Ensure healthy collaboration between public and private sectors thru’ transparency and accountability
Bangladesh stands at a critical juncture in its economic journey, yet the path to meaningful reform remains obstructed by entrenched business syndicates and informal arrangements between the private sector and government.
Lutfey Siddiqi, the Chief Adviser’s Special Envoy on International Affairs, recently underscored this troubling reality at the launch of the book “Bangladesh 2030: Pathways to Shared Economic Prosperity.”
His insights reveal a systemic issue that threatens the nation’s potential for growth and prosperity.
Siddiqi’s observations highlight a disconcerting trend: while some business leaders publicly advocate for reform, they simultaneously engage in undisclosed negotiations with government officials to safeguard their interests.
This duplicity not only undermines the broader reform agenda but also perpetuates a culture of complacency that stifles innovation and progress.
The implications are dire; without genuine commitment to structural change, Bangladesh risks stagnation in an increasingly competitive global economy.
The recent white paper issued by the government, while perhaps lacking visible outcomes, is a crucial document that continues to shape decision-making processes.
Siddiqi’s reassurance that its recommendations are being integrated into daily operations is a glimmer of hope amidst a landscape often perceived as stagnant.
However, the urgency for reform cannot be overstated. Industry leaders, such as Syed Nasim Manzur of the Leather and Footwear Manufacturers and Exporters Association, have pointed out that the last significant tax reform occurred over a decade ago.
Excessive tariffs remain a formidable barrier to business, and without prioritising tax reductions, aspirations for free trade agreements will remain unfulfilled.
Dr. Fahmida Khatun’s remarks on the entrenched vested interests among politicians, business elites, and bureaucrats further illuminate the challenges ahead.
Key institutions, including the central bank and the Anti-Corruption Commission, have yet to undergo meaningful reform, leaving the judiciary and public administration similarly constrained.
As Selim Raihan aptly noted, the reluctance to pursue deeper structural reforms reflects a broader institutional culture rather than the stance of any single political party.
This inertia must be addressed if Bangladesh is to navigate its current stagflationary phase and emerge as a beacon of inclusive growth.
We must say the country must confront the systemic obstacles that hinder reform and embrace a future grounded in transparency, accountability, and genuine collaboration between the public and private sectors. Only then can the nation hope to realise its full economic potential.