Restore local confidence first, Nahid says

National Citizen Party Convener Nahid Islam has said Bangladesh must first restore confidence among local entrepreneurs before expecting major foreign investment.

Speaking at a budget discussion in the capital on Thursday night, Nahid said the current economic crisis cannot be overcome without reforms in the banking sector, fair access to loans and political consensus.

“If local entrepreneurs lack confidence, foreign investment will not come,” he said at the discussion titled “Bangladesh’s budget amid global uncertainty: Prioritising employment, investment and reforms, and the public expectation for a discrimination-free prosperous Bangladesh.”

Nahid alleged that politically influential corporate groups continue to receive large bank loans and state-backed privileges despite becoming loan defaulters. He said such practices had weakened the banking sector and discouraged honest entrepreneurs.

He claimed that the culture of loan scams and banking-sector looting from the past had not ended. “A competition has now begun within the government to become the new S Alam and Salman F Rahman,” Nahid said.

The NCP convener said people had expected a reform-oriented and employment-focused budget, but the government had failed to fulfil its commitments regarding the July Charter and referendum.

He said this failure had blocked the path to political reform and affected economic progress.

Nahid called for an end to politically influenced loans for large corporate groups and urged the government to provide easier loan facilities to honest small entrepreneurs.

He also stressed the need for a united effort by all political forces to address the ongoing economic crisis.

“Bangladesh is going through a deep crisis, and it is not possible for a single government to overcome it alone,” he said.