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Call for easing procedures for stimulus package implementation


Bangladeshpost
Published : 05 May 2020 09:27 PM | Updated : 07 Sep 2020 03:00 PM

Leaders of the different business associations of leather and leather goods, plastic products, accumulator battery and light engineering sector today called for easing the stringent procedures to help them avail of the stimulus package facility announced by the government to fight the impact of coronavirus on the country’s economy, reports BSS.

They made the call at a virtual dialogue on impact of COVID-19 crisis and response by the priority sectors organized by WBG Sector Competitiveness Advisory for Bangladesh Project in collaboration with the Export Competitiveness for Jobs (EC4J) under Ministry of Commerce (MOC) and Business Initiative Leading Development (BUILD) on Monday, said a press release on Tuesday.

President of the Leather goods and Footwear Manufacturer and Exporter’s Association of Bangladesh (LFMEAB) Md Saiful Islam, President of Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) Jashim Uddin, Additional Secretary of the Commerce Ministry Obaidu lAzam, IFC Private Sector Specialist Hosna Ferdous Sumi and Bangladesh Engineering Industry Owners Association (BEIOA) President Abdur Razzaque took part the meeting. Saiful Islam proposed an emergency fund and requested for supports from export readiness fund of EC4J. 

He informed that LFMEAB has prepared a ‘Management Guidance and Operational Procedures’ for LFMEAB member factories regarding how a public health expert should work during this COCID19 situation in line with the WHO and DG health guidelines to ensure the safeguard measures, which will be sent to local WHO Representative for comments, then it can be shared with other related trade bodies. Hosna Ferdous Sumi said that the EC4J project will be restructured and redesigned to meet objectives of post-COVID situation and would call for another meeting soon to discuss these issues.

She suggested to concentrate more on new products for which tremendous demand has been created while the whole global value chain has been reshaping now.

BUILD CEO Ferdaus Ara Begum moderated the session giving an overview of the financial stimulus and wanted to know how best the money can be utilized by the businesses otherwise employment situation will not improve and business will not get momentum.

She suggested for more policy support for entrepreneurs for producing more quality and standard health and safety items to protect the country from future impact of COVID19.