American Chamber of Commerce in Bangladesh (AmCham) has urged the government for promoting digital payments from policy level to realize Smart Bangladesh vision.

“We strongly believe in constructing a ‘cashless and digital economy’ to build Smart Bangladesh. So we must introduce digital payments in every sector and disincentivise cash payments,” AmCham President Syed Ershad Ahmed said while addressing a discussion on Tuesday.

State Minister for Finance Waseqa Ayesha Khan was also present as chief guest at the seminar on driving financial inclusion for ‘Smart Bangladesh’ at a Dhaka hotel, says a press release. Addressing the programe, Syed Ershad stressed equal and available access to financial services as the part of financial inclusion.

“The Prime Minister has announced (to ensure) cent percent cashless transactions by 2031 at her 8th – Five-Year Plan. Now we need a long-term policy to give confidence to the investor. We believe digitisation will cut costs and make international trade more efficient, reliable, secure, sustainable, and less susceptible to illegal activity or fraud in Bangladesh's international trade,” he added.

Syed Ershad Ahmed recommended automation of taxation to generate more revenue, simplify customs procedures, create a more business-friendly environment, and reduce the cost of doing business.

“Logistics is an important component in the global Buz arena. Due to our higher logistics cost and longer lead time, we are lagging behind other competitor countries. Unfortunately, we lack adequate logistics infrastructure and policy” he observed.