The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has extended its support to the jewellers' logical demand for cutting the 5% value-added tax (VAT) on the purchase of gold.
"In our neighbouring countries, the tax on gold sales is below 5%. On behalf of the FBCCI, I’ll write to the NBR (National Board of Revenue) to cut the value-added tax to 3%," FBCCI President Mahbubul Alam said at the opening session of the three-day International Jewellery Machinery Expo Bangladesh (IJMEB) on Thursday.
The trade body chief said the jewellery sector will surpass the apparel industry in export earnings in the near future if they get proper policy support. "We expect this industry to generate billions of dollars like the garments sector. Policy support is very important in this regard," he said.
Bashundhara Group Chairman Ahmed Akbar Sobhan inaugurated the exhibition, the first of its kind in the country, at the International Convention City Bashundhara (ICCB) in the capital. Ahmed Ibrahim Sobhan, a director of the industrial conglomerate, was also present on the occasion.
Bangladesh Jeweller's Association (BAJUS) in association with Indian partner KNC Services has organised the three-day exposition to promote the integration of technology into the traditional jewellery manufacturing industry to make the country's gold industry an export-oriented one.
In his speech, India-Bangladesh Chamber of Commerce & Industry (IBCCI) President Abdul Matlub Ahmad applauded the Bashundhara chairman's role in setting up diversified industries which contribute immensely to the country's economic growth.
"Ahmed Akbar Sobhan has proved his magical touch in different sectors. Following his legacy, Sayem Sobhan Anvir is leading the jewellery sector to shape the industry as an export-oriented one," he said.
Ahmad mentioned that Bangladesh should ensure a minimum of 25% local inputs to any jewellery item to claim it as a "Made-in-Bangladesh" product.
Earlier in a statement, BAJUS President Sayem Sobhan Anvir expressed his hope that the IJMEB-2024 will enrich the Bangladeshi jewellery industry through sharing knowledge among the participating countries.
"The expo will introduce modern machinery to the people involved in this sector. We aim to bring back the golden days of Bangladeshi jewellery ornaments. To realise the dream, we have to up-skill our goldsmiths with the changing technology in the jewellery sector around the world," he said.
Former BAJUS President Dilip Kumar Roy said the international exhibition will help Bangladeshi jewellers bring down the price of gold ornaments by integrating technology to mitigate wastage during the manufacturing process.
Indian KNC Services Founder and CEO Kranti Nagvekar praised BAJUS President Sayem Sobhan Anvir's confidence in developing Bangladesh's gold industry to enable it to export the products.
"We always promote manufacturers to maintain standards at the export level. People in India and Bangladesh have excellence in creativity. Population is our strength in creativity and technology. When technology adds value to creativity, none can stop the growth," she said.
FBCCI Senior Vice-President Amin Helaly, former BAJUS President Dilip Kumar Roy, General Secretary Badal Chandra Roy and Indian KNC Services founder Kranti Nagvekar were present as guests at the opening ceremony. BAJUS Advisor Ruhul Amin Rasel moderated the opening ceremony.
Thirty companies from 10 countries, including India, Italy, Turkey, the United Arab Emirates, Germany, China and Thailand, are participating in the exhibition, which will remain open from 11:00am to 7:00pm every day till tomorrow.
Among the participating companies, Tishya CNC Engineering Works, Neo Instruments, Solanki Mechanic Works, Ira Corporation, Quantum Equipment, ACZET Solutions, Anant Jewels & Technology, Micromac Industries, and Pacio Traders registered from India.
From Italy, two companies - JTE and FASTI - confirmed their participation. OTEC and GUVENIS from Turkiye, Thailand company BSIC, and Chinese company DO IT Industries are representing their respective countries.
Five companies from Bangladesh - Dreamz Instrument Technology, RAJAISWARI, Expert Instrument Technology, Trust Instrument Bangladesh and RAT's BD - are participating in the expo.
BDST: 1349 HRS, JULY 05, 2024
MSK
