24 June, 2016

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SECOND EDITION

FRIDAY, JUNE 24, 2016 | Ashar 10, 1423, Ramadan 18, 1437 | Regd No DA 6238, Vol 4, No 62 | www.dhakatribune.com | 32 pages plus 24-page Weekend supplement | Price: Tk10

‘Budget unlikely to create jobs’ n Ibrahim Hossain Ovi The upcoming budget will not create new jobs as it lacks short-term measures to boost investment, say businessmen and trade analysts. The country's economic situation will be alarming, they warn, since unemployment is rising every year while implementation of the infrastructure development projects is sluggish. They, however, agree that the situation would improve in the long run as the budget has indication of long-term investment through establishing economic zones, generating more power and executing infrastructure projects. “New investment creates new jobs. But now businessmen dare not go for new investment,” FBCCI First Vice-President Shafiul Islam Mohiuddin told the Dhaka Tribune. In the proposed budget, he said, the government has offered measures for long-term investment but not for short- or mid-term, which is needed for new job creation. According to Finance Minister AMA Muhith's budget speech, during 2010-15 period, a total 4.7 million people entered the labour market – 98% of them in the local market. Moreover, the proposed budget added salt to the wound of the business community as there are more taxes compared to the previous year. Shafiul said: “If these issues are not addressed properly in

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time, there will be no investment and no employment.” Former finance adviser to a caretaker government ABM Mirza Azizul Islam doubts the infrastructure projects can be completed in time. “Measures to improve infrastructure, skill development and ener-

gy have been taken in the budget, which may lure investment. But the question is whether the government will be able to implement the projects timely,” he said. Since these projects would need more than a year to be completed, “this will not contribute to attracting

investment in the current fiscal year, a precondition for new employment generation,” Mirza Aziz said. He stressed the need for ensuring good governance and increasing the institutional capacity to complete the schemes in time. Mir Nasir Hossain, former pres-

 PAGE 2 COLUMN 2

PM: AL committed to fulfil people's expectations n BSS

Rajshahi city suffers long power outage Life of people living in Rajshahi city and its suburbs came to a halt due to power cut caused by the collapse of Katakhali grid sub-station.

SEHRI & IFTAR

Ramadan 18 19 20

ident of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), told the Dhaka Tribune: “Since the size of the Annual Development Programme (ADP) has increased, there will be some new jobs. But the desired investment and employment depend on the implementation of the budget. “Investment as well as employment generation will increase if the government provides uninterrupted electricity and gas to the industries on priority basis.” Nasir added that addressing the primary issues would attract investments as there are positive elements in the economy. The RMG sector is the largest sector that employs over 4.4 million people. Investment in the sector can create more jobs, especially for the rural women. But the owners think the sector is not investment friendly as the government has imposed 1.5% tax at source, while the corporate tax is still high. “Production cost of the apparel sector has gone up by 8% to 10% due to compliance issues, while the prices of products fell in the US and EU markets. As a result, profits came down to a marginal level, even no loss no profit in some cases,” Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told the Dhaka Tribune. “How will investors invest if there is no savings?” he said,

June 24 25 26

Sehri – 3:40 3:41

Iftar 6:53 6:53 6:53

Source: Islamic Foundation

Expressing her firm resolve to fulfil the expectations of the people, Prime Minister Sheikh Hasina yesterday said none could destroy the party due to its roots in people, and the right decisions made by grassroots-level leaders during any crisis period. Pointing out her government’s vision to build a middle-income country by 2021 and a developed one by 2041, she said each and every party worker should work honestly with the ideology of Bangabandhu to build up the organisation and build up their own life. Sheikh Hasina, also the president of Awami League, said this in a discussion organised by Bangladesh Awami League at Bangabandhu International Conference

Prime Minister Sheikh Hasina places wreaths at the portrait of Bangabandhu at Bangabandhu Memorial Museum at Dhanmondi in Dhaka yesterday morning, marking the 67th founding anniversary of the Awami League BSS Centre marking the 67th founding anniversary of the party. On this day in 1949, Awami League, the country’s oldest political party, was founded at the

historic Dhaka’s Rose Garden with Moulana Bhasani as the president, Shamsul Haque as general secretary and Bangabandhu Sheikh Mujibur Rahman as joint secretary.

Hasina said the Awami League is the main player behind every achievement of Bangladesh and its people including the dignity of the mother language and national freedom. Since its inception, the Awami League has remained in constant struggle to establish the rights of the people, she said, adding that the party in fact came into being to change the lot of the depressed and oppressed people and that the countrymen have got something whenever the party came to power. Awami League advisory council members Amir Hossain Amu, Tofail Ahmed and Professor Anupam Sen, presidium members Matia Chowdhury and Mohammad Nasim, Joint General Secretaries Mahbubul Alam Hanif and Jahangir  PAGE 2 COLUMN 4


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