Deregulation necessary to rebuild state institutions

Bangladesh has become “an over-regulated country”, and serious deregulation is now essential, Finance and Planning Minister Amir Khosru Mahmud Chowdhury said on his first day in office at the Secretariat yesterday.

“We have to liberalise and create a level playing field for every citizen to participate in the economy and reap the benefits,” he said.

The minister said that rebuilding public institutions would top his agenda, describing them as being in a “very bad shape”.

“We must address the decay of state institutions. We must ensure professionalism, transparency, and efficiency in the institutions. This is very important. In the absence of institutions, no programme will work properly,” said the new minister.

The BNP-led alliance formed the government on Tuesday after a landslide victory in the recent national election. Before taking up office, ministers visited the National Martyrs’ Monument in Savar to pay tribute to the heroes of the 1971 Liberation War. They later went to the Secretariat, met officials and briefed reporters.

Chowdhury said the July uprising in 2024 has reshaped public expectations, and economic policies must reflect that shift. The immediate task, he said, is to restore the health of state bodies.

“Our key priority is to recover institutions and bring professionalism, transparency and efficiency into them,” he said.

He added that the existing patronage-based economy must be transformed into a democratic one. “To do this successfully, we need deregulation and liberalisation. We should not remain solely dependent on a manufacturing-driven economy; rather, we must diversify it.”

“Sports, culture and various professional groups must be brought into the economic mainstream,” he said.

He pointed to the example of the shital pati, a traditional woven mat from Barisal that sells for Tk 600 to Tk 700. With proper craft training, access to credit and online marketing, he said artisans could broaden their product range and tap into larger markets.

Bangladesh Bank Governor Ahsan H Mansur, Finance Division Secretary Md Khairuzzaman Mozumder and Financial Institutions Division Secretary Md Abdur Rahman were present.

“We have to build an economy that ensures the participation of all citizens. If people from all levels and professions are engaged in economic activities, it will be possible to bring overall change to the national economy,” Chowdhury said.

At the event, Md Zonayed Abdur Rahim Saki, state minister for finance and planning, said the economic system should be shaped in line with the implementation of the 31-point reform agenda announced by Tarique Rahman. He called for establishing a democratic economic order.