FBCCI chief seeks end to govt's bank borrowing
FE Report
The head of the country's apex trade promotion body -- the Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) -- urged Saturday the government to stop borrowing from the banking system, saying 'unbridled loan-taking' by the state 'has threatened to crowd out the private sector'.
"We requested the government not to take further loans from the banks. Rather, it should downsize its budget to meet public expenditure," the FBCCI president, AK Azad, said.
"The banks should provide loans to the private entrepreneurs in order to boost double digit growth," Mr. Azad, also a leading garment manufacturer, told reporters at a press briefing on the forthcoming fifth Small and Medium Enterprise (SME) Fair 2011.
The FBCCI chief said the government has already borrowed Tk 200 billion from the banks, meeting its annual target in less than five months, jeopardising the growth of the private enterprises.
He said further borrowing from the overstretched banks would fuel inflation, which has stayed put at more than 11 per cent in the past three months --- the highest in over a decade.
Mr. Azad observed that the government "is failing to live up to its budgetary commitments", noting the authorities concerned made no progress about their pledge to set up 11 special economic zones in the country.
"We must have special economic zones if we want to achieve double digit economic growth," he said.
He said the FBCCI would host five-day SME Fair from December 20, 2011 in an effort to showcase achievements of the country's one of the major growth drivers.
Prime Minister Sheikh Hasina will formally inaugurate the fair at the Bangabandhu International Conference Centre (BICC). The slogan of this fair is "SMEs and the Nation Growing Together".
"The fair will help promote the products and commodities of our SMEs," he said and urged banks to extend soft credits to these entrepreneurs so that the sector can flourish.
There will be 131 stalls and 19 pavilions in the fair. Banks, financial institutions and SME entrepreneurs from the plastic, furniture, textile, handicrafts, jute goods, electric cable, engineering, generator, ceramic, software, sanitary fittings, herbal, homeopathic, real estate and tourism will display their products.
Separate stalls will be allocated to the entrepreneurs from the country's physically challenged community and tribal people.
Islami Bank Bangladesh Ltd will be the platinum sponsor while Walton is gold sponsor. Exim Bank Ltd, Trust Bank Ltd and Dutch Bangla Bank Ltd. will be the silver sponsors of the event.
The cosponsors of the fair are: Mercantile Bank Ltd, Premier Bank Ltd, United Commercial Bank Ltd, IFIC Bank Ltd, Shahjalal Islami Bank Ltd, Prime Bank Ltd, Standard Bank Ltd, Pubali Bank Ltd, NCC Bank Ltd, Jamuna Bank Ltd, First Security Islami Bank Ltd, Far Ceramic, Bangladesh Textiles Mills Association (BTMA) and Noorjahan Group. SME Foundation will be the sponsor of the SME award in the fair.
The media partners of the fair are Rtv, Radio Today and Bengali daily Samokal. Leading business daily The Financial Express and Samokal will publish special supplements on the opening day of the fair.
The FBCCI will stage seminars on Infrastructure Development and Sectoral Zones for SMEs in Bangladesh, Women Entrepreneurs in SMEs: Bangladesh Perspective and Access to Finance and Technological Upgradation for SMEs: Bangladesh Perspective during the fair.
He said the chamber will confer awards upon the SME entrepreneurs in seven different areas.
The awards on small and cottage industries category are: innovative entrepreneurs for product, best enterprise in terms of management, standard and production system, and best women entrepreneur.
The awards on medium enterprises category are: best medium enterprise, best enterprise in terms of management, standard and production system, and best women entrepreneur.
The FBCCI has been organising the SME fair since 2002 in an effort to spur the growth of the SMES, considered as the top job generators in the country.
FBCCI chief seeks end to govt's bank borrowing
FE Report
The head of the country's apex trade promotion body -- the Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) -- urged Saturday the government to stop borrowing from the banking system, saying 'unbridled loan-taking' by the state 'has threatened to crowd out the private sector'.
"We requested the government not to take further loans from the banks. Rather, it should downsize its budget to meet public expenditure," the FBCCI president, AK Azad, said.
"The banks should provide loans to the private entrepreneurs in order to boost double digit growth," Mr. Azad, also a leading garment manufacturer, told reporters at a press briefing on the forthcoming fifth Small and Medium Enterprise (SME) Fair 2011.
The FBCCI chief said the government has already borrowed Tk 200 billion from the banks, meeting its annual target in less than five months, jeopardising the growth of the private enterprises.
He said further borrowing from the overstretched banks would fuel inflation, which has stayed put at more than 11 per cent in the past three months --- the highest in over a decade.
Mr. Azad observed that the government "is failing to live up to its budgetary commitments", noting the authorities concerned made no progress about their pledge to set up 11 special economic zones in the country.
"We must have special economic zones if we want to achieve double digit economic growth," he said.
He said the FBCCI would host five-day SME Fair from December 20, 2011 in an effort to showcase achievements of the country's one of the major growth drivers.
Prime Minister Sheikh Hasina will formally inaugurate the fair at the Bangabandhu International Conference Centre (BICC). The slogan of this fair is "SMEs and the Nation Growing Together".
"The fair will help promote the products and commodities of our SMEs," he said and urged banks to extend soft credits to these entrepreneurs so that the sector can flourish.
There will be 131 stalls and 19 pavilions in the fair. Banks, financial institutions and SME entrepreneurs from the plastic, furniture, textile, handicrafts, jute goods, electric cable, engineering, generator, ceramic, software, sanitary fittings, herbal, homeopathic, real estate and tourism will display their products.
Separate stalls will be allocated to the entrepreneurs from the country's physically challenged community and tribal people.
Islami Bank Bangladesh Ltd will be the platinum sponsor while Walton is gold sponsor. Exim Bank Ltd, Trust Bank Ltd and Dutch Bangla Bank Ltd. will be the silver sponsors of the event.
The cosponsors of the fair are: Mercantile Bank Ltd, Premier Bank Ltd, United Commercial Bank Ltd, IFIC Bank Ltd, Shahjalal Islami Bank Ltd, Prime Bank Ltd, Standard Bank Ltd, Pubali Bank Ltd, NCC Bank Ltd, Jamuna Bank Ltd, First Security Islami Bank Ltd, Far Ceramic, Bangladesh Textiles Mills Association (BTMA) and Noorjahan Group. SME Foundation will be the sponsor of the SME award in the fair.
The media partners of the fair are Rtv, Radio Today and Bengali daily Samokal. Leading business daily The Financial Express and Samokal will publish special supplements on the opening day of the fair.
The FBCCI will stage seminars on Infrastructure Development and Sectoral Zones for SMEs in Bangladesh, Women Entrepreneurs in SMEs: Bangladesh Perspective and Access to Finance and Technological Upgradation for SMEs: Bangladesh Perspective during the fair.
He said the chamber will confer awards upon the SME entrepreneurs in seven different areas.
The awards on small and cottage industries category are: innovative entrepreneurs for product, best enterprise in terms of management, standard and production system, and best women entrepreneur.
The awards on medium enterprises category are: best medium enterprise, best enterprise in terms of management, standard and production system, and best women entrepreneur.
The FBCCI has been organising the SME fair since 2002 in an effort to spur the growth of the SMES, considered as the top job generators in the country.
FBCCI chief seeks end to govt's bank borrowing
