President of International Chamber of Commerce (ICC) Bangladesh Mahbubur Rahman on Saturday said a democratic government is a pre- requisite for any sustainable development of a nation. He said the government should take long-term and effective measures to contain inflation and hand over power to the elected representatives, through holding a free, fair and credible election, said a press release.

He said this while presenting the report of the ICC executive board at its 13th Annual Council held at the conference hall of Metropolitan Chamber of Commerce and Industries (MCCI) on May 24. Regarding the country’s economy he observed that recent domestic and global developments including natural calamities, disruptions in domestic production and adverse price rise in the international market have adversely affected the growth performance requiring a downward adjustment of the earlier GDP projection of seven percent for current fiscal.

The report mentioned that the risks that Bangladesh economy will be facing in the coming years in general are upward trend with considerable degree of volatility in the world economy. Moreover, constraints in domestic revenue mobilization with continuing dependence on international trade tax remain a major problem, it added.

ICC president said considering the world food situation Bangladesh has no option but to become self sufficient in food production. Being the 4th largest rice producing country of the world, Bangladesh has all the potential to meet its own food requirement, he added.

The report emphasized the need for preparing a master plan in agricultural research keeping provisions for giving incentives to the farmers to go for cereal production as well as ensuring proper management and modernization of the sector. It hoped that through coordinated effort of the government and the private sector, Bangladesh can achieve its target production to feed the millions in the years to come.

The report also observed that the year 2007 had witnessed a slowdown in investment both in private and public sectors. The changeover of 1/11 had brought a relief to everyone, including traders. Despite positive improvement in different areas in the country, especially governance, the changeover has also taken some tolls on the country’s business and economy.

The ICCB expects that the reform measures undertaken by the caretaker government would definitely contribute in forming a strong base for the future economy.

The meeting was attended, among others, by ICCB Vice presidents Latifur Rahman and Samson H. Chowdhury, members Barrister Rafique-ul-Huq, Barrister Dr M Zahir, FBCCI president Annisul Huq, DCCI president Hossain Khaled, BKMEA president Md. Fazlul Hoque, BIA chairman AKM Rafiqul Islam, BAB vice-chairman Muhammad A. (Rumee) Ali, former BAB chairman Syed Manzur Elahi, former FBCCI president Mir Nasir Hossain, former BIA chairman Nasir A. Choudhury and chairmen, managing directors and chief executive officers of different business groups, banks and insurance companies.