Businesspeople seek favourable environment

To eliminate discrimination in the country, business opportunities should be increased, and in the existing situation, a favourable environment should be created to do business well, said businesspersons at an economic conference on Monday.

At the “Third Bangladesh Economic Conference: Inequality, Financial Crime, and Bangladesh’s Economic Recovery” organised by the Daily Bonik Barta, the businesspeople also demanded creating investment and employment opportunities in the country.

In view of these demands, the top officials of the interim government said no business establishments have been closed and will not be.  Rather, the government is trying to save business institutions or companies.

However, it will take time to generate investment and employment opportunities. Efforts are being made to achieve macroeconomic stability first.  At the same time, sustainable decisions are being made to increase business opportunities in the long term.

We don’t want any business, industry to be closed: BB governor

At the programme, Bangladesh Bank Governor Ahsan H Mansur said, “No business organisation’s bank account has been closed. Appointing a receiver at Beximco does not mean it is turned off; rather it is turned on.”

“This was done to make Beximco active. They could not pay wages to workers for several months,” said Mansur.

He also said, “We do not want any business or industry to be closed, because many people have employment there. No business account has been seized, nor will it be.”

Regarding banks, he said, “Our banking sector has suffered the most in the past. Some banks are unable to pay customers. Efforts are being made to give them cash assistance. However, in the last 3 months, no cash assistance has been given by the central bank, because the macro economy has to be kept stable.  If it is not stable then there will be no investment. Because of this, traders have to be patient.”

He said, “There will be no recession in Bangladesh. We have not become Sri Lanka; our growth has not been negative.  We are fixing the exchange rate and the investment environment. We hope investment will come, we want investment to come.”

“Inflation does not decrease in any country before one year despite implementing any policy. The fourth month is passing, and we have to give another 8 months. We are not just relying on monetary policy. All essential goods’ LCs are opened, and duties relaxed,” he said.

“Our financial sector is weaker than that of Pakistan. The banking sector has suffered the most in recent years. It will take 2/3 years to get it right,” he continued.

Regarding money laundering, he said, “We have already contacted a number of countries. For assisting us, the US, the UK, and the World Bank representatives are coming. We will also talk to Singapore.”

Commenting on the dollar market, he said, “Currently, there is no shortage of foreign exchange. I think the necessary initiatives have been taken on the supply side.”

Our agenda is for our country: Finance adviser

The interim government has no personal agenda in the management of the government. Rather, their agenda is in the interest of the country, said Finance Adviser Salehuddin Ahmed.

Salehuddin said, “Our decisions are very quick. Decisions are fast but not sloppy. We think things through, but we make quick decisions.”

“We want to leave a footprint. Whatever we leave behind in the short- or medium- term, whatever government comes to power in the future, they should implement it, so that the people are satisfied with the footprint that we will leave,” he added.

Import low, but tonnes of gold in jewellery: NBR chairman

As per the available data, gold import to the country is very low, but there are tonnes of gold in jewellery, National Board of Revenue chairman Abdur Rahman Khan said at the third Bangladesh Economic Conference.

“Import of gold to the country is very low. Questions about gold import cannot be answered, because according to import records, a very small amount of gold comes into the country. But there is a lot of gold in jewellery,” he said.

The NBR chairman said, “There is still a tendency among the people of the country to make false affidavits. It needs to be eradicated. False affidavits are submitted in case of land purchases, so real transaction records do not come.  We want real transaction figures to be recorded.”

“There are allegations of discrimination in audit selection. We will reform all discriminatory laws,” he added.

He said, “If tax collection and tax net are not expanded, the debt burden will increase further.”

The NBR chairman said, “We give priority to national interest in policy making. Even if the interest of NBR is undermined due to any policy, we give priority to the interest of the state. That is why in the last three months we have given many concessions in the taxes and duties on daily commodities.”

Interim government not in the field

Economist Hossain Zillur Rahman said, “The interim government is only sitting in Dhaka, I am not seeing them in the field.”

On 5 August, everyone was united, except those in power.  It is important to maintain this unity, he said.

“To control inflation, market monitoring is needed, but, monitoring does not mean punishment. However, we are still under bureaucratic monitoring,” he said.

Tight monetary policy big problem: Abdul Awal Mintoo

Abdul Awal Mintoo, chairman of National Bank and former president of FBCCI, said in the country, contractionary monetary policy is adopted in the private sector, but expansionary policy is going on in the public sector. Due to this discrimination, the development of the country has been hindered.

He said that this tight monetary policy is strangling the private sector and investment and employment are not being created.

He said, “Wealth must be created to reduce inequality. But the businessmen who create the country’s wealth take away the power to distribute it. Again a class is distributing it, they looted it again.”

There have been two groups of wealth creators and looters. And those who loot always blame the traders.  It’s not right. Correct application of law is needed to fix these problems, he said.

He also said a good economy is not possible without a proper democratic government.

No initiative taken to reform refinery in 15 years

The government of Bangladesh has not taken any action in the past 15 years to reform the refinery sector. So the government should make a modern refinery for the country, said Azam J Chowdhury, managing director of MJL Bangladesh Limited, calling for building a modern refinery by giving importance to the country’s energy sector.

Azam J Chowdhury said, “Energy is the main driving force of the economy of Bangladesh. Supply and production of fuel should be given utmost importance. If this is not given importance, the industrial, economic, and business sectors will suffer.  Safe supply of fuel must be ensured.”

If in power, will allocate 5% of GDP to health, education: Amir Khasru

BNP Standing Committee Member Amir Khasru Mahmud Chowdhury said that if BNP comes to power, 5% of GDP will be allocated for education and health.

“There should be democratic accountability in the country. Otherwise, foreign investors will not want to come here. They want to invest through the chosen representatives.  Foreigners expect a stable environment for long-term investment,” he said.

Will bring down cost of doing business: Commerce adviser

New Commerce Adviser Sheikh Bashir Uddin promised the traders that he will bring down the cost of running businesses with all his power and capability.

He told the businessmen, “The wealth you have is a liability. Use resources to produce enough goods, and make them available to the consumers.”

He said, “due to the way we have politicised business, sometimes businessmen are ashamed of showing their identity. Implementation as a private sector player (entrepreneur) is my area of expertise. My job is to relieve the frustration of business people about the hardships of doing business.

Mustafa K Mujeri, a former chief economist of the central bank, said, “East Asian countries have developed by eliminating inequality. Discrimination cannot be removed without changing the tax system. We must eliminate the disparity of opportunity. We have to develop new trends. The way of thinking about development must be changed.”

BRAC Bank Managing Director Selim RF Hussain said, “Businessmen say they are not able to do business. I will tell them to be patient. Sri Lanka has done it, we can do it too. We have stopped crony capitalism. The wave of good governance will come in the future.”

City Bank Managing Director Mashrur Arefin said, “days looting banks is over.  Now the condition of the bank will not worsen.”