Next govt must commit to time-bound business reforms

The next elected government must make a clear, time-bound commitment to implementing reforms aimed at improving the business climate and reducing the cost of doing business, said top business leaders.

At a roundtable at a hotel in Dhaka yesterday, they also urged the interim government to seek a deferment of Bangladesh's scheduled graduation from the least developed country (LDC) status in November 2026 by at least three years.

"Whoever comes to power in the next election, and the election must happen, they must come with a clear commitment," Abul Kasem Khan, chairperson of Business Initiative Leading Development (BUILD), a public-private dialogue platform, told the event organised by The Financial Express.

"Their reforms and deregulation must be time-bound. We want to know what they will do in one month, in three months, in six months, not in five years," he said.

"Whoever comes to power in the next election, and the election must happen, they must come with a clear commitment."

Abul Kasem Khan Chairperson, BUILD

"We no longer want vague promises; we want to know what will be done within the next year," he said.

At the event presided over by The Financial Express Editor Shamsul Huq Zahid, Inamul Haq Khan, senior vice-president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said Bangladesh must secure at least a three-year deferment of the LDC graduation.

"This extension is essential to ensure the economy's sustainability, competitiveness, and resilience in the post-graduation era," he said.

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), urged the government to formally apply for a deferral.

"Let us request that the United Nations review the current situation, to analyse and investigate," Hatem said.

"If, after that, they conclude Bangladesh is ready for graduation, then fine, we will accept it and move forward. But at least let us make the request," he added.

"I firmly believe that if the UN reviews the situation, they will conclude Bangladesh is not ready to graduate for another 10 years," he said.

At the programme, Taskeen Ahmed, president of the Dhaka Chamber of Commerce and Industry (DCCI), expressed deep concern over the ongoing energy shortage at production units.

"We talk about energy security, but there is no predictability or consistency," he said.

"Even when our officials go abroad to attract investment, they keep saying 'my country has this, my country has that'," he said.

"But no matter how much you say, when someone actually comes to invest, the first thing they will do is ask two private sector businessmen, 'What's your situation?'," said Ahmed.

"So how long will we keep telling lies?" he asked.

Showkat Aziz Russell, president of Bangladesh Textile Mills Association (BTMA), said, "You are desperate for foreign investment, but you already have domestic investors like us, we generate revenue and employment."

"Right now, we do not see an environment conducive to investment. Even foreigners are losing confidence.

There was a fire at the airport, who will invest in a country where such incidents occur at modern facilities," questioned Russell.

"Every international terminal and port should have state-of-the-art firefighting systems, but the system failed. It is tragic," he said.

Lutfey Siddiqi, special envoy on international affairs to the chief adviser, called for a complete redesign of the administrative and governance structure, noting that piecemeal reforms would not be enough to ensure long-term efficiency and growth.

He advised businesses not to delay in engaging with the next elected government to take advantage of reform opportunities, something which had been missed after the student-led uprising in Bangladesh.

"We had worked on a consensus commission aimed at bringing reforms; however, economic reforms never took place," he said.

The envoy also stressed the role of the private sector in driving change. "The private sector must put pressure to accelerate economic reforms," he said.