Struggling Bangladeshi industry heads call on PM for exit facility

15 Feb '24

1 min read

Pic: Adobe Stock

Insights

The Federation of Bangladesh Chambers of Commerce and Industry's Committee on Sick Industries Rehabilitation held its first meeting, discussing government's 2009 task force for industry recovery.
FBCCI president Mahbubul Alam vowed to lobby government for industry exit plans.
As banks sue defaulting owners, business owners seek PM's help for exit facility.

The owners of ailing industries identified by the government are appealing to the Prime Minister for help in executing the previously announced exit plan.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Standing Committee on Rehabilitation of Sick Industries convened its inaugural meeting at the FBCCI office recently, in which, the owners recounted the government’s formation of a high-powered task force in 2009 to address industry rehabilitation and debt settlement.

Subsequently, a circular was issued for a factory debt relief scheme, yet owners lamented their inability to exit due to bank non-cooperation.

Despite their weakened state, banks have pursued legal action against defaulting owners, hindering their ability to embark on new ventures. Consequently, owners are turning to the Prime Minister for assistance.

FBCCI president Mahbubul Alam, attending as the chief guest, pledged to engage the government on vital proposals, notably the implementation of exit facilities for industries.

The committee’s chairman, Sadek Ullah Chowdhury, along with committee director Rezaul Karim Reznu, FBCCI senior vice president Amin Helaly, committee director Abu Motaleb, Hafez Haji Harun-or-Rashid, Kawsar Ahmed, former director Najibur Rahman, and committee co-chairman were all in attendance.

Their presence underscored the collective urgency to address the plight of sick industries in the country.

ALCHEMPro News Desk (DR)

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