PM seeks stronger public-private partnership to boost economy

Highlights:

• Government to hold another business leaders’ meeting
• Business leaders seek easier access to credit
• Private sector proposes $100bn export target by 2030
• 21 of 28 previous issues already addressed

Prime Minister Tarique Rahman today (1 August) expressed optimism that Bangladesh’s economy could see a positive transformation within the next four to five years if the government and the private sector work together to address existing challenges. 

“There are problems in some areas, but if we work together, we can overcome them,” the Prime Minister said while speaking at an interactive session with private sector entrepreneurs.

The nearly four-hour meeting, which began around 10am at the Prime Minister’s Office in Tejgaon, was organised by the Bangladesh Investment Development Authority (Bida), said PM’s Deputy Press Secretary Hasan Shiplu.

According to Shiplu, the discussions centred on business expansion, attracting greater foreign investment and creating a more conducive environment for industrialisation.

Tarique Rahman said the government’s objective is to work for the welfare of the country and its people, stressing that many of the economy’s existing challenges can be overcome through close cooperation between the government and the business community.

He said both the government and the business community have a clear understanding of the challenges facing the economy and stressed that discussions between the two sides would continue until practical solutions are found.

“We all acknowledge that there are many problems. The government has at least demonstrated that it is trying. The government is not yet six months old, but we have already held several meetings with the business community. We are addressing sector-specific challenges one by one,” Tarique Rahman said.

Referring to previous consultations, the Prime Minister said many of the issues raised by business leaders earlier had already been resolved, while the new concerns highlighted at Saturday’s meeting would also be addressed.

He announced that the government would hold another meeting with business leaders within the next two to three months.

“The more we sit together, the better we will understand your problems and the easier it will be to resolve them,” Tarique Rahman said.

He said open dialogue is the most effective way to identify solutions and voiced confidence that continued engagement between the government and the private sector could bring meaningful improvements to the country’s economy within four to five years.

During the meeting, business leaders called for easier access to credit, greater policy support and a more business-friendly environment to facilitate investment and industrial growth. They also appreciated a number of recent government initiatives and expressed satisfaction with the progress made so far.

Officials informed the meeting that of the 28 issues discussed during the previous consultation, decisions had already been taken on 21, while work on the remaining seven is underway.

Business leaders also presented a roadmap to raise Bangladesh’s annual export earnings to US$100 billion by 2030. The government assured them of diplomatic support to help expand export markets and achieve the target.

Finance and Planning Minister Amir Khosru Mahmud Chowdhury, Home Minister Salahuddin Ahmed, Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood Tuku, Commerce, Industries, Textiles and Jute Minister Khandaker Abdul Muqtadir, Road Transport, Bridges, Railways and Shipping Minister Sheikh Robiul Alam, the Prime Minister’s Adviser on Finance and Planning Rashed Al Mahmud Titumir, Bida Executive Chairman Ashik Chowdhury, Bangladesh Bank Governor Mostakur Rahman, senior government officials and representatives of leading business groups, among others, were present.