Local ICT companies are now demanding that the government allow them to invest their money abroad, mainly for country branding.

They made their demands at the first meeting of the Federation of Bangladesh Chambers of Commerce and Industry standing committee on ICT and digitization of trade bodies held at the FBCCI conference room in the capital on Saturday.

Syed Almas Kabir, director in charge of the committee and president of Bangladesh Association of Software and Information Services (Basis), said that opening the avenue for the local ICT businesses may be a great opportunity to rebrand the country globally.

Such potential will make a vital impression among global entrepreneurs and as a result foreign investors will be more reliable to the country, he also said.

The Basis president further suggested including the local ICT companies in the draft policy of Bangladesh Investment Development Authority.

Chairman of the committee Md Shahid-Ul-Munir urged the BIDA to approve the local software companies to invest abroad.

Based on the latest Bangladesh Bank circular allowing the exporters for overseas investments, Munir called for reconsideration of the condition.

If the existing condition is not amended, small, medium and new entrepreneurs will be deprived of the facility, he added.

FBCCI president Md Jashim Uddin, who attended the session as chief guest, stressed digitization of all ministries, departments and agencies of the government especially National Board of Revenue and the Bangladesh Bank to continue the pace of development of the country.

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He also urged ensuring policy support for the ICT sector to achieve the $5 billion export target from the sector by 2025.

The government has declared ICT services and products as the product of the year 2022 and urged the standing committee to draw up a roadmap to achieve the export target, he added.

Businesses also wanted to repeal the provision of deducting advance income tax from incentives and urged for extending the tax exemption to the sector till 2030.

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A sub-committee was formed at the meeting to prepare draft recommendations for the IT sector for inclusion in the Income Tax Act in the forthcoming budget.