Commerce Minister Khandakar Abdur Muktadir on Wednesday called for bringing the gold trade under the formal economy, asserting that the jewellery sector holds untapped export potential worth billions of dollars for Bangladesh.

“People think the gold business is part of a black economy. I won't get into the black-and-white debate; what we want is for the entire sector to become part of the visible economy,” the minister said at a consultative committee meeting of the National Board of Revenue (NBR) held at a city hotel.

Pointing to India's $52 billion annual earnings from gold jewellery exports, Muktadir said Bangladesh possesses craftsmen of comparable skill, yet the country has little to show for it. “Bangladesh should be earning at least $12–14 billion from this sector, but that is simply not happening.”

To unlock the sector's potential and generate export revenue, the minister stressed the need to upgrade laboratory facilities, modernise jewellery designs, and overhaul government policies to align with contemporary market demands.

Muktadir also identified the energy crisis and high interest rates on bank loans as major impediments to doing business, cautioning that failure to improve the tax-to-GDP ratio would significantly constrain the country's economic momentum.

He called on the business community to shift their mindset toward tax compliance and contribute meaningfully to national development.

Earlier in the meeting, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) proposed raising the tax-free income ceiling to Tk 5 lakh for general taxpayers and Tk 5.5 lakh for women in the upcoming budget, while also recommending capping the highest tax rate at 25 percent.

The apex trade body further demanded an increase in the Export Development Fund (EDF) beyond its current $7 billion limit and sought budgetary support for the implementation of the ‘One District One Product (ODOP)’ programme.