Editorial DCCI Review June 2021 Budget : road to economic recovery

The national budget for the 2021–2022 financial year is not to bring in a burden of taxes so that investments Bangladesh Towards a Resilient Future: Protecting Lives by the private sector could continue. The government and Livelihoods that the finance minister proposed in should rather make the electronic tax identification the parliament on June 3 appears to be efforts to strike number mandatory for savings certificates, cooperative a balance between lives and livelihood that have so far registrations and postal savings so that the collection of been strained by Covid-19 that broke out in early 2020. taxes increases. With still no end in sight to the crisis that has slowed down economic activities and constrained life for more The budget has already proposed a reduction in corporate than a year, Bangladesh is reported to have posted a 6.2 tax rate to 2.5 percent for both listed and non-listed percent growth even in such trying times in 2020. companies so that economic activities could be revived. The government would do better if it further reduced The budget looks like a good step forward to keep pace the corporate tax rate in phases so that businesses with the growth and recover from the economic shock could stay competitive after Covid-19 crisis would be that has happened with the Covid-19 breakout. An over. Alongwith the tax holiday for industries dealing additional allocation for Covid-19 mitigation, stimulus in home appliances, light engineering, automobile packages for industrial sectors, ways to create scopes for and information and communications technology, the investment, agricultural rehabilitation and more focus on government has also proposed a 25 percent corporate tax social safety are a reflection of such efforts. for one-person companies. This is a praiseworthy move but the government should further slash the corporate The budget is primarily geared towards business by way tax rate for one-person companies to encourage small of a reduction in the rate of income tax and value-added entities. In view of a declining global export demand tax and a reduction in advanced taxes on gross receipt, amid the Covid-19 pandemic, the government should research and the import of raw materials while it proposes reduce the 5 percent tax that is in place on the import of to spend more on health care and social safety net so that raw materials for export-oriented industries. lives could be saved, livelihood could be protected and the economy could come out of the Covid-19 outbreak The government has proposed a 1 percent duty waiver on fallout. While an increased allocation for scopes to create the import of machines for small and medium enterprises. employment could be beneficial as people who lost their The government should also roll out a stimulus package livelihood during the general holiday ordered as part for small and medium enterprises which should be much of Covid-19 mitigation in 2020 could start earning, an larger than the package the government announced in increased allocation for social safety net programmes 2020. The government should simplify the procedures would create the scope for people such as transport so that the money would reach the intended groups workers who have faced temporary joblessness because without hassle. The process could be improved with a of restrictions on public movement to run their family national database of cottage, micro, small and medium during Covid-19 hardship. enterprises and a redefinition of the CMSMEs to make the delivery more meaningful. The government should The budget for the 2022 financial year is 11.95 percent now judiciously implement the budget to protect both larger than the revised budget for the 2021 financial lives and livelihood and to ease recovery of the national year. The 2022 budget also has a revenue target that economy. is larger than what it was in the revised budget for the 2021 financial year. The 2022 budget has a deficit that Terming the budget a business friendly one, inclusive accounts for 6.2 per cent of the gross domestic product, and pro-people, the Chamber also urged for proper which usually is 5 percent. Government efforts would, implementation, revenue generation to mitigate therefore, naturally result in more taxes, which will call budget deficit and widening tax net. The Chamber for the expansion of the tax network, the realization of also emphasized on ensuring vaccination for all. taxes that remain uncollected, more tax collection from Implementation of a big budget like this one is always district towns, and a transparent and automated tax challenging but for it good governance and proper collection mechanism. What the government should try monitoring will play a key role. r

3 Chamber News DCCI Review June 2021 Inclusive budget focuses on economic recovery: DCCI Attention to budget implementation, deficit mitigation, revenue collection needed The budget for the 2021–22 fiscal health and social safety net measures tax for one-person company has bee year was announced on June 3 with increased. This is a good initiative but proposed to be 25 percent and this a GDP target of 7.2 percent and an the government needs to implement move is also welcome, but it can be inflation of 5.3 percent. The Dhaka ADP in the health sector. reduced gradually for small investors. Chamber of Commerce and Industry in its initial reaction to the budget It is an expensive budget which tries He requested a reduction in the said that the budget was a big one to keep a balance between life and increased 5 percent tax on imported with an aim for economic recovery livelihood. To achieve the GDP target fruit and vegetables. He also and efforts to balance between life of 7.2 percent, “we have to control requested a second phase of the and livelihood. Covid transmission.” Noting that stimulus package for the CMSME the revenue target is a challenge, sector. He recommended a strong The budget is by and large inclusive he requested a review the target. capital and bond market for long and pro-people, said the DCCI He urged a widening of the tax term financing. Tax exemption has President Rizwan Rahman. He net, collection of due taxes, tax been given to the private sector for thanked the government for reducing collection at the district level and investment in hospitals and clinics corporate tax for both listed and non- tax automation for more revenue for 10 years and he welcomed the listed companies. It will help boost decision. investment. But he suggested to collection. Mandatory e-TIN for reduce it at a progressive rate of 2.5 national savings, cooperatives, postal savings will increase taxes. The automobile industry, especially percent in the 2022–23 and 2023– for three- and four-wheelers, will get a 24 fiscal years. In some cases, the The budget deficit is 6.2 percent boost as for local manufacturing and budget proposes to reduce tax rate of the GDP which is acceptable, they will get 20 years’ tax benefits. which may fuel investment, he said. Rizwan said. New industries such as He also requested the rationalization He also urged an easier stimulus for home appliances, light engineering, of of the advance income tax on all CMSMEs but the size of stimulus automobile, ICT have received export-oriented RMG, jute and jute can be bigger to safeguard all tax exemptions, which is good for goods, agro processing and API raw CMSMEs. The allocation made for the industrialization, he said. Corporate materials r

DCCI President Rizwan Rahman (center) sharing his initial reaction on the proposed “National Budget FY 2021-22” on June 3 with the media. DCCI Senior Vice President N K A Mobin, FCS, FCA (left) and Vice President Monowar Hossain (right) are also seen in the picture.

4 Chamber News DCCI Review June 2021 DCCI makes donation to PM’s Covid Assistance Fund

On behalf of Dhaka Chamber of Commerce & Industry (DCCI) its President Rizwan Rahman (third form right) seen handing over a cheque of Taka 1 crore to Principal Secretary to the Honorable Prime Minister Dr. Ahmad Kaikaus (fourth from right) as a financial assistance to the Prime Minister’s Corona Assistance Fund on June 10 at PMO. Meanwhile, Honorable Prime Minister of Bangladesh Her Excellency Sheikh Hasina (left) joined the occasion virtually from Ganabhaban. DCCI Senior Vice President N K A Mobin, FCS, FCA (second from right) and Vice President Monowar Hossain (right) are also seen in the picture.

The Dhaka Chamber of Commerce government was working to ensure not face any trouble in running their and Industry donated Tk. 1 crore the economic solvency of grassroots businesses since her government is in to the PM’s Covid Assistance Fund people to build Bangladesh as a power and they could contribute to as part of its corporate social poverty-free country. “If we want putting the country forward towards responsibility. The PM’s Principal to build a poverty-free country, we development. She also said that Secretary Dr. Ahmad Kaikaus on have to bring economic solvency public and private sectors alongside behalf of the Prime Minister received for people. If we want to speed the cooperatives are similarly the check from the DCCI President up industrialization alongside an important to make the economy Rizwan Rahman on June 10. The increased trade and commerce, we vibrant that can take the country Prime Minister Sheikh Hasina joined have to create our own markets that forward. the ceremony virtually from her require increased buying capacity of official Ganabhaban residence. the masses,” she said. The chamber’s Senior Vice-President N. K. A. Mobin, FCS, FCA and Vice- During the event, Prime Minister The Prime Minister assured the President Monowar Hossain were Sheikh Hasina said that her business communities that they would also present r DCCI, BUET sign cooperation memo A joint initiative of industry-academia to face the challenges of 4IR

The Dhaka Chamber of Commerce Satya Prasad Majumder signed webinars, job fairs, business meets and Industry and the Bangladesh the document. According to the and model development. University of Engineering and agreement, the chamber and the Technology signed a memorandum university will work together for skills Rizwan Rahman said that BUET of cooperation on June 7 virtually. development to meet the challenges has been contributing a lot to the The DCCI President Rizwan Rahman of the Fourth Industrial Revolution technological and infrastructural and BUET Vice-Chancellor Professor and arrange joint research, seminars, development since its inception.

5 Chamber News DCCI Review June 2021

Dhaka Chamber of Commerce & Industry (DCCI) and Bangladesh University of Engineering & Technology (BUET) signed a Memorandum of Cooperation (MoC) virtually on June 7. DCCI President Rizwan Rahman and Vice Chancellor of BUET Prof. Satya Prasad Majumder signed the document on behalf of their respective organizations. Whether it is a matter of any up-skilling the work force, he added. be shared with BUET. Moreover, he mega-infrastructure or disaster underscored a proper implementation management issues, BUET has Professor Satya Prasad Majumder of this cooperation. There is a need of always played its role. He also said that Bangladesh is going to be a students’ integration into the industry put an emphasis on developing developing nation with an industrial for their skills upgrade, he added. advancement. “For this, we have to technologies, sector-specific research The chamber’s Senior Vice-President as per the demand of industry. He prepare ourselves by identifying the N. K. A. Mobin, FCS, FCA, Vice- also said that industry-academia problems of the industrial sector and President Monowar Hossain, BUET’s collaboration like this one will foster ensure a wider use of technology Pro-Vice-Chancellor Professor Dr. skills development keeping to the and research. BUET will also focus Abdul Jabbar Khan, Prof. Dr. M. need of the industries. Considering on industry-driven research.” For Tamim, deans of different faculties the need of 4IR, it is the best time to this, he sought that the Chamber’s and department heads also joined take such initiative of re-skilling and business-related database should the ceremony r A wider gas exploration for future industrial energy demand DCCI holds webinar on Future of Industrial Fuel Source in Bangladesh : LPG & LNG

Speakers at a webinar on “Future of of Commerce and Industry organized cost-effective energy supply to Industrial Fuel Source in Bangladesh: on June 19 urged an extensive industries in future. Liquefied natural LPG & LNG” that the Dhaka Chamber exploration for natural gas to ensure gas and liquefied petroleum gas are 6 Chamber News DCCI Review June 2021 used in industries but the volume is friendly way, “we need to put more Engineer Khondkar Saleque Sufi, very low because of higher prices. focus on the import and production former director (operation), GTCL, They said that natural gas still was of alternative fuel such as LPG Petrobangla presented the keynote very cost-effective for industries. and LNG alongside natural gas paper. He said that the LNG and LPG They emphasized energy mix and exploration.” LNG now accounts for would be the future fuel for industries energy diversification. 1.2 percent of the total global import in Bangladesh. He also said that for which is around 1000mmcfd against a sustainable supply of primary fuel Secretary, Energy and Mineral the daily demand while LPG meets 2 to industries, “we need to have a Resources Division, Md. Anisur percent of domestic energy demand, rational planning for the use of gas. Rahman joined the webinar as chief he said. He also said that gas exploration now guest. Member (gas), Bangladesh is not enough. Bangladesh is the 30th He also said that the government Energy Regulatory Commission largest natural gas-reserve country. Md. Maqbul-E-Elahi Chowdhury needs to expedite the process joined as special guest. The DCCI of establishing LPG and LNG To make LNG and LPG popular President Rizwan Rahman chaired terminals, network infrastructure and cost-effective, “we have to and moderated the webinar. and a long-term roadmap for enhance the infrastructure of land- sustainable development of this based terminals.” He also urged the Rizwan Rahman said that energy sector. In addition, considering the government to create an appropriate plays a pivotal role in economic rising demand for LPG, bottling and fuel use plan. For the industries, he development and industrial progress. storage facilities needs to be installed suggested the use of roof-top solar or The growing energy need for diverse under the public-private partnership renewable energy and green water economic operations demand scheme. harvesting. blended energy to offset the shortage However, “tariff fixation” for the fuels Md. Anisur Rahman, Senior Secretary, of gas, he said. needs be readdressed holistically Energy and Mineral Resources Rizwan Rahman also said that to for prioritizing a rational cost of Division, said that the government accelerate the industrial growth in living and doing business industrial has not stopped gas exploration. a planned and more environment- perspective. “Rather, 100 million cubic feet of gas

DCCI organized a webinar titled “Future of Industrial Fuel Source in Bangladesh: LPG & LNG” on June 19. Senior Secretary, Energy & Mineral Resources Division, Md. Anisur Rahman and Member (gas), Bangladesh Energy Regulatory Commission (BERC) Md. Maqbul-E-Elahi Chowdhury joined the webinar as the chief guest and special guest respectively. DCCI President Rizwan Rahman chaired and moderated the webinar. Senior Vice President N K A Mobin, FCS, FCA, Vice President Monowar Hossain also joined among others. 7 Chamber News DCCI Review June 2021

Foreign explorers work rated LEED-certified factories are in eve in the United Bangladesh. All these green factories States, Australia and have a significant portion of their Vietnam. He also energy mix from the renewable said that if we can sources, mainly solar cells.” implement metered gas for all it will help us to Md. Shahriar Ahmed Chowdhury, protect system loss and Assistant Professor and Director, it will create 10 to 12 Center for Energy Research, United lakh more metered International University, said connection. that many discourage coal as a has been added to the national grid primary energy source as it is not LPG is environment friendly and recently. It is good news that we have environment-friendly. Future coal healthy and at present 1.2 million ton found new gas field in Zakiganj from based power plant financing will be LPG is being used. where BAPEX will explore gas. difficult. He said tat solar energy will be the cheapest power source. He informed that for the first time Our capacity for onshore gas BERC fixed coordinated LPG price Last year world-wide, renewable- exploration is quite satisfactory but in the country but in 7th or 8th July for offshore gas exploration, we still based power plants were 75 percent. meeting will be held again to review By 2050 worldwide, 85 percent encourage foreign explorers,” he the price and private sector has to electricity will come from renewable said. convince BERC to review the price. energy which is 11–12 percent now. If the price of LPG comes down The market size of LPG is of 12 By 2041, 30 percent of the total and affordable to the lower middle lakh tonnes and already Tk. 30,000 demand of electricity will come from income level, by the year 2025 about crore have been invested in this renewable energy. 3 million ton LPG will be needed. sector. Twenty-nine private LPG Aameir Alihussain, Managing operators are now active. He also Professor Dr. M Shamsul Alam said, Director, BSRM, said, “We need said that government will establish “We have to be competitive in terms electricity more. It is true that a LPG terminal in Matarbari with a of price of energy.” He recommended LNG import will increase in the capacity of 12 million tonnes where rationalizing and reducing prices future.” He emphasized controlling 40,000-tonne capacity ship will be for end-users. He also urged the systems loss and increasing energy able to reach. protection of consumer interests as efficiency. “We have to strengthen well. For future industrialization, “we BAPEX,” he said. He also urged a fuel If it is done, a third of the cost will be have to ensure natural gas at reduced diversification and energy mix. reduced. Despite a low use of LPG prices.” in the industry, “we need to focus He said that gas distribution to the Faruque Hassan, President, BGMEA, on local gas exploration first,” he west of Bangladesh is not up to said that gas was very important for added. He agreed that the west of the expected level that impedes the RMG industry and the backward Bangladesh is deprived of required industrialization in the region. He linkage industry. The apparel gas connection. He put an emphasis said that land-based permanent LNG industries use 7–8 percent of the total on easy licensing at a relatively lower terminals and distribution channel gas supply which is very low in terms rate. of the contribution to the economy. will reduce the cost. The private sector should, however, not only Md. Maqbul-E-Elahi Chowdhury In 10 years, “our gas supply has depend on only one fuel, he said. said, “We have to strengthen BAPEX increased from 754 billion cubic feet for gas exploration. We now have to 975 billion cubic feet. For RMG The chamber’s Senior Vice-President 3,300 million cubic feet of gas out industry, LPG or LNG could be a N. K. A. Mobin, FCS, FCA gave the of which 74 percent comes from short-term solution but the strategic vote of thanks. The chamber’s former local gas and 26 percent comes from priority is something else. director Nuher L. Khan, Director LNG. We have to open data centers.” Arman Haque and Convenor of Beside that, he an expeditious local We have 144 LEED green factories National Energy Security Standing gas exploration and if, needed and 500+ more are in the pipeline. Committee of DCCI Malik Talha welcoming foreign explorers. Thirty-nine out of 100 global top Ismail Bari also spoke r 8 Chamber News DCCI Review June 2021 DCCI, Viet Nam mission sign memorandum of cooperation The Dhaka Chamber of Commerce cooperation between businesses of of Bangladesh with technical know- and Industry and the Embassy of Viet Nam and Bangladesh. how and expertise. Viet Nam in Bangladesh signed a memorandum of cooperation The DCCI President Rizwan Rahman Ambassador of Viet Nam Pham at the DCCI office at Motijheel in said that the bilateral trade of the Viet Chien urged an effective implementation of the cooperation Dhaka on June 20. DCCI President countries hovers around $650 million agreement. He said that the bilateral Rizwan Rahman and Ambassador of which can be increased through a diplomatic relation between Viet Nam Pham Viet Chien signed mutual cooperation, exchange of Bangladesh and Viet Nam is very the agreement on behalf of their business delegation and joint research for new business development. The friendly. But he urged businessmen respective organizations. of both the countries to foster this competitive trade and investment relationship into strong economic Both the DCCI and the Viet Nam environment of Bangladesh created ties. He said that there are various embassy will organize B2B match- a huge dividend for foreign investors. potential areas where both the making, buyer-seller meets, trade nations can join hands. Exchange of fairs, business promotion activities, He called upon Vietnamese investors trade delegations will help boost the promoting goods and services, field in agro and food processing, ship relationship, he also said. visit for Bangladeshi market research building, electronics, leather, jute, by way of the agreement. The Vietnam light engineering and handicrafts Senior Vice-President of the DCCI embassy will also coordinate with sector to invest or make joint ventures N. K. A. Mobin, FCS, FCA and Vice- the DCCI on setting up “Viet Nam here in Bangladesh. He urged the Viet President Monowar Hossain were Desk” at the DCCI office. to facilitate Nam Embassy to facilitate investors also present r

DCCI President Rizwan Rahman (right) and Ambassador of Vietnam to Bangladesh Pham Viet Chien (second from left) seen exchanging a Memorandum of Cooperation (MoC) signed on June 20 at DCCI. DCCI Senior Vice President N K A Mobin, FCS, FCA (second from right) and Vice President Monowar Hossain (third form right) are also seen in the picture.

9 Webinar Outcome DCCI Review June 2021

Webinar on “Future of Industrial Fuel Source in Bangladesh: LPG & LNG”

Dhaka Chamber of Commerce & Industry (DCCI) organized a webinar under the theme “Future of Industrial Fuel Source in Bangladesh: LPG & LNG” on June 19, 2021, Saturday. Rizwan Rahman, President, DCCI moderated the webinar after delivering his welcome address. Md. Anisur Rahman, Senior Secretary, Energy & Mineral Resources Division, Government of the People’s Republic of Bangladesh graced the occasion as the chief guest. Md. Maqbul-E-Elahi Chowdhury, Member (Gas), Bangladesh Energy Regulatory Commission (BERC) joined the webinar as special guest. 6. Bangladesh needs sustainable supply of primary fuel for achieving expected GDP growth to be a developed Keynote was presented by Engr. Khondkar A Saleque, country. Former Director (Operation), GTCL, Petrobangla. Md. 7. Industries must be the first priority for gas supply, be Shahriar Ahmed Chowdhury, Assistant Professor & it local gas or LNG. Director, Centre for Energy Research, United International University (UIU), Professor Dr. M Shamsul Alam, Dean, 8. LPG may be used wherever possible in industries depending on nature of use and energy economy. Faculty of Engineering, Daffodil International University (DIU), Aameir Alihussain, Vice Chairman, Bangladesh 9. Cogeneration and Tri-generation in export oriented Steel Manufacturers’ Association (BSMA), Faruque major industries would economize energy use. Hassan, President, Bangladesh Garment Manufacturers 10. Industrial Rooftop Solar, Rainwater harvesting would and Exporters Association (BGMEA) also joined the economize utility use for retaining competitiveness. webinar as distinguished panelists. 11. Using LNG and LPG at optimum economic price N K A Mobin, FCS, FCA, Senior Vice President, DCCI avoiding subsidies and cross subsidies. concluded the session with a vote of thanks to all the 12. Government must assist BERC in ensuring compliance guests, discussants and participants of the event. of its determined tariff by Energy Companies (Public and Private) Summary of Recommendations 13. Land Based LNG Terminal at Matarbari must now 1. Government may suspend gas supply for captive be a top priority national project. LPG terminal is power except the cases where it is used for essential as well. Cogeneration and Tri-generation (Power, heating / 14. An economic size Second Refinery should be built drying and cooling /refrigeration). for increasing capacity of own LPG production. 2. Power generation from our gas is 42.99% and captive 15. Bangladesh must gradually move towards third is 15.64%. Therefore, those who are not proficient in generation fuel efficient industries. the use of industrial gas are requested not to use it. 16. ‘Gas theft’ by unscrupulous people should be 3. As we become a middle-income country, we should checked. move away from the primary industry to a more 17. Easing the process of getting license at relatively economical and value-added industry. cheaper rates 4. It is very important to install meters for the domestic 18. Bangladesh needs rational planning for gas utilization use. At present where domestic usage is showing in industries by categorizing the nature of gas use. 15.21% we can bring it down to 10% by ensuring 19. Time has arrived for smartly using energy and meter system. power for ensuring competitiveness of Bangladesh industries. 5. Global price should be taken into consideration in fixing LNG price in the future. 20. Need to mitigate system loss in the energy sector.

10 Article DCCI Review June 2021

The Court distinguished between ‘liability’ and ‘security’

M S Siddiqui cheque or that it exceeds the amount arranged to be Legal Economist paid from that account by an agreement made with that e-mail: [email protected] bank, such person shall be deemed to have committed According to Negotiable Instrument Act 1881, a cheque an offence and shall, without prejudice to any other is a bill of exchange drown on a specified Banker or not provision of this Act, be punished with imprisonment for expressed to be payable other than on demand. A cheque a term which may extend to two year, or with fine which is valid with anti-dated or postdated. According to law, may extend to twice the amount of the cheque, or with a cheque is a bill of exchange drawn on a bank and both: …”. payable on demand. What differentiates a real cheque Where a cheque is issued not for the purposes of discharge from a simple ‘I owe you (IOU)’ is the guarantee that the of any debt or other liability, the maker of the cheque is amount of money specified is available, upon request, not liable for prosecution under section 138 of the NI from a bank or some other established institutions. Act. A cheque given as a gift or for any other reasons and There was no provision of mandatory for payment against not for the satisfaction of any debt or other liability, partly cheque. Subsequently with the introduction of Chapter or wholly, even if it is returned unpaid will not meet the XVII in the Negotiable Instruments Act by Act of 1988 penal consequences. was mainly to encourage all major transactions including The object of the law was “to encourage all major commercial or business transactions through cheques transactions, including commercial or business and to enforce credibility and acceptability of cheques in transactions through cheques, and to enforce credibility settlement of liability in general. and acceptability of cheques in settlement of liability in The advanced world is in process of introduction of general’’, the court said, adding: “The object was not cashless transaction and encouragement of payment by to provide effective and speedy remedy for recovery of cheques/credit cards/debit cards rather than by cash. loans.’’ The advance payment system also makes the payment Law-makers must not have intended or imagined that by cheques obsolete. These methods bring transparency money lenders or banks would obtain blank or post-dated in transactions. The section 138 of dishonoring cheque cheques while sanctioning/disbursing loans as securities made punishable offernce to give reliability, credibility and would use them to make debtors/borrowers repay the and acceptability of negotiable instruments like cheques loan under threat of prosecution and punishment (under in daily life. the cheque-bouncing law). The bankers have taken the opportunity of the section if a ‘blank’ post-dated cheque is taken by the creditor 138 using as security and guarantee of loans. Law makers from the debtor before or during the disbursement of must not have intended or imagined that money lenders loan, then it amounts to a measure threatening the debtor or banks would obtain blank or post dated cheques while for a criminal prosecution. So, in such cases, the right sanctioning/disbursing loans as securities and would use approach is not to allow the creditor to write an amount them to make debtors/borrowers to repay loan under in the cheque on his own otherwise there is a high risk of threat of prosecution and punishment under Section 138 harassment of debtor. of the Negotiable Instruments Act. The goal of this treatise is to ascertain applicability Bombay High Court in the verdict in Ramkrishna Urban of Section 138 Negotiable Instruments Act, 1881 on Co-Operative … vs Shri Rajendra Bhagchand Warma on such transactions, in other words to determine whether 16 February, 2010 explained the law as “The section 138 prosecution can be initiated against the drawers in case will apply for dishonour of cheque for insufficiency, etc., of dishonour of cheques on such transactions when of funds in the account. Where any cheque drawn by a cheques are received or issued as security or collateral person on an account maintained by Bank account holder for a bank loan. for payment of any amount of money to another person from out of that account for the discharge, in whole or in The statute does not refer to the debt being payable, part, of any debt or other liability, is returned by the bank meaning thereby, a post dated cheque for a debt due unpaid, either because of the amount of money standing but payment postponed at a future date would attract to the credit of that account is insufficient to honour the Section 138 of the Negotiable Instruments Act 1881.

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But the cheque issued not for an existing due, but issued by way of a security, would not attract Section 138 of the Negotiable Instruments Act 1881, for it has not been issued for a debt which has come into in existence. A cheque issued as collateral does not create liability under section 138 of Negotiable Instrument Act since this is not issued against payment of any liability at the time of issue of cheque. In the present case blank cheques were issued prior to disbursement of loan as a collateral security for loan which was sanctioned. In such case there was no existing debt or liability when the cheque is issued. So, in the loans as securities and would use them to make debtors/ facts and circumstances of the case, the case does not fall borrowers to repay loan under threat of prosecution and within four corners of offence punishable under section punishment under S. 138. The court held that if it holds 138 of the Negotiable Instruments Act. Of course such otherwise, then every creditor would abuse the provisions defence is available against payee and not holder in of this section by obtaining blank cheque and putting the due course. There is no criminal liability for dishour of debtors in fear of prosecution and insist on discharge of security cheques. the debts at any time. Though the fear expressed by the Therefore, while no offence is made out if the cheque that court is practical, but with due respect, it is difficult to see is dishonoured was given only as a security, that the cheque was not issued in respect to a debt due The same court was of the view that u/S. 138 the cheque from the drawer. drawn must be for the discharge, in whole or in part, of According to news at a local daily newspaper on any debt or other liability. So the debt or other liability 13th February, 2017, Bangladesh Bank has issued must be in existence when the cheque, whether blank or a notification to commercial banks are barred from post dated was issued. It has to be shown that liability receiving blank cheques as security from their clients was in existence at the time the cheque was issued and against loan or investment to check fraud and forgery. The also at the time it became mature for payment. Bangladesh Bank (BB) took the measure in the wake of a rising trend in fraud and forgery through use of the MICR Bombay High Court in the verdict in Ramkrishna Urban cheque, according to the notification. One official of BB Co-Operative … vs Shri Rajendra Bhagchand Warma categorically said “Cheque never be used as security on 16 February, 2010 distinguished between ‘liability’ against loan” but unfortunately the commercial Bank and ‘secuirty’ and observed that both cannot be mixed not follow the notification of the Central Bank. Banks are or acted upon simultaneously. If the act of a person in obtaining the some cheques from borrowers and get the discharge of liability is not done, then security comes in cheque dishonored to sue the borrowers under Sec 138 picture and if the act in discharge of a liability is performed of NI Act. The Bankers require to submit list of securities then security would not have any legal force. The issue against loan while file case under ARAA. Again filing was whether the cheque was issued for the due discharge criminal case against bounced cheque is not only makes of a legally enforceable debt/liability because of the the schedule of Artha Rin suit defective but also it is an additional fact that in the complaint, the complainant had abuse of the process of the law and practice fraud upon mentioned that he had given the loan to the defendant the Court. It is like using the legal device by the FIs as an on a ‘guarantee’ of the post-dated cheque concerned. instrument of fraud and harassment, which is absolutely Both Bangladesh and India have same NI Act, 1988 with malafide, arbitrary, unreasonable and coram non judice small subsequent amendments. But the basic principle of [34 DLR (AD) (1982) p. 222, Rochefoucauld v Boustead sec 138 was ramained the same. The verdict is a good (1897) 1 Ch 196, 2001 (6) ALD 582]. Leaving recourse or reference for Banking and legal system of Bangladesh. along with invoking under the Artha Rin Adalat Ain, the The Bombay court said that the object of NI Act was proceeding under Section 138 is the colorable exercise not to provide effective and speedy remedy for recovery of the legal provision under Section 138, which is liable of Bank loans. Law makers must not have intended or to be prevented for ends of justice. It is a well-established imagined that money lenders or banks would obtain legal principle now that no legal device can be used with blank or postdated cheques while sanctioning/disbursing malafide intention.

12 National Economy DCCI Review June 2021 FY 2021-22 budget: Too weighed down to relish milestone Finance Minister A. H. M. Mustafa Kamal unveiled his third budget, which is the 50th fiscal plan of an independent Bangladesh. But he could not dwell on the historic moment as the nation was eagerly waiting to find out what he delivered amid a pandemic that just would not go away. External challenges involving exports and internal challenges involving the ongoing more virulent second wave, threats of further waves, uncertainty about the availability of coronavirus it begins in full swing, will help Development Bank is readying $940 vaccines, and high level of poverty the economy spring back to pre- million in similar assistance. and unemployment were enough to pandemic levels. These expenses Of the Tk 6.03 trillion, Tk 3.92 give him sleepless nights in the days are nothing if compared with the trillion is expected to come from leading up to his budget speech in loss in economic output, lives and the National Revenue Board, non- the national parliament. livelihoods. The government did NBR and non-tax revenue. The NBR nothing for the cottage, micro, small Kamal announced a Tk 603,681 crore alone is supposed to contribute Tk and medium enterprises, which are budget for the fiscal year beginning 3.30 trillion, an amount equivalent the backbone of the economy and July 1. The revenue collection target to the original NBR tax revenue provide most jobs, until recently. for the National Board of Revenue target set in the target in the current If the CMSMEs are given loans, the would be Tk 330,000 crore, a realistic fiscal year. The budget deficit was interest rate has to be very generous. goal under the current circumstances going to break its traditional band and at the current pace of tax The employment sector poses the of 5.0 per cent of the GDP, with the collection. There was almost nothing biggest challenge. Millions of people imbalance reaching 6.2 per cent for the new poor, who may number at had lost jobs. Many have returned to after many years. The budget support least one crore, in the outgoing fiscal jobs. Those who have not lost jobs from external sources was expected year. On and off, lockdown periods have seen their income slashed. to stand at nearly Tk 980 billion. The hurt the economy. Businesses are The decline in incomes has directly remaining deficit amounting to Tk struggling to stay afloat. Incomes did hit the consumption of families. So, 1.13 trillion was likely to be met from not return to the pre-pandemic level. raising domestic consumption is various domestic sources, including Jobs have dried up. He had to devise of paramount importance. Luckily, national savings certificates. ways to support the informal sector, there were many silver linings for The GDP growth rate might be which employs 85 percent of the the finance minister. There has been targeted at 7.2 per cent, and the workforce and starving of funds. price stability. Macroeconomic inflation rate at 5.3 per cent. The finance minister would aim to fundamentals are still good. The It is high time to make the investment limit the budget deficit at 6.2 percent exchange rate is stable. Exports are in the health and education sectors of the gross domestic product, moderate. Remittance receipts are and design them in a way that serves slightly up from 6.1 percent in the galloping. the country in the many years to current fiscal year. The new deficit Revenue income has not fallen as come, not just the immediate needs. target would allow him to spend an many had thought. Foreign reserves The pandemic has undeniably additional Tk 30,000 crore. Several have reached record heights. Foreign accelerated the digital transformation. economists have called for an even aid reached a record level. The World The government has to seize the higher budget deficit. Bank has lined up $500 million to opportunity. Telecommunication is The additional funds will pay off support the poor, revive the economy one of the most productive sectors because the mass inoculation, when and vaccinate the nation. The Asian yet one of the most taxed.

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The National Board of Revenue ramping up a production facility an 8.2 per cent expansion in GDP but might focus on widening the net on and producing locally because the later reset the target to 7.4 per cent. income tax and value-added tax. The country may need the jabs for many Per capita income rises to $2,227 corporate tax rates for both listed and years to come. More than 41 percent Bangladesh’s per capita income has non-listed firms might be slashed by of the population in the US have been risen by 7.9 per cent year-on-year 2.5 percentage points. To stimulate fully vaccinated, and the country has to $2,227 in fiscal 2020–21 despite domestic consumption and create already started to reopen the whole the devastating impacts of the jobs, Kamal offered a mixed bag of a economy. tax cut, holiday and exemption. coronavirus pandemic. It was $2,064 The US economy is growing at a in the 2019–20 fiscal year. However, The government’s pursuit for record pace. The same will happen the latest per capita income figure additional revenue contradicted if Bangladesh can vaccinate a sizable is 4.25 per cent lower than the when it allowed black money- population of the economy and government’s projection of $2,326 holders to legalize their undisclosed achieve a much higher GDP growth for the 2020–21 fiscal year. money at a token penalty as such rate than the 7.2 percent target Forex reserves spurt to $45b blanket preferential tax treatment set for fiscal 2021-22. Before that Foreign currency reserves have shot only discourages honest and regular happens, the finance minister will past $45 billion riding on higher taxpayers, who usually fill up the have to keep protecting the poor, the remittance inflow, lower imports and coffers. The government could not economy, businesses and agriculture. moderate exports. Bangladesh started implement the annual development Bangladesh is well known for the fiscal year with $36.04 billion in program in the outgoing fiscal year. handling disasters. It just has to prove the state coffer. On May 3, it reached So, it needs special attention in the that again r next fiscal year. a record high of $45.1 billion. The government hopes the reserves will Implementation capacity has to be Budget snippets: Where the touch $50 billion by December 2021. beefed up. Stimulus packages have money goes Remittance inflow to Bangladesh had remained unutilized, although the GDP growth target 7.2pc amid increased by 40.1 per cent to $22.75 demand was high. The government pandemic billion as of April. may extend the tenure of the stimulus packages due to expire at The government has targeted a Gross NBR stares at missing target the end of the current fiscal year. The Domestic Product growth rate of 7.2 for second year government should do something for per cent for fiscal 2021–22 taking Revenue generation did not pick up the banking sector. If the central bank the post-Covid recovery situation as expected because of the economic can ensure that the board functions into account. It had revised down slowdown. Receipts stood at Tk properly, most of the major problems the economic growth projection to 195,672 crore in April, accounting facing the banks would not be there. 6.1 per cent for 2020–21, the second for 65 per cent of the target set for The finance ministry should not revision this fiscal year, reflecting the the entire fiscal year. The target of interfere in the operations of banks. devastating impacts of the pandemic’s revenue collection for the 2020– Investment is an area that warrants second wave on a battered economy. 2021 fiscal year was set at Tk 378,000 due attention. The private investment The government had initially targeted crore. The target was reduced by to GDP ratio, which actually tells whether the investment climate is congenial or not, had been hovering around 23 percent for many years before collapsing in the last fiscal year. No new megaprojects should be undertaken. The government should put all its energy into implementing the ongoing large projects. The government should support local pharmaceutical companies in acquiring vaccine licenses,

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Tk 26,468 crore and re-fixed at Tk crisis continuing to wreak havoc, Tax exemption for hardware 351,532 crore. In the 2019–20 fiscal the government sought two more producer, light engineering year, revenue collection posted its years from the United Nations for A ten-year tax exemption has first negative growth in history. graduation as Bangladesh would lose been proposed for the producers many of its trade benefits and access of computer components such as Foreign aid in pipeline crosses motherboards, casings, UPS, sound $50b mark to concessional loans during the transition period. The country will systems, USB cables, CCTVs, and Funds committed by the multilateral pen drives. The proposed budget now graduate in 2026. and bilateral development partners also suggested the same exemption have shot past $50 billion on the Investment drops as private sector for light engineering products. The back of growing support in the wake share declines light engineering sector produces of the coronavirus pandemic and The government had projected that machinery used in factories and their Bangladesh’s inability to use the overall investment as a percentage spare parts r funds. The government had aimed of GDP would go up to 33.5 per to use $8 billion in foreign aid in cent in the 2020–21 fiscal year. In the 2020–21 fiscal year but only Traditional, yet business- the end though, it stood at 32.3 managed to spend $4.8 billion as of friendly per cent because of the pandemic- April, forcing it to revise down the Finance Minister A. H. M. Mustafa target to $7.4 billion. induced economic slowdown. The public investment-to-GDP ratio rose Kamal placed in parliament yet another national budget amid Record black money whitened to 8.2 per cent from 8.1 per cent but pandemic-induced constraints. The Taxpayers legalized a record amount the private sector’s share fell by 1.1 budget for the 2021–22 fiscal year of assets worth Tk 14,295 crore in the percentage points to 24.2 per cent. first nine months of the outgoing fiscal that has been crafted on the traditional year by showing their wealth in the Tax exemption for home appliances, framework has accommodated some form of cash, fixed deposit receipts, agro-processing concerns that have emerged given the saving certificates and shares. The A 10-year tax exemption has been devastating impact of the pandemic. National Board of Revenue got Tk proposed for the local producers of It, however, bypassed a few. 1,439 crore in taxes for the year. washing machines, microwave ovens, The government has a big expenditure Since independence, Tk 30,823 crore electric sewing machines, induction plan. But it lacks clarity in the matters has been whitened, fetching about Tk cookers, kitchen hoods, and kitchen of some pressing problems, including 3,900 crore for the state coffer. knives in order to promote Made in the economic hardship being faced Bangladesh products. To promote Poverty rate doubles by the poor and low-income people The poverty rate doubled as a value addition in agro-processing because of the Covid-19. If not others, massive number of people lost their companies, the government proposed businesses are sure to greet the budget jobs and incomes because of the the same facility for fruits processing, with an open arm because of the tax coronavirus pandemic. In 2019, the vegetable processing, milk and its by- sops offered to them by the finance population living below the poverty product production, and baby food minister, who is genuinely interested line was 20.5 per cent. The pandemic production. in helping the private sector to come has since taken it to as high as 42 per Corporate tax rate reduction out of the woods in a hard time. cent, erasing the country’s gains in It was proposed that the corporate However, his generosity in tax matters poverty reduction in recent decades. tax imposed on listed and non-listed comes in contrast to the size of the However, the government did not companies, sans lenders, merchant budget for the next fiscal year. The provide an updated picture of the banks, tobacco, and mobile network budget expenditure — Tk 6.03 trillion poverty rate for 2020. companies, be reduced by 2.5 — is 12 per cent higher than the LDC graduation pushed back percentage points. However, the revised budget for the outgoing fiscal by 2 years corporate tax levied on listed mobile (2020–21). The budget formulators, Bangladesh was on track to graduate financial service providers may soar for the first time in many years, have from the least developed countries by 5 percentage points. If the MFS not set a bloated tax revenue target. grouping in 2024 after having provider is not listed, then a 7.5 per They, seemingly, have taken into comfortably met all the required cent increase in corporate tax has cognizance the ground realities. criteria. But with the coronavirus been suggested. The NBR has set the tax revenue

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minister in his budget speech avoided any mention of the poverty increase. But, he spoke about the government plan to bring down the poverty rate to 12.3 per cent and the extreme poverty to 4.5 per cent by the 2024 fiscal year.

The finance minister elaborated on the safety net program and the beneficiaries of the program during the Covid-time. According to the minister, Tk 1.08 trillion has been allocated, which is equivalent to about 18 per cent of the proposed target at Tk 3.46 trillion for the 2022 The government policy measures budget and 3.11 per cent of the GDP, fiscal year, which is equivalent to the and allocations concerning health, for the safety net program. Under the original target for the outgoing fiscal. education, agriculture and safety net program, all the poor elderly people, Yet reaching this target might prove in the proposed budget have been widows and deserted women of 150 difficult since the NBR is unlikely to issues of special interest because of the upazilas would get allowances from achieve even the revised target — Tk pandemic effect. As far as allocations the next fiscal year. Similar benefits 3.01 trillion — set for the 2020–21 for sectors like health, education and are now extended to the same groups fiscal year. If the Covid restrictions agriculture are concerned, there has of people in 112 upazilas. persist for some more months, the not been any notable change in the The proposed budget has bypassed overall revenue receipt in the next budget for the next fiscal year. The the hardship of the new poor and fiscal would suffer. ministries concerned, percentage- wise, have got allocations almost urban poor. The government safety In such a situation, the budget deficit identical to that of the previous years. net program addresses the issue of projected at 6.2 per cent might go There were high expectations that poverty, not the new poor both in rural up further in the next fiscal in the the allocation for the health sector in and urban areas. The issue is expected event of full execution of the budget. the proposed budget would be more be addressed before the finalization Implementation of the budget, than usual. But that hope has largely of the budget. Generation of enough however, has been a problem for been dashed. employment opportunities is an issue many years because of the lack of more important than any time before The tax exemption proposal for 250- capacity in the line ministries and because of the effect of the pandemic beds hospitals to be established in relevant other organizations. The on the employment situation. districts and specialized hospitals deficit financing using domestic Millions have been thrown out of for 10 years is a step in the right sources would not be a problem for their jobs and dislodged from their direction. Keeping an allocation of Tk the government since the banks are usual sources of income. The private awash with excess liquidity and the 100 billion in the budget to respond sector has been the leading provider savers are somewhat crazy about to any pandemic-related emergency of jobs. But a sort of stagnancy in savings instruments that offer yield is also an appropriate step. However, private sector investment has almost more than twice the banks make proper spending of such an allocation stalled employment generation. available for term deposits. remains an issue that needs to be addressed by the government. Lending rate supports and stimulus The size of interest payment against packages could not reverse the trend. such borrowing, however, has been Several studies have found a It remains to be seen how the tax sops bulging. Tk 620 billion has been significant increase in poverty level proposed in the budget help prop up earmarked in the budget for the due to the pandemic effect. One the private sector. next fiscal year for interest payment study has said that the rate of poverty against domestic borrowing, which has doubled to over 40 per cent Much would depend on vaccinating creates additional pressure on the because of the Covid onslaught on the population. The United States and government’s purse. the people’s livelihood. The finance Europe are almost back to normal 16 National Economy DCCI Review June 2021 business activities because of their export of garment products made Exports were expected to bounce massive vaccination programs. But of man-made fiber to encourage back in the current 2020-21 fiscal with the deadly pathogen still taking product diversification,” he said. year, but the second wave of a toll on life and livelihood countries Tax at source for all types of export coronavirus has slowed down the of Asia, Africa and Latin America. By products including readymade growth again. However, from July any means, the government will have garments was increased from 0.25 to May of the current financial year, to vaccinate the people above 40 percent to 0.5 percent for the 2020- Bangladesh saw a 13.64 percent within the shortest possible time, if it 21 fiscal year. increase in exports to $35.18 billion. wanted all the economic indicators About 83 percent of the total exports back to normal. The government The BGMEA and the Bangladesh earnings come from the readymade has not yet come out with a Knitwear Manufacturers and garments sector. comprehensive program to vaccinate Exporters’ Association have proposed Private sector set to get a 80 per cent of the population that decreasing source taxes to 0.25 moderate boost would help achieve so-called hard percent in the 2022 fiscal year. Also, The private sector, the engine of the immunity. the country’s textile sector proposed country’s economic growth, seems to a decrease in the existing VAT on have got a fair focus in the proposed No good news for export sector man-made fiber from Tk 6 a kilogram However, entrepreneurs are hopeful budget for the fiscal 2021-22. A cut to Tk 3 like other cotton yarns, but it their demands will be taken into in corporate tax by 250 basis points was not reflected in the budget. account when the budget is passed. for companies, except financial The proposed budget for the fiscal Mohammad Ali Khokon, president services, telecoms operators and 2021–22 failed to bring much of the Bangladesh Textile Mills’ tobacco companies, is lauded by good news for the export-oriented Association, said that the organization businessmen. industries of the country. There has had proposed some tariffs and VAT- “We have been demanding tax been no decline in tax at sources related benefits on man-made fiber rationalization for a long time and of export earnings, existing taxes on yarn. But it was not reflected in the this will energize economic activities exporters, or the corporate tax rate on proposed budget. “We will write in the private sector,” said Rizwan export organizations. But exporters again [asking the government to Rahman, president of the Dhaka are hopeful their demands will be consider these proposals before the Chamber of Commerce and Industry. heard before the budget is passed. budget is passed,” he said. They also “But, it [corporate tax] needs to The proposed budget, placed at demanded the withdrawal of income be much lowered gradually to parliament by Finance Minister tax on existing incentives imposed competitively attract investments and A. H. M. Mustafa Kamal, did not on exports. In addition, they asked give our private sector a big boost,” reflect many of the key demands of for cash incentives to encourage the he said. He lauded the incentives the country’s exporters, including export of garments made of synthetic for the “Made in Bangladesh” renewed incentives for the export of fibers. campaign, which warmly welcomes next level industries through up to readymade garment products made Meanwhile, the existing tariff on the of specialized man-made fabrics. decade-long tax holidays for local import of some fire extinguishers However, entrepreneurs in the sector manufacturing of automobiles, from industrial plants has been said they are hopeful their proposals electronic appliances, processed reduced. The list includes equipment will be taken into account when the foods, industrial machinery and including sprinkler, bus-bar trunking budget is passed. parts, and IT hardware. system. “The tax at the source of readymade The country is spending a lot of its The country’s export sector has been garment export earnings will be hard-earned foreign currencies to hit hard by the Covid-19 pandemic. reduced from the existing 0.5 percent import the products or services it In the fiscal 2018-19, Bangladesh to 0.25 percent,” Md Shahidullah is now looking to produce locally. exported goods worth $36.67 billion Azim, vice-president of the To cater to the technologically to the world market. The sector saw a Bangladesh Garment Manufacturers advanced industries, Bangladesh is 10.55 percent growth. But, with the and Exporters’ Association, said. going to flourish in, the government onset of the Covid-19 in the country, also announced tax holiday for “In addition, a 10 percent cash exports declined 16 percent to educational institutions who would assistance will be provided for the $33.67 billion in the last fiscal year. offer diploma degrees and vocational

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training on agriculture, science and comparatively higher duties in realistic in view of the government’s IT, along with who will provide Bangladesh and the industrial users pledges. professional training in the industries have been saying that high cost The President of Metropolitan namely automobile, aircraft for their raw metals are hindering Chamber of Commerce and Industry maintenance, food processing, their international competitiveness. Nihad Kabir termed the proposed footwear, glass, mining, mechanical, In terms of VAT, the government outlay as courageous in view of the ship building, leather, refrigeration, supported the same priority sectors current circumstances. She said none ceramics, apparel design, pharmacy, either through VAT exemption or is sure whether or not there will be nursing, medical technologies, reducing the burden a little. Also, another wave of the pandemic. animal health and production, the income tax for mobile financial clothing and garment finishing, and services has been increased, while The Dhaka Chamber of Commerce poultry farming. one person companies are made and Industry President Rizwan Rahman has described the proposed Mahmudul Hasan Khusru FCA, subject to 25 percent income tax, while associations of persons are outlay as inclusive budget for president of the Institute of Chartered economic recovery. “The budget is by Accountants of Bangladesh, said, brought under income tax slab at what companies pay. and large inclusive and pro-people,” “We appreciate the proposed budget he said. He thanked the government that has focused on employment The budget will give a moderate for reducing corporate tax both for generation through skill development boost to the private sector as the listed and non-listed companies. “It and also the tax exemption for light government has mainly incentivized will help boost investment.” Rahman engineering, agro-based industry many new industries alongside suggested reducing corporate tax at a and the new concept ‘Made in slightly reducing corporate tax “progressive” rate of 2.5 per cent in Bangladesh’.” for all, while the requests by the the 2022-23 and 2023-24 fiscal years. Amid the second wave of the most contributing industries have He also called for ensuring pandemic, the government has been ignored that deprived them accessible stimulus packages for all proposed extending the similar fiscal of breathing space in the uncertain cottage, micro, small and medium support to products and services business situation, said Mohammad enterprises. The DCCI President to fight the virus, while as part of Hatem, vice-president of the urged the government to widen tax the long-term development plan of Bangladesh Knitwear Manufacturers net, strengthen collection of due private sector healthcare services, the and Exporters Association. Duty and taxes, tax collection at the district government announced a 10-year tax burdens are real pressure for most level, and ensure tax automation tax holiday for big modern hospitals industries, he said, adding that the for more revenue collection. outside Dhaka and Chattogram areas. government should give an ear to “Mandatory e-TIN for national Alongside fiscal moves for attracting them. savings, cooperatives, and postal investments, the government also savings will increase tax.” Budget may help recovery proposed some relief to the already Leaders of trade bodies have termed “When the world economy is flourished industries hit by the the proposed budget as inclusive one, devastated by Covid-19 pandemic… pandemic. expressing hope that the proposals, the proposed budget has set 7.2 per Reduction of taxes at source during if implemented, may revitalize the cent growth and 5.3 per cent inflation imports of cement industry raw economy. In their instant reactions target. The progressive and attainable material, and ocean-going vessels to the budget proposed, they also growth target has created hope might help reduce cost of economic emphasized the need for taking among us,” he said. The DCCI leader activities and development steps to implement the budget and appreciated the steps for raising allocation to contain pandemic alongside offering breathing space increasing revenue. to the relevant companies. The DCCI effects, providing incentives and subsidy, rehabilitating agriculture, president also requested that advance The business leaders urged the government to make special focus expanding social safety net, and taking income tax on export-oriented RMG, on ways and means to overcome the steps for employment generation. He jute and jute goods, agro processing effects of the Covid-19 in the coming praised the government for accepting and Active Pharma Ingredients raw days. Federation of Bangladesh recommendations like lowering materials be rationalized. Chambers of Commerce and income tax and value added tax, Also, imported steel industry Industries President Md Jashim Uddin lessening advanced tax on import raw materials are still subject to has termed the size of the budget raw materials r

18 SAARC News DCCI Review June 2021 India unveils Rs 6.28 lakh cr stimulus post second Covid wave Finance Minister Nirmala Sitharaman announced some fresh relief measures for the economy, the first such package after the second Covid-19 wave, focusing largely on extending loan guarantees and concessional credit for pandemic-hit sectors and investments to ramp up healthcare capacities. The government pegged the total financial implications of the package, which included the reiteration of some steps that were already announced such as the provision of food grains to the poor till November and higher fertilizer Indirect support for exports worth dose of stimulus later in the year,” subsidies, at Rs. 6,28,993 crore. Rs. 1.21 lakh crore over the next he said, adding that this package is five years, free one-month visas for focused on stimulating the ‘sagging Economists, however, noted that the five lakh tourists, new seed varieties credit offtake growth’ through elements of direct stimulus in the for farmers and additional outlays interest rate concessions for priority package and its upfront fiscal costs over the next two years to expand sectors. “This will benefit a number in 2021-22, are likely to be limited. broadband to all Gram Panchayats, of MSMEs, small borrowers and More stimulus steps may be needed were also included in the package. entrepreneurs in contact-intensive to shore up the economy through the sectors,” he said. rest of the year, they said. The existing sop to spur employment, where the government bears EPF Ms. Nayar said the success of Calling the measures an effort contributions for new employees the enhanced credit guarantee to stimulate growth, exports and earning less than Rs. 15,000 a month schemes worth Rs. 2.6 lakh crore for employment as well as provide for two years, has been extended till pandemic-hit sectors will hinge on relief to Covid-affected sectors, March 31, 2022. Sitharaman announced an expansion their offtake. “Schemes worth Rs. 2.4 of the existing Emergency Credit Line “Setting aside the guarantee schemes lakh crore are spread over the next Guarantee Scheme by Rs. 1.5 lakh and the announcements that had two to four years. However, some of crore. She also announced a new already been made earlier, the step- these had already been announced at Rs. 7,500 crore scheme to guarantee up in the fiscal outgo within 2021-22 the time of the Budget, and therefore, loans up to Rs. 1.25 lakh to small based on the fresh announcements a portion of their cost has already borrowers through micro-finance is estimated at around Rs. 60,000 been factored in,” she said. institutions. crore,” said Aditi Nayar, rating agency ICRA’s chief economist. “Although the total impact amount She also unveiled a fresh loan seems large at nearly Rs. 6.29 lakh Economist D. K. Srivastava reckoned guarantee facility of Rs. 1.1 lakh crore crore, a large portion of this is by way that the additional burden on the for healthcare investments in non- of credit guarantee schemes where 2021-22 Budget from the ‘three metropolitan areas and sectors such direct stimulus initiatives’ providing there is no immediate outflow. as tourism. A separate Rs. 23,220 free food grains, incremental crore has been allocated for public The impact on the fiscal deficit will be health projects’ spending, and rural health with a focus on pediatric limited while the stock markets could connectivity would be Rs. 1,18,390 care, which will also be utilized give a mild positive reaction,” said crore or about 0.5 percent of for increasing ICU beds, oxygen HDFC Securities managing director estimated GDP for 2021-22. supply and augmenting medical and CEO Dhiraj Relli.Of the new Rs. care professionals for the short term “Although this is a limited magnitude 1.1 lakh loan guarantee scheme, Rs. by recruiting final year students and of direct stimulus, it would be 50,000 crore will be earmarked for interns. desirable to follow it up with another the healthcare sector alone r 19 SAARC News DCCI Review June 2021

Moody’s cuts India growth Tourism can pull Pakistan out tourist spots for the prosperity and forecast for 2021 to 9.6pc of financial crisis: Imran development of the country. “Insha Allah, we will earn such big money Moody’s Investors Service slashed Pakistan’s Prime Minister Imran and people will get employment with India’s growth projection to 9.6 per Khan has said tourism offers a rise in tourism that they would not cent for 2021 calendar year, from its excellent potential for boosting the need to leave these areas looking for earlier estimate of 13.9 per cent, and country’s revenue and employment jobs,” said Khan. He advised his party said faster vaccination progress will opportunities and it is his vision to leaders elected to the assemblies be paramount in restricting economic keep Pakistan clean and green to from the area to protect this land and losses to June quarter In its report attract tourists from across the world trees, as they would ultimately enjoy titled. “Macroeconomics India: to this heavenly land.“Switzerland maximum benefits when their area is half the size of our northern areas Economic shocks from second Covid would progress because of tourism. and has no match with the natural wave will not be as severe as last beauty of our landscape, yet it earns The prime minister said the Kaghan year’s”, Moody’s said high-frequency $80 billion from tourism whereas valley had suffered deforestation in economic indicators show that the our total export is of $25 billion,” the the past but he was happy over the second wave of Covid-19 infections prime minister said while addressing tree plantation campaign that restored hit India’s economy in April and May. a gathering of Tiger Force volunteers the beauty of the areas. “The younger With states now easing restrictions, in Naran, the commercial hub of people sitting in front of us are our economic activity in June is likely to Kaghan valley. future and we have to leave such a signify the trough. Pakistan behind for them so that the Khan, who spoke for hardly 11 coming generations would admire “The virus resurgence adds minutes amid tight security measures uncertainty to India’s growth forecast put in place by the law enforcement our efforts in preserving nature and for 2021; however, it is likely that agencies in and around the tourist soothing the environment,” he said. the economic damage will remain resort, remained entirely focused on Pointing toward youngsters, Khan restricted to the April-June quarter. the tourism potential that according said their predecessors didn’t do We currently expect India’s real to him could pull this country out of justice with Pakistan. They did not GDP to grow at 9.6 per cent in 2021 the current financial challenges. protect trees and destroyed jungles, and 7 per cent in 2022,” Moody’s “I have visited Switzerland and but he was pleased that the divisional said. Earlier this month, Moody’s Austria and could never compare administration was adopting had projected India to clock a 9.3 their beauty with our heavenly lands measures for their protection, he said. per cent growth in the current fiscal which are more beautiful and exotic “I have toured the world but have ending March 2022, but a severe in nature. But I would admire their not witnessed such a beauty that has second Covid wave has increased cleanliness and true enforcement of been bestowed by Allah upon this risks to India’s credit profile and rated laws, as nobody there could break Kaghan valley,” he said. entities. the laws for his personal gain,” he He directed the administration to said. Indian economy contracted by 7.3 adopt tough measures to protect per cent in fiscal 2020-21 as the The prime minister told the locals to forests and ensure cleanliness in country battled the first wave of pay due attention and care to all the Kaghan valley. For this purpose, Covid, as against a 4 per cent growth in 2019-20. Stating that stringent lockdown in economically significant states will mar April-June quarter economic activity, Moody’s said the 10 states that have been hardest hit by the second wave collectively account for more than 60 per cent of the pre-pandemic level of India’s GDP. Four states - Maharashtra, Tamil Nadu, Uttar Pradesh and Karnataka contributed the largest shares among all states in financial year 2019-20 r

20 SAARC News DCCI Review June 2021 he said, the administration could $58m in the same period last year. The Bhutan passes customs, hire locals as guards. Khan said: communication sector repatriated GST bills 2021 “As trout fish is rapidly becoming $184.4m in the 11 months of the an endangered species, the 2021 fiscal year against $73m and Re-deliberating on the Customs administration should take measures tobacco and cigarettes profits outflow Duty (Amendment) Bill 2021, the for its preservation.” Khan also was $120m against $35m in the 11 National Assembly supported the released trout fish in the Kunhar River months of the 2020 fiscal year. The National Council’s recommendation during his daylong visit to area where profits from oil and gas exploration to retain the Customs Duty on import he launched emergency response dropped to $97m against an outflow of betel nuts at 50 per cent and to services for tourists and planted of $215.7m during the same period reduce the Customs Duty on electric trees along the river bank. He also of last fiscal year. The transport also fence energizers at zero per cent. distributed 550,000 biodegradable noted a decline in the profits as it fell The NA passed the Customs Duty bags and motorbikes among the to $130m compared to $169m of last Amendment Bill 2021 through a community rangers r fiscal year r majority show of hands.

Pakistan’s profit repatriation Turkmenistan to invest in jumps by 23pc Afghan marble industry The outflow of profits and dividends Turkmenistan has expressed on foreign investment increased willingness to invest in the Afghan by 23 per cent during the first 11 marble industry, Ministry of Foreign months of 2021-21, showed data Affairs said.According to a statement issued by the State Bank of Pakistan. published on the Ministry of Foreign The total outflow of profits and Affairs website, Turkmenistan has dividends during the July-May period shown interest in invest in the “We proposed for a flat 10 per rose to $1,496 million compared to Afghanistan marble industry and cent Customs Duty during the $1,215m in the same period of last export marbles back to Turkmenistan. discussion. But the National Council recommended it to keep at the existing fiscal year. The higher repatriation The statement further added that of profits could be a burden on the discussion was raised when rate of 50 per cent. I support their foreign exchange reserves of the the Afghan Foreign Minister, recommendation because we don’t country but it also showed the higher Mohammad Haneef Atmar met with import betel nuts from third countries. profitability on foreign investment Turkmenistan’s Foreign Minister, When we draw a ratio between the and improved performance of the Rashid Muradov. The Afghan producers and consumers in our relevant companies. Foreign Ministry has also expressed country, we have enough producers its optimism about Turkmenistan of betel nuts. And I also support However, the foreign direct investing in the Afghan marble the NC’s recommendation of zero investment in the county further industry, saying that Turkmenistan taxation on electric fence energizers,” declined by 28 per cent to $1.75bn can become a good market for the said Namgay Tshering, the Finance during the 11 months of the 2021 Afghan marble industry. According Minister. fiscal year. The outflow as profits to MOF, Afghanistan has over $200 on foreign portfolio investment was billion worth of marble resources. “There is a lot of human-wildlife $114m in the 11 months of the 2021 conflict in the country. One of the fiscal year against $137m during the Afghanistan has got huge resources main things that are giving rise to the 11 months of the 2020 fiscal year. of marbles in Herat, Helmand, issue is the lack of electric fencing. The highest outflow of $281m in the Badakhshan, Logar, Kabul, Bamyan, But not everyone can afford it Herat, Faryab, Wardak, Nangarhar, 11 months of the 2021 fiscal year because the cost of the energizer is Paktia, Parwan and Samangan was noted from the financial business very expensive. That is why I support provinces. According to earlier reflecting the higher profitability this recommendation of the National of the banking sector compared to reports. by the western media, Taliban have been engaged in illegal trade Council,” added Gyem Dorji, $183.3m in the 11 months of the of marble industry in Afghanistan, Draagteng-Langthil’s MP. “I think this 2020 fiscal year. the income through this resource will not affect the local firms. We Food sector also proved highly are spent in fueling the Taliban’s will have the opportunity to copy profitable as outflows from this sector war machine against the Afghan from other products that are of good were were $229m compared to just government r quality r

21 Asia Pacific DCCI Review June 2021 8.5pc GDP growth projected for China in 2021: WB China’s GDP growth is projected to reach 8.5 percent on a yearly basis in 2021, thanks to the pent-up demand and strong exports, according to the World Bank, which updated the economic forecasts in its regional economic report. It marks an upward revision by 0.6 percentage points from the World Bank’s projections in December 2020, largely due to stronger-than-expected foreign demand, it said. The World Bank also predicted that China’s year-on-year GDP growth may moderate to 5.4 percent in although factory gate prices are productivity growth and a carbon- 2022, when the low base effects sensitive to rising commodity prices. intensive production structure, the dissipate. It reflects the progressive report mentioned. de-risking and deleveraging efforts, In China, high upstream inflation policy normalization and diminished partially translated into faster Sebastian Eckardt, World Bank Lead support from net exports. The forecast inflation in intermediate goods, but Economist for China, said that over figures remained unchanged from was barely visible in downstream the medium term, policymakers that in the bank’s report of “Global consumer goods other than food, the should “redouble their efforts” Economic Prospects” issued on June report indicated. “As China’s recovery toward promoting growth-enhancing 8 in Washington. consolidates, macroeconomic structural reforms and steering the policies are expected to shift from economy to a greener, more resilient Private domestic demand is going accommodative to more neutral and inclusive development path. to replace public investment and settings,” according to Martin Raiser, exports to become the prioritized World Bank Country Director for A more progressive tax system, driving force of China’s recovery, China. He suggested that the pace investments in human capital and thanks to the improved consumer and of “policy normalization” should stronger social safety nets to reduce business confidence, as well as better be decided based on the economic income inequality should be major labor market conditions, said the new data and the recovery process both in areas of China’s economic reforms report. Meanwhile, economists from China and abroad. which could help achieve high- the World Bank believe that the risk of high and persistent inflation is low in Several challenges that China quality growth, said economists from China and upside risks to consumer faces in the medium term include the World Bank r inflation seem limited at this point, demographic headwinds, slowing

Chinese ports get smart, build-favorable environment

A ship loaded with 398 empty in smart port construction this year. It go through the customs clearance containers recently arrived at has put into use an upgraded version process compared with more than 8 Tianjin Port in north China’s Tianjin of the automated container handling hours in January 2019. Tianjin Port is Municipality. After going through system, which has an accuracy rate also the location of the world’s first an efficient customs clearance of at least 95 percent for the entire autonomous driving demonstration process conducted by the port using container handling process. zone. At this zone, driverless vehicles technologies such as a visualized According to Tianjin Customs, it now are guided by the Beidou navigation inspection platform, the containers takes about 1.5 hours for enterprises system to designated destinations and were quickly transported to foreign to claim their containers compared the containers are hoisted by remotely trade enterprises that needed them. with one to two days previously, controlled cranes. No manual labor Tianjin Port has made major headway and less than one hour for them to is involved in the process.

22 Asia Pacific DCCI Review June 2021

This year, customs departments S Korea raises 2021 growth Economy Strategy and Action Plan, have made great efforts in bringing outlook to 4.2pc as well as an affiliated platform to about electronization of the customs engage the private sector in the clearance process. Statistics indicated South Korea’s Finance Ministry raised Kingdom’s transition towards a that the number of certificates that the country’s economic growth circular economy. This comes amid foreign trade enterprises have to outlook for 2021 by one percentage challenges in sustainably managing submit to customs departments for point to 4.2 per cent amid the natural resources, environment, verification has been reduced to 41 expected recovery in both the export energy and waste posed by more from 86 in 2017, and 38 of those 41 and domestic demand. The real than two decades of rapid economic certifications can be handled online. gross domestic product, adjusted for and population growth. inflation, was expected to grow 4.2 “Major coastal ports have basically per cent this year, according to the The National Council for Sustainable realized electronization of such Ministry of Economy and Finance. Development and Ministry of certificates as equipment interchange It was revised up from a growth Environment, with support from receipts, container load plans and estimate of 3.2 per cent unveiled six Sweden, Japan and the UN import bills of lading,” according months earlier. Export, which takes Development Program, rolled out the to Dang Yingjie, deputy director- up about half of the export-driven strategy-cum-action-plan to address general of the National Office of economy, was forecast to spike 18.5 some of the ecological pressures Port Administration at the General per cent to $607.5 billion in 2021 of economic activities. Minister of Administration of Customs, who compared to the prior year. Import Environment and NCSD chairman added that progress has also been was predicted to jump 22.4 per cent Say Samal stressed the importance made in promoting electronization to $572.5 billion. of the document and the efforts to of the Certificate of Inspection effectively carry out its objectives, and Quarantine for Entry Goods The country’s export kept rising which he said would “ensure a to strengthen international data for the seventh consecutive month green, clean and safe future for all in exchange and sharing. through May on the back of the global Cambodia”. demand recovery from the Covid-19 In May, the national average export pandemic shock. The outbound “The Circular Economy Strategy and and import customs clearance time shipment surged 45.6 per cent in Action Plan aims to create a win-win was reduced by 60 percent, which May from a year earlier, logging the solution to the present challenges. means that the work to improve fastest expansion in around 32 years Instead of simply extracting, clearance efficiency has proceeded consuming and disposing materials, since August 1988 r smoothly and seen marked progress. the strategy seeks to close the loop of Customs departments now allow the entire value chain and maintain enterprises to declare their goods in Cambodia launched circular the value of materials for as long as advance and in just two steps, which economy strategy, plan possible,” he said. has significantly improved clearance UNDP Cambodia resident efficiency. The government, with support from development partners, on June 28 representative Nick Beresford For instance, by declaring goods to launched the National Circular also pointed out that the circular be imported in advance, a plastics foreign trade company based in east China’s Zhejiang province has reduced the time needed to go through the procedures by 14 hours, and claimed the goods upon their arrival at the port in just 26 minutes. According to the GAC, in May, the average import clearance time was 38.93 hours, and the average export clearance time was 2.12 hours, down 60.03 percent and 82.74 percent, respectively, from that registered in 2017 r

23 Asia Pacific DCCI Review June 2021

economy system has the strong “Across the planet, any additional With a strategy to expand its reach to potential to spark positive social and temperature rise will intensify climate women-owned and -led SMEs, IFC’s environmental change, and create disasters larger typhoons, bigger funding will help the bank triple its new economic values and diversified floods, more severe droughts and current lending for women-owned employment opportunities. “It can increasing forest fires,” Saito-Jensen SMEs, accounting for about 25 guide sustainable development added, noting that some 90 billion percent of its total SME portfolio by pathways for countries at all income tonnes of primary natural resources 2024. Climate finance is a new area in levels, including Cambodia,” he said. are extracted per annum r Vietnam with a $753 billion climate investment opportunity between Speaking during a consultation 2016 and 2030 as the country aims workshop on the draft of the strategy- Viet Nam got $40m to reduce greenhouse-gas emissions cum-action-plan on September from IFC for SMEs 21, UNDP environmental policy by 9 percent by 2030 to mitigate the climate change impact. IFC is specialist Moeko Saito-Jensen The International Finance helping SeABank support the country underscored that the Kingdom is one Corporation, a member of the with $30 million to be allocated for of the most vulnerable countries to World Bank Group, is providing a climate-friendly projects. climate change, pointing to increasing $40 million loan to help small and incidents of floods and droughts. “To medium enterprises in Vietnam make Further, IFC’s support is expected to sustain vital environment for future a resilient recovery after the Covid-19 help SeABank build a $60 million generations and ensure their safe pandemic through the Southeast Asia climate-finance portfolio by 2024. future, there is urgency to transform Commercial Joint Stock Bank.This is “IFC’s long-term financing and the way in which the economy the first phase of an up to $150 million technical advice will enable SeABank operates, and the ways we use financing package, which will help to focus on two strategic segments materials and dispose waste. expand lending to SMEs, especially - women-owned SMEs and climate “The circular economy seeks to women-owned businesses, increase financing. Given the pandemic, IFC’s decouple economic growth from access to climate finance and boost timely investment also allows us to adverse environmental impacts international trade opportunities. extend support to more businesses at a critical time, while contributing by closing the loops of the entire The package will comprise up to $80 value chain,” she said. “It promotes to the stability of Vietnam’s overall million from IFC’s own account and the use of sustainable materials financial market,” said Le Thu Thuy, $50 million to be mobilized from and clean, renewable energy.” “In general director of SeABank. international lenders, in addition the case of waste management in to a $20 million trade finance Besides, IFC’s $20 million trade Cambodia, more than 70 per cent line. While the investment aims to guarantee line under its Global of the waste are recyclable organic increase SeABank’s SME lending Trade Finance Program will boost or plastic materials. Even so, at this portfolio, at least $20 million will SeABank’s capacity to provide moment untreated waste is disposed be earmarked for women-owned financing for importers and exporters at open landfills without large scale to minimize the disruption of trade intervention to reuse or recycle these SMEs, with support from the Women given the ongoing pandemic r materials. Entrepreneurs Finance Initiative. “With the introduction of circular economy, instead of being wasted, these materials would be treated as ‘new products or energy’. They would be reused and recycled, and they would add value to the economy,” Saito-Jensen said. Citing a World Meteorological Organization report, she said: “Global temperatures could exceed crucial 1.5 degrees Celsius target above pre-industrial levels within the next five years.

24 Middle East DCCI Review June 2021 Bahrain records over $1b FDIs in 2020 Bahrain’s foreign direct investment inflows increased by $1.007 billion in 2020, according to the latest World Investment Report from the UN Conference of Trade and Development. The annual report charts global investment flows, analyzes trade trends, and examines government policies that seek to expand world trade. The report highlighted that global FDI contracted by 35 percent to $1 trillion in 2020, with an expectation for flows to bottom out and increase by 10-15 percent in 2021. Despite A wide range of sectors drove working with our partners to attract global trends, Bahrain experienced investment, further demonstrating investment into the Kingdom and a 3.3 percent increase in inward FDI stocks, reaching $31.7 billion in Bahrain’s strides in diversifying support existing companies expand, 2020. the non-oil sector. Some of the further diversifying our economy and sectors mentioned in the report creating jobs in the local market,” Also highlighted was Bahrain’s include manufacturing, education, Khalid Humaidan, Chief Executive stock to GDP ratio, where Bahrain’s healthcare, and information of Bahrain Economic Development inward FDI stocks relative to GDP technology industries. Board, said. reached 92 percent, the highest ranking in the GCC and surpassing “Despite the challenges that Covid-19 The EDB is the government’s the global average of 49 percent. The has brought to economies around Investment Promotion Agency, report recognized the Government the world, we were able to carry the mandated to attract investments of Bahrain’s plans to continue momentum from the previous year into Bahrain and continue to drive implementing wide-ranging reforms and attract hundreds of millions of economic diversification and create to attract direct investments and link dollars in investment into the country. jobs in the local market r it to its national development and We are looking forward to continue economic diversification plans.

Jordan witnesses modest economic contraction Jordan’s economy has been hit hard by This is the first contraction of the vaccines, and an uneven global the Covid-19 pandemic amid already economy in three decades but, recovery are likely to slow the return low growth and high unemployment while historic for Jordan, it is among of contact-intensive sectors, such as rates. The crisis has had particularly the lowest economic contraction services and tourism, with Jordan’s profound impacts on the service in the world in 2020. Part of this economy expected to recover only sector, travel receipts, and tourism reduced impact can be attributed gradually, registering growth of 1.4 and, with those, the economy in the to the government’s large fiscal and per cent in 2021. “The Government Kingdom contracted by 1.6 per cent monetary stimulus packages and of Jordan has been able to mitigate some impacts of the crisis through in 2020, according to the latest issue targeted cash support to poor and timely and ambitious support of the Jordan Economic Monitor. vulnerable households, totaling programs for affected sectors and The Spring 2021 edition of the about 10.5 per cent of GDP. The JEM, titled Uncertain and Long Trail vulnerable workers, but challenges sharp drop in the cost of oil imports remain,” Saroj Kumar Jha, World Ahead, was launched during a virtual also significantly offset losses to event hosted by the Abdul Hameed Bank Mashreq Regional Director, was Jordan’s economy. Shoman Foundation cultural forum, quoted in the statement as saying. according to a statement posted on Continuing uncertainty about the “The World Bank is supporting the World Bank website. path of the Covid pandemic, despite Jordan to help it stimulate sustainable 25 Middle East DCCI Review June 2021

job creation and pursue a green and Kuwait pursues knowledge- have developed strategic plans climate-resilient recovery,” he said. based economy that are compatible with the State’s Moving forward, the JEM emphasizes development plan ‘New Kuwait a range of investment-enabling Minister of Oil and Minister of 2035’. reforms is needed to support strong Higher Education Dr. Muhammad He explained that these scientific recovery, given that Jordan was Al-Fares said that Kuwait is making institutions contribute to the experiencing weakening economic great efforts in building a knowledge- development of human capabilities growth and stagnating productivity based economy through four pillars: and the consolidation of the values prior to the Covid crisis. Structural education, innovation, governance, of creativity and innovation, noting impediments in the labor market and infrastructure development and that the Kuwait Foundation for had contributed to a steady rise in information and communication the Advancement of Sciences has unemployment Jordan has one of technologies. This came in a speech established the Sabah Al-Ahmad the world’s lowest levels of female by Minister Al-Fares during his Center for Giftedness and Creativity, participation in the labor force and participation in the second Islamic which is interested in discovering high informal employment. Summit on Science and Technology organized by the United Arab and nurturing creators and helping “The current crisis provides a Emirates via video communication inventors develop their ideas and window of opportunity to build back technology. register patents for their inventions, better,” said Saadia Refaqat, World as the center was able to register Bank senior economist and author of Al-Fares indicated that the more than 400 patents. the report. “Jordan needs to focus on Kuwaiti Cabinet recently formed a Al-Fares stated that Kuwait has a reforms that can be felt by Jordanians government universities council with luminous experience in benefiting and the private sector by improving the aim of upgrading the education system, developing the performance from the results of scientific research its investment climate to contribute of university education and through applied research projects to growth and job creation,” Refaqat establishing more public universities. implemented by the Kuwait Institute said. The Spring 2021 JEM contains He pointed out that the State has for Scientific Research, which two special themes: A snapshot of allocated 6 million square meters depends mainly on conducting the private sector and a review of for the establishment of Sabah Al- scientific studies and research for inequality in Jordan and the wider Salem University in Al-Shaddiyah, the benefit of national and regional MENA region. adding that work is also underway bodies and institutions. The first looks at the impact of the to establish Abdullah Al-Salem He stated that Kuwait is implementing pandemic on Jordanian firms, with University. an ambitious plan to benefit from lockdown and shocks to consumer He pointed out that many scientific renewable energy in the production demand leading to business closures, institutions in the country, led by of electricity and water, adding that particularly in the service sector. the Kuwait Institute for Scientific recent years have witnessed the Although Jordanian firms have Research, the Kuwait Foundation opening of the Shaqaya Renewable introduced new products and used for the Advancement of Sciences Energy Complex, which produces 70 digital technologies, it says the pace and the Public Authority for megawatts of electricity from three of transformation is slower than it Applied Education and Training, stations. could be. The second focuses on socioeconomic effects of the Covid-19 pandemic. Despite being heralded as the “great equalizer,” the JEM says health and economic impacts of the pandemic have disproportionately affected the poor and vulnerable across the region, amplifying pre-existing inequalities between rich and poor across countries and within them, with potentially long-lasting consequences, concluded the statement r 26 Middle East DCCI Review June 2021

Al-Fares said that there are many 10 years, subject to extension, by Bloomberg that the recovery that projects that the State is working on with adherence to the procedures several countries witnessed after in order to reach its production of and regulations stipulated for this overcoming the consequences of the renewable energy to 15 percent of policy. The activation of the Investor Coronavirus (Covid-19) pandemic, the total energy in 2030. He pointed Residence program will start in along with the growth in government out that these projects will contribute September by submitting a request to spending and the economic support to achieving financial savings of 2.46 benefit from the program through the packages that it provided, led billion US dollars annually and will Ministry’s Investment Services Center naturally, to boost demand, which in contribute to maintaining human electronically, after completing all turn leads to an increase in inflation, health by reducing carbon dioxide the procedures related to the project. indicating that in the long run there emissions. He affirmed Kuwait’s The decision in accordance with will be no rise in inflation. commitment and support for the specific controls and conditions will The governor explained in this efforts made by the United Nations be announced later after completing context that what is worrying is that in combating the phenomenon their consideration by the Council of interest rates have been low over the of climate change and limiting Ministers said an official statement r past years, with investors investing in its negative effects, based on the high-return instruments. With regard principles and provisions contained in the United Nations Framework Qatar banking proves to oil prices and their impact on the countries of the region, The governor Convention on Climate Change and ability to mitigate risks the Kyoto Protocol. confirmed that the State of Qatar has Governor of the Qatar Central Bank approved its budget according to the About the Corona pandemic that is HE Sheikh Abdullah bin Saoud Al- pricing of a barrel of oil at $40, noting sweeping the world, it has become Thani, praised the banking and that the rise in the price of a barrel to necessary to work on more awareness financial system in the State of Qatar, $75 is a positive matter and is in the of the importance of science and noting in this context that the fixed interest of the national economy. innovation and the need to find exchange rate of the Qatari riyal effective policies and mechanisms for His Excellency said that for the against inflation and its link to oil cooperation and information exchange State of Qatar, the high oil price prices constitutes an added value is a positive thing, but with the between Islamic countries r to it. His Excellency noted that the consequences of the Coronavirus banking system in the State of Qatar pandemic overcoming, Qatar must Oman launches residency has proven its success and its ability its monetary policies. to mitigate risks, given the growth of scheme for investors With regard to the global economy, the gross domestic product, and is The Ministry of Commerce and risks in some markets, challenges and expected to achieve greater growth Industry and Investment Promotion risks facing the global economy and during this year. has announced an incentive to global banks, The governor explained stimulate the business and investment His Excellency pointed out during that there are no predictions that environment, which includes the long- his participation in a discussion show that there are risks over the term residency for foreign investors. session held within the activities of coming years, expecting the global “Ministry of Commerce, Industry and Qatar Economic Forum, Powered economy to resume its growth r Investment Promotion announces an Investors’ Residency Program aimed at backing up the investment environment in the Sultanate and enticing typical investments, creating job opportunities, and supporting the domestic economy with feasible projects compatible with Oman Vision 2040 goals,” the official statement said. The residency will be granted to investors wishing to invest in the Sultanate, with a period of 5 or

27 International DCCI Review June 2021 Australia oil industry up in arms over proposed decommissioning levy Australia’s oil industry lobby group slammed as “extreme” the amount the government has proposed as a levy on all of the country’s offshore oil producers to cover the cost of decommissioning an offshore field. The levy was announced in May, catching the industry by surprise but the details on the per barrel charge were not announced. However, a discussion paper posted on the Department of Industry’s web site on June 24 said a charge of A$0.48 (A$0.49) per barrel would be imposed. with the industry on the levy are offshore oil producers include “To slug an entire industry A$0.48 due to continue through July.The Chevron Corp, Exxon Mobil Corp, per barrel and not put an end date government has not said how much Royal Dutch Shell, Inpex Corp, Eni, on it is over the top,” said Andrew it expects decommissioning to cost TotalEnergies, BHP Group, Woodside McConville, chief executive of the but analysts have said it could be Petroleum and Santos. Australian Petroleum Production and well above an early estimate of Exploration Association. The levy, to A$250 million (S$253.7 million). Chevron, Exxon and Shell have apply from July 1, is being imposed to McConville said the government all said they oppose having to pay cover the cost of removing facilities should look for ways to cut the costs the levy when they never had a and rehabilitating the Laminaria- and consider other ways to recover stake in the fields NOGA operated. Corallina oil fields in the Timor Sea those costs. “We’ll continue to work with the as the fields’ owner, Northern Oil & government on the direction it Gas Australia collapsed in 2019. The government’s latest forecast for goes in, but we don’t support the oil production in the year to June levy,” Shell’s Australia chairman A spokesman for Resources 2022 is 322,000 barrels per day, Tony Nunan said at a Credit Suisse Minister Keith Pitt said discussions most of which is offshore. Australia’s conference on June 9 r

ECB should retain emergency stimulus scheme flexibility The European Central Bank should relatively rigid rules, making it difficult policymakers such as ECB Executive retain the exceptional flexibility of for the ECB to concentrate stimulus in Board member Isabel Schnabel its emergency bond buys after the certain markets or to flexibly vary the and Bundesbank President Jens current crisis, ECB board member size of its intervention. “The pandemic Weidmann, who have both argued Fabio Panetta said, setting the stage emergency purchase program against retaining all of PEPP’s for potential conflict with more has shown the benefits of flexible flexibility beyond the current crisis. conservative policymakers. Facing an monetary policies when differences in But Panetta is not alone with his call. unprecedented crisis, the ECB agreed financing conditions across countries French central bank chief Francois on flexible rules for its 1.85 trillion represent a persistent obstacle to the Villeroy de Galhau has already made euro Pandemic Emergency Purchase transmission mechanism,” Panetta the case for “additional flexibility” in Program last year but the scheme said. “We should strive to retain the bond buys after the crisis, particularly could end as soon as next March, ‘unconventional flexibility’ that has in term of volumes and the allocation raising the risk of an ECB retreat in served us well during the pandemic,” of funds. some markets. Panetta told a conference. Panetta added that the euro zone More traditional instruments, like Those comments could put Panetta economic outlook was improving the Asset Purchase Program, have on a collision course with influential but the pandemic was not yet over 28 International DCCI Review June 2021 and that cutting ECB support too decrease at a faster rate, although Italy’s consumer confidence soon risked having to backtrack. this rate was not specified, the report up to near 3-year high “Experience shows that attempting said. A Commission spokesperson to reduce the pace of asset purchases declined to comment on the draft Consumer confidence in Italy too early would lead to a tightening proposal, which could change before jumped to the highest level in nearly of financing conditions and a higher it is published. three years in June, while business confidence also rose sharply, official pace of purchases later,” he said. The proposal would strengthen data showed. It was the latest in a He also played down concerns about the ETS “market stability reserve”, series of positive indicators for the inflation, saying the current rise in a mechanism designed to avoid a eurozone’s third-largest economy, prices was temporary and there were build-up of excess permits that could which is recovering from a record no convincing signs that this uptick depress EU carbon prices. When the recession brought about by the would translate into a more sustained ETS contains more than 1.096 billion Covid-19 pandemic. The consumer period of higher prices r spare permits, the reserve would confidence index reached 115.1 absorb 24 percent per year until from 110.6 in May, national statistics 2030, the report said. agency Istat said, calling it the EU drafts plan to toughen highest reading since October 2018. carbon market When there are 833 million to 1.096 Meanwhile, the business confidence billion permits in circulation, the index hit 112.8, versus 107.3 in May, The European Union is planning reserve would absorb enough permits “consolidating the positive trend” to toughen its carbon market to cut to bring that down to 833 million. observed since December, Istat said. emissions faster and put a price on pollution in new sectors, Bloomberg EU member states and the European With June’s reading, consumer News reported. The EU’s emissions Parliament must negotiate the final confidence returned to pre-pandemic trading system is the bloc’s central reforms, a process that could take levels, while business confidence had climate policy, forcing power roughly two years. Free carbon done so already in May. Italy was the plants, factories and airlines running permits would end for industries first European country to be hit by the European flights to buy permits when covered by the EU’s planned carbon coronavirus pandemic in early 2020, they emit CO2. border levy a move that could and that year its economy shrank by increase carbon costs for producers a staggering 8.9 per cent r The European Commission will of steel, cement, aluminum and next month propose a revamp of fertilizers. the system as part of a package of German business morale The report confirmed plans to policies designed to meet a more shakes off Covid crisis expand the ETS to include shipping, ambitious climate change target. and create a new, separate ETS German business morale rose by Citing a draft of the ETS proposal, for transport and heating systems more than expected in June and hit its Bloomberg reported that the supply in buildings. The Commission has highest level since November 2018 on companies’ surging optimism of CO2 permits in the ETS will face said it will create a fund to support about the second half of the year in a one-off cut. The number of permits vulnerable households if the carbon Europe’s largest economy, a survey entering the ETS each year would also pricing system raises fuel bills. showed. The Ifo institute said its business climate index rose to 101.8 from 99.2 in May. A Reuters poll of analysts had pointed to a June reading of 100.6. “The German economy is shaking off the coronavirus crisis,” Ifo President Clemens Fuest said in a statement. Chancellor Angela Merkel said Germany was on the verge of a strong economic upswing, adding that Bundesbank chief Jens Weidmann had given a very positive assessment of the economic outlook to the 29 International DCCI Review June 2021

breaking above the Bank of England’s 2 per cent target last month, said Chris Williamson, chief business economist at IHS Markit, which compiles the survey. The BoE is not expected to change monetary policy when it announces the outcome of its June policy meeting but investors are waiting to hear whether it is sticking to its view that the rise in inflation is likely to prove transient. Hugh Gimber, global market strategist at JP Morgan Asset Management, said the PMI showed the private sector cabinet. Germany’s central bank Thomas Gitzel, economist at VP Bank was struggling to keep up with the vaccine-driven rebound in demand. raised its growth forecasts earlier this Group, said the economy is “currently “Today’s data will strengthen the month and now expects the economy in excellent shape”. “However, the conviction of those on the Monetary to reach pre-pandemic levels as soon pandemic is still not completely eliminated as an economic stumbling Policy Committee who believe that as next quarter and grow by 3.7 per extraordinary levels of policy support cent this year and 5.2 per cent next block. The Delta variant worries not only virologists but also economists,” are no longer warranted,” he said. year. he added. The share of Covid-19 But Samuel Tombs, at consultancy German authorities have loosened infections caused by the more easily Pantheon Macroeconomics, said an transmitted Delta variant of the Covid-19 restrictions in light of falling expected rise in unemployment as the coronavirus has doubled in Germany infections and higher vaccination government’s job protection scheme in a week and is likely to gain more numbers. The bounce-back from winds down over the next three traction over other variants, the lockdown is driving the largest months, and an easing of Covid-19 Robert Koch Institute public health upward leap in retail conditions r bottleneck pressures on prices, seen since German reunification agency said meant the BoE would probably not more than three decades ago, Ifo be swayed by short-term inflation economist Klaus Wohlrabe said. UK inflation hit records as signals. growth cools only slightly Despite concerns about supply Prime Minister Boris Johnson allowed bottlenecks, Volkswagen said a global Inflation pressures faced by British bars, restaurants and other hospitality chip shortage that is hitting car- firms hit record levels this month, firms in England to resume indoor makers will not impact its forecasts and growth in the private sector service in mid-May. But last week he for 2021 operating profit margins. cooled only slightly from an all- delayed the removal of the last social- “Fortunately, been we have able to time high in May when coronavirus distancing rules after Covid-19 cases notably limit the negative impact on restrictions were lifted, a survey rose again. There were signs in the our customers and thus on delivery showed. The preliminary reading of PMI survey that the rebound might be slowing as new orders cooled and figures so far, for example by selling the IHS Markit/CIPS UK Composite manufacturers also felt the effects of off inventories and other measures,” Purchasing Managers’ Index pointed Brexit after Britain left the European a spokesperson for the company said. to one of the strongest monthly improvements in business activity Union’s single market on January 1. Ifo’s Wohlrabe said the economy since 1998, with a reading of 61.7 Tombs said British manufacturers’ would grow by 1.3 per cent in the not far off May’s unprecedented 62.9. export orders undershot those of second quarter, and by a further 3.6 Input costs matched a previous record their euro zone peers for the sixth per cent in the following quarter, with increase from June 2008 and prices consecutive month, and by a larger bottlenecks and rising input costs charged by firms rose by the largest margin than in May. The PMI survey pushing many companies to raise amount since these records began in showed hiring rose by a record prices.Even in hospitality, among the 1999, as disruption to supply chains amount in June but many firms were sectors worst-hit by lockdown, where caused a scramble for components. unable to operate at full capacity conditions were still bad, there was Inflation faced by consumers could because of staff shortages. 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Rwmg DwÏb, †R¨ô mn-mfvcwZ †gv¯Ídv n‡e| e¨emv cwiPvjbvi e¨q eû¸Y e„w× cv‡e| f¨vKwm‡bUmÕ cÖwZ‡e`‡b GB c~e©vfvm evwo‡q AvRv` †PŠayix evey, mn-mfvcwZ Gg G G AwMÖg AvqKi cÖZ¨vnv‡ii Rb¨ Avgiv 3 `kwgK 6 kZvs‡k DbœxZ K‡i wek¦e¨vsK| †gv‡gb, †gv. Avwgb †njvjx, †gv. nvwee Djøvn cybivq Aby‡iva Rvbvw”Q| me ai‡bi Dr‡mKi gvP© gv‡mi cÖwZ‡e`‡b wek¦e¨vsK e‡jwQj, Wb, mvjvDwÏb AvjgMxi, GgG iv¾vK Lvb I AwMÖg Ki P~ovšÍ Ki wn‡m‡e mgš^q Kiv evsjv‡`‡ki A_©bxwZ Ny‡i `vuov‡Z ïiæ K‡i‡Q| mn 2021-23 †ev‡W©i cwiPvjKe„›`| Riæwi| A_©bxwZi GB cybiæ×vi Ges K‡ivbvi bZyb msev` m‡¤§j‡b cÖ¯ÍvweZ ev‡R‡Ui wewfbœ Avg`vwb ch©v‡q f¨v‡Ui AvMvg Ki (GwU) †XD k¼v ˆZwi Ki‡Q| A_©bxwZ‡Z e¨vcK AwbðqZv Av‡Q| K‡ivbv gnvgvwi cwiw¯’wZ BwZevPK w`K wel‡q GdwewmwmAvB mfvcwZ 4 kZvsk †_‡K Kwg‡q 3 kZvsk Kiv †Kvb w`‡K hvq, Zv †hgb AwbðqZv m„wó †gv. Rwmg DwÏb e‡jb, †KvwfW-19 RwbZ n‡q‡Q| G AvMvg Ki m¤ú~Y© cÖZ¨vnv‡ii Rb¨ K‡i‡Q| Avevi cwiewZ©Z K‡ivbv cwiw¯’wZ‡Z Kvi‡Y Kg©nxbZv I Avq n«vm Kgv‡Z mvgvwRK GdwewmwmAvB †_‡K cÖ¯Íve Kiv n‡qwQj| miKvi Kx ai‡bi bxwZ MÖnY Ki‡Z nq, ZvI wbivcËv ejq e„w× Kiv n‡q‡Q| ev‡R‡U Zviv ej‡Q, AvMvg K‡ii Kvi‡Y e¨emvwqK Av‡iK ai‡bi AwbðqZv| K‡ivbvi wØZxq NvUwZ ivLv n‡q‡Q 2 jvL 14 nvRvi 681 LiP e„w× cvq| G Kvi‡Y msev` m‡¤§jb av°vi Kvi‡Y ißvwb I cÖevmx Avq evavMÖ¯Í †KvwU UvKv, hv wRwWwci 6 `kwgK 2 kZvsk| †_‡K AvMvg Ki m¤ú~Y© cÖZ¨vnv‡ii cÖ¯Íve n‡Z cv‡i| NvUwZ †gUv‡Z miKvi‡K 1 jvL 13 nvRvi Kiv n‡q‡Q| msev` m‡¤§j‡b Ab¨‡`i g‡a¨ 453 †KvwU UvKv Af¨šÍixY Drm †_‡K FY Av‡iv Dcw¯’Z wQ‡jb wWwmwmAvB‡qi mfvcwZ wb‡Z n‡e| Avgvi Aby‡iva _vK‡e, NvUwZ wiRIqvb ivngvb, GgwmwmAvB mfvcwZ †gUv‡Z ¯’vbxq e¨vsK e¨e¯’vi cwie‡Z© h_vm¤¢e e¨vwi÷vi wbnv` Kwei, wewUGgGi mfvcwZ ¯^í my‡` we‡kl ¯’vbxq eÛ Ges ˆe‡`wkK Drm †gvnv¤§` Avjx †LvKb, wewcwRGgBGi †_‡K A_©vq‡bi †Póv Kiv †nvK| mfvcwZ kvgxg Avn‡g` Ges eviwfWvi mfvcwZ Avãyj nK cÖgyL r ev‡RU ev¯Íevq‡b ¯^”QZv, Revew`wnZv Ges Z`viwKi gvb Dbœqb Riæwi e‡j g‡b K‡i GdwewmwmAvB| G wel‡q †gv. Rwmg AvMvgx A_©eQ‡i wRwWwc cÖe„w× DwÏb e‡jb, †`‡ki A_©bxwZi cwiKvVv‡gv n‡Z cv‡i 5.1% : wek¦e¨vsK e„w×i m‡½ m‡½ ev‡R‡Ui AvKviI cÖwZeQi AvMvgx A_©eQ‡i (2021-22) evsjv‡`‡ki e„w× cv‡”Q| Z‡e evsjv‡`‡ki ev‡RU cÖKvwkZ cÖwZ‡e`‡b wek¦e¨vsK ej‡Q, AvMvgx †gvU †`kR Drcv`‡bi cÖe„w× n‡e 5 `kwgK A_©eQ‡i fvi‡Zi wRwWwc cÖe„w× 8 `kwgK 3 ev¯Íevq‡bi wPivqZ P¨v‡jÄ Ki‡Q mykvmb, 1 kZvsk| m¤úªwZ wek¦e¨vs‡Ki †Møvevj h_vh_ gwbUwis, wewb‡qvM I Drcv`b kZvsk n‡Z cv‡i| MZ A_©eQ‡i (2020-21) B‡KvbwgK cÖm‡c±m cÖwZ‡e`‡b GB c~e©vfvm fvi‡Zi wRwWwc 7 `kwgK 3 kZvsk msKywPZ e„w×i gva¨‡g Kvw¶Z ivR¯^ Av`vq| G‡¶‡Î †`Iqv n‡q‡Q| 3 Ryb ev‡RU †NvlYvi mgq n‡qwQj| G Qvov AvMvgx A_©eQ‡i cvwK¯Ív‡b cÖkvmwbK Ges wbe©vnx ¯^”QZv, Revew`wnZv AvMvgx A_©eQ‡i 7 `kwgK 2 kZvsk wRwWwc 2 kZvsk cÖe„w× n‡Z cv‡i| wek¦e¨vs‡Ki Ges Z`viwKi gvb Dbœqb AZ¨šÍ Riæwi| cÖe„w×i j¶¨ wVK K‡i‡Qb| wKš‘ wek¦e¨vsK cÖwZ‡e`‡b AviI ejv n‡q‡Q, 2021 mv‡j ev‡R‡U K‡ivbvfvBivm gnvgvix †gvKv‡ejvq g‡b Ki‡Q, K‡ivbv cwiw¯’wZi Kvi‡Y AvMvgx we‡k¦i Mo cÖe„w× n‡Z cv‡i 5 `kwgK 6 A_©‰bwZK cybM©Vb, f¨vKwm‡bkb I ¯^v¯’¨‡mev A_©eQ‡i GZ cÖe„w× n‡e bv| wek¦e¨vs‡Ki kZvsk| MZ 80 eQ‡ii g‡a¨ g›`vcieZ©x Kvh©µg †Rvi`viKiY, K…wl, Lv`¨ I `y‡h©vM cÖwZ‡e`‡b ejv n‡q‡Q, K‡ivbvi wØZxq av°v mg‡q GZ cÖe„w× Avi nqwb| KviY, we‡k¦i e¨e¯’vcbv Ges Kg©ms¯’vb‡K we‡kl ¸iæZ¡ BwZg‡a¨ evsjv‡`‡ki A_©bxwZ‡Z co‡Z K‡qKwU eo †`‡ki A_©bxwZ Ny‡i `vuov‡”Q| †`qv n‡q‡Q e‡j Rvbvb GdwewmwmAvB ïiæ K‡i‡Q| PjvP‡j wewawb‡la Av‡ivc Kiv Z‡e Dbœqbkxj †`k¸‡jv GL‡bv K‡ivbv mfvcwZ| n‡q‡Q| ZvB AvMvgx A_©eQ‡ii 5 `kwgK wb‡q wngwkg Lv‡”Q r 33 Trade Information DCCI Review June 2021

TRADE INFORMATION

June 2021 The following Trade Inquiries have been received in the Chamber from different sources abroad. Interested member- firms may like to contact them directly without any obligation on the part of DCCI.

FAIRS & EXHIBITIONS

China Import and Export Fair (Phase 2) Automechanika Shanghai Date: 23 October - 27 October, 2021 Date: 24 November - 27 November, 2021 Venue: China Import and Export Fair (Canton Fair Complex), Venue: National Convention & Exhibition Center Guangzhou, China Shanghai, China Organizer: China Foreign Trade Centre (Group) Organizer: Messe Frankfurt (Shanghai) Co. Limited E-mail: [email protected] Contact Person: Mr. Angel Ho Website: www.cftc.org.cn Tel: +86 21 6106 08555 E-mail: [email protected] China Import and Export Fair (Phase 3) Website: www.cn.messefrankfurt.com Date: 31 October - 04 November, 2021 Venue: China Import and Export Fair(Canton Fair Complex), International Apparel & Textile Fair Guangzhou, China Date: 28 November - 30 November, 2021 Organizer: China Foreign Trade Centre (Group) E-mail: [email protected] Venue: Dubai World Trade Centre, Dubai, UAE Website: www.cftc.org.cn Organizer: Nihalani Events E-mail: [email protected] International Tourism & Travel Show Website: www.nihalanievents.com Date: 05 November - 07 November, 2021 Venue: Palais des Congrès Montréal, Montreal, Canada Construct Canada Organizer: Expo Media Inc. Date: 01 December - 03 December, 2021 Contact Person: Mr. Sylvie Munroe-Cox Venue: Metro Toronto Convention Centre, Toronto, Canada Tel: +1 514-527-9221 Organizer: Informa Markets - Canada E-mail: [email protected] Tel: +1 708-763-9920 Website: www.expomediainc.com/fr/accueil E-mail: [email protected] Website: www.informamarkets.com MEDICA Date: 15 November - 18 November, 2021 Middle East Organic and Natural Product Expo – Dubai Venue: Messe Dusseldorf, Düsseldorf, Germany Date: 06 December - 08 December, 2021 Organizer: Messe Dusseldorf GmbH Venue: Dubai World Trade Centre, Dubai, UAE Tel: +49 611 90300 Organizer: GLOBAL LINKS EXHIBITIONS & CONFERENCES E-mail: [email protected] ORGANISERS PTY LTD Website: www.messe-duesseldorf.de E-mail: [email protected]

Cosmoprof Asia Website: www.glexhibitions.com Date: 17 November - 19 November, 2021 Venue: Hong Kong Convention and Exhibition Centre China Machinex India Hong Kong Date: 09 December - 11 December, 2021 Organizer: Informa Markets, Wanchai Venue: Bombay Exhibition Centre (BEC), Mumbai, India Contact Person: Mr. Daniel Cheung Organizer: MEORIENT International Exhibition Tel: +852 2804 1500 E-mail: [email protected] E-mail: [email protected] Website: www.meorient.com Website: www.informamarkets.com China Homelife India Vietnam Foodexpo Date: 09 December - 11 December, 2021 Date: 17 November - 20 November, 2021 Venue: Bombay Exhibition Centre (BEC), Mumbai, India Venue: Saigon Exhibition and Convention Center Organizer: MEORIENT International Exhibition Ho Chi Minh, Vietnam E-mail: [email protected] Organizer: Vietnam Trade Promotion Agency Website: www.meorient.com Contact Person: Mr. Ngocntq Vietrade E-mail: [email protected] Website: www.vietrade.gov.vn

Note: Due to the COVID-19 Pandemic, information about trade fairs and events may change. To get more information, please contact the organizers.

34 Share Market DCCI Review June 2021

Share Market (as on June 30, 2021)

Top 5 Turnover Leaders Top 5 Market Capitals

Dhaka Stock Exchange Chittagong Stock Exchange Dhaka Stock Exchange Chittagong Stock Exchange

Company Close % Ǿ Turnover Company Close % Ǿ Turnover Company Close % Ǿ Turnover Company Close % Ǿ Turnover Price Price (BDT mn) Price Price (BDT mn) Price Price (BDT mn) Price Price (BDT mn)

BEXIMCO 85.70 -0.46 960.73 mtb 24.40 9.91 113.09 gp 346.70 1.64 468,149 gp 345.90 0.67 467,009

Primebank 26.10 0.77 691.78 dutchbangl 62.00 1.81 76.73 waltonhil 1292.40 -1.40 391,505 waltonhil 1,290.90 -2.05 391,050

ific 13.60 3.03 603.81 1stjanatamf 6.50 3.17 43.68 batbc 553.20 -1.25 298,728 batbc 557.10 -1.07 300,834

lankabafin 35.50 -2.74 567.78 nbl 8.50 7.50 42.14 robi 47.00 -0.21 246,183 robi 47.00 -0.42 246,183

northrins 60.60 9.98 514.57 batbc 557.10 -1.07 31.75 squrpharma 211.90 0.62 187,839 squrpharma 211.50 0.43 187,750

Sector Wise Market Capitalization Sector Wise Monthly Movement

Fuel & Power’s MCAP 500 480 460 440 420 400 380 n n n n n n n n n n n n n n n n n n 3 Ja 4 Ja 5 Ja 6 Ja 7 Ja 10 Ja 11 Ja 12 Ja 13 Ja 14 Ja 17 Ja 18 Ja 19 Ja 20 Ja 21 Ja 24 Ja 25 Ja 26 Ja 24 De c 27 De c 28 De c 29 De c 30 De c

Financial Institution’s MCAP 250 200 150 Ban (19.0%) Fin (6.4%) Mut (1.1%) Pha (15.4%) Eng (5.4%) 100 50 Cem (3.4%) Fue (9.9%) Ser (0.6%) Foo (8.5%) IT (0.4%) 0 n n n n n n n n n n n n n n n n n n Tex (3.2%) Tra (0.6%) Cer (0.8%) Tel (19.2%) Tan (0.7%) 3 Ja 4 Ja 5 Ja 6 Ja 7 Ja 10 Ja 11 Ja 12 Ja 13 Ja 14 Ja 17 Ja 18 Ja 19 Ja 20 Ja 21 Ja 24 Ja 25 Ja 26 Ja Pap (0.1%) Ins (2.4%) Mis (2.7%) Jut (0.1%) 24 De c 27 De c 28 De c 29 De c 30 De c

Currency Valuation (as on June 30, 2021)

Currency Buying Selling US$ 84.50 87.00 EUR 100.00 104.00 GBP 110.30 115.20 AUD 57.30 66.75 YEN 0.77 0.90 Saudi Riyal 22.10 23.60 S’pore$ 59.00 64.00

Source : The Financial Express & The New Age

35 Pictorial DCCI Review June 2021

DCCI President Rizwan Rahman (second from right), Senior Vice President N K A Mobin, FCS, FCA (left) and Vice President Monowar Hossain (right) met Principal Secretary to the Prime Minister Dr. Ahmad Kaikaus (second from left) on June 28.

DCCI President Rizwan Rahman, Senior Vice President N K A Mobin, FCS, FCA and Vice President Monowar Hossain called on newly appointed Commerce Secretary Tapan Kanti Ghosh at his Secretariat office on June 8. After the meeting Rizwan Rahman presented a publication “Genesis of DCCI” to the Commerce Secretary.

36 Pictorial DCCI Review June 2021

DCCI President Rizwan Rahman (second from left) presenting “Genesis of DCCI” to Chairman of RAJUK A B M Amin Ullah Nuri (second from right) on June 16. DCCI Senior Vice President N K A Mobin, FCS, FCA (right) and Vice President Monowar Hossain (left) are seen in the picture.

Webinar on “Impact of Covid 19 on the CMSMEs and Prospects for their Recovery” jointly organized by ERF and PRISM held on June 6. Industries Minister Nurul Majid Mahmud Humayun, MP joined as the chief guest while DCCI President Rizwan Rahman participated the webinar as a Panel Discussant.

The International Chamber of Commerce, Bangladesh (ICC,B) and UNICEF jointly organised a webinar on ‘Demographic Dividend in Bangladesh: Role of the Private Sector’ on June 15, moderated by ICC,B President Mahbubur Rahman. Chairman of Apex Footwear Limited Syed Manzur Elahi, ICC,B Vice President Rokia Afzal Rahman, FBCCI President Md. Jashim Uddin, DCCI President Rizwan Rahman, President of MCCI Barrister Nihad Kabir, ICC,B Vice President A K Azad, BGMEA President Faruque Hassan, CCCI President Mahbubul Alam and UNICEF representative in Bangladesh Tomoo Hozumi also joined the event.

37 Pictorial DCCI Review June 2021

Webinar titled “Covid Stimulus and Links to Employment, Consumption and Investment: The Bangladesh Experience, Global Lessons and Priorities for Next Round Support” jointly organized by Business Initiative Leading Development (BUILD) & Policy Exchange of Bangladesh held on June 24. Planning Minister M A Mannan, MP Joined the event as Chief Guest while DCCI President Rizwan Rahman joined the webinar as a Panel Discussant.

DCCI President Rizwan Rahman (fifth from right), Senior Vice President N K A Mobin, FCS, FCA (seventh from left), Vice President Monowar Hossian (fourth from right), members of the Board of Directors and High Commissioner of Pakistan to Bangladesh Imran Ahmed Siddqui (sixth from right) posed for a group photograph after a bi-lateral business meeting held on June 20 at DCCI.

DCCI President Rizwan Rahman seen presiding over the 6th meeting of DCCI Board of Directors held on June 28. DCCI Senior Vice President N K A Mobin, FCS, FCA, Vice President Monowar Hossain and members of the Board of Directors were present during the meeting.

38 Pictorial DCCI Review June 2021

DCCI President Rizwan Rahman met the President of FBCCI Md. Jashim Uddin at a business meeting held on June 13. DCCI’s Senior Vice President N K A Mobin, FCS, FCA, Vice President Monowar Hossain and Members of the Board were also present at that time.

DCCI President Rizwan Rahman attended the post-budget (FY2021-22) Press Conference of FBCCI held on June 5. FBCCI President Md. Jashim Uddin shared his observations on the announced budget on behalf of the business community. Business leaders from different Chambers and associations were also present on the occasion.

FBCCI President Md. Jasim Uddin (fourth from left), Senior Vice President Mostofa Azad Chowdhury Babu (third from right), DCCI President Rizwan Rahman (third form left), MCCI President Barrister Nihad Kabir (fourth from right), BUILD Chairman Abul Kasem Khan (second from right), Managing Director of Apex Footwear Limited Syed Nasim Manzur (right) and President of LFMEAB Saiful Islam (second from left) are seen in a group picture after a luncheon meeting held on June 28.

39 ChamberPictorial News DCCI Review June 2021

DCCI President Rizwan Rahman joined a virtual meeting on ‘Graduation of Bangladesh from the least developed country (LDC) category and smooth transition towards sustainable development’ jointly organized by Economic Relations Division (ERD), UN-OHRLLS and UN Committee for Development Policy (CDP) held on June 23. Principal Secretary to the Prime Minister Dr. Ahmad Kaikaus chaired the meeting.

DCCI President Rizwan Rahman participated the 82nd Board Meeting of International Chamber of Commerce, Bangladesh on June 14. ICC,B President Mahbubur Rahman chaired and moderated the Board meeting. Members of the Executive Board of ICC,B also joined the meeting.

Meeting between DCCI and Tripoli Chamber of Commerce held on June 16. Bangladesh Embassy in Tripoli arranged this bilateral meeting with a view to boost bilateral trade relation. DCCI President Rizwan Rahman, Senior Vice President N K A Mobin, FCS, FCA, Vice President Monowar Hossain joined the meeting. Md. Ali Mohsin Reza, Bangladesh Ambassador in Tripoli facilitated arranging the meeting.

40 PictorialChamber News DCCI Review June 2021

DCCI President Rizwan Rahman, Senior Vice President N K A Mobin, FCS, FCA and Vice President Monowar Hossain called on newly appointed Industries Secretary Zakia Sultana on June 1. Later, Rizwan Rahman presented a DCCI publication to the Secretary after the meeting.

DCCI President Rizwan Rahman (left) had a virtual meeting with the ERD Secretary Fatima Yasmin (right) on June 2.

DCCI President Rizwan Rahman joined a webinar on “Post Covid Cottage, Micro, Small and Medium Enterprises (CMSMEs): Youth and Women Responsive Strategy” jointly organized by The Daily Star and ActionAid Bangladesh on June 28. Member of Parliament Dr. Shri Biren Sikder joined the webinar as the chief guest.

41 ChamberPictorial News DCCI Review June 2021

President, DCCI Rizwan Rahman participated the Working Committee Meeting on SME Foundation Training and Capacity Building held on June 29. The meeting was chaired by the Managing Director of SME Foundation Md. Mafizur Rahman. Rizwan Rahman invited SME Foundation to use the DCCI’s capacity of conducting training for the new entrepreneurs. MD, SMEF also agreed to outsource DBI for different need based trainings.

DCCI President Rizwan Rahman, Senior Vice President N K A Mobin, FCS, FCA and Vice President Monowar Hossain had a virtual meeting with the Malaysian High Commissioner in Bangladesh Haznah Md. Hashim on June 23.

DCCI President Rizwan Rahman (centre) exchanging views with the Counsellor of Pakistan High Commission in Dhaka Jehanzeb Khan (left) at DCCI Office on June 1. Both of them discussed issues relating to bilateral trade and investment opportunities.

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