturing sector investment, but the resilience of RMG and textiles sectors helped to prop up export receipts.
Besides, the key source of funds in the foreign exchange market continued to be the wage earners' remittance, which has grown at an average rate of 17% since 2001 and surged to 32%, reaching a record high of nearly $10.72 billion in 2009. Remittances by our migrant workers contribute to 12% of the GDP, which is six times higher than the foreign development assistance and eleven times more than foreign direct investment.
The country's foreign exchange reserve crossed $11.02 billion mark on July 8 for the first time, thanks to robust growth of inward remittance as well as gradual development in our exportable products. It is quite heartening to note that the country's export earnings are steadily coming out of a negative trend, as the export earnings in March 2010 marked 18.38% growth compared to the same month of the previous fiscal year. According to the statistics available at the Export Promotion Bureau, the actual export earnings for the period were $10.02 billion against the $11.29 billion target.
The Bangladesh government has made some headway in improving the climate for foreign investors and liberalising the capital markets. Organisations such as the joint chambers have a definite role in shoring up public policy, and improving bilateral ties leading to fruitful Foreign Direct Investment (FDI).
Joint chambers could be particularly effective in researching new markets for investment, leading trade delegations to meet with government and business officials, and ultimately helping businesses take full advantage of the existing opportunities. In a recent press report, it was stated that out of the 16 commercial wings of Bangladesh working abroad, only seven achieved their export targets.
I would suggest that while fixing export targets, the concerned ministry may take the respective joint chambers into confidence and arrange a review session for fixing export targets, involving representatives of concerned joint chambers and of embassies/high commissions, because such sessions could better reflect the achievable targets and play a positive role in communication with the private sectors of Bangladesh as well as those of the participating countries.
In this context, the government may come forward to help and support bona fide chambers to open separate research cells to further facilitate inter-trade between the associated countries. The prime minister recently said: "Basically, Bangladesh is far behind in research. It's not possible to reach the optimum level in any sector without research. We'll provide all sorts of cooperation for research."
Needless to say, to achieve the goal of Vision-2021, strategies should be devised and action plans formulated accordingly, and the joint chambers could be effective partners in such strategies.

Hafeejul Alam is a former civil servant. E-mail: [email protected]