Development of private sector means development of country: Finance Minister

Expressing this firm conviction, Finance Minister Amir Khasru Mahmud Chowdhury has announced a series of measures aimed at ensuring the country’s economic stability and industrial development.

Speaking at a consultative meeting organised by the National Board of Revenue (NBR) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) with representatives of the private sector ahead of the national budget, the Finance Minister stated that the major obstacles hindering the ease of doing business would be resolved within the next three months.

The discussion took place at the Sonargaon Hotel in the capital on Wednesday.

In his address as the chief guest, the minister acknowledged the prevailing economic challenges facing the country and admitted that the government is navigating a difficult period. 

Nevertheless, he emphasised that the government is working determinedly to place the economy on a strong footing within the next two years.

To achieve this objective, he urged businessmen to remain patient and called for quality investment that would generate employment opportunities.

New initiatives to diversify exports

The Finance Minister announced that, alongside the ready-made garment industry, other promising sectors would be actively promoted in the export basket. In particular, to harness the potential of the jewellery and gold sectors, he promised to extend facilities such as bonded warehouses and back-to-back letters of credit, similar to those enjoyed by the garment industry. 

He asserted that the development of a major sector should not be hindered merely out of fear of theft; instead, all export-oriented sectors would be opened up under proper supervision and monitoring.

Digital tax system and reduction of corruption

Announcing a fundamental overhaul in revenue administration, the Finance Minister revealed that the government is transitioning towards a fully digital tax system that will minimise physical contact and direct interaction. This shift, he said, would significantly reduce corruption and make the tax payment process simpler and more transparent. 

He appealed to business organisations for cooperation, noting that millions of businesses currently remain outside the tax net. He stressed the importance of the ‘One Citizen, One Card’ principle to prevent tax evasion and broaden the tax base.

The minister made it clear that the government does not intend to extend special patronage to any particular business group. Instead, it aims to democratise the economy so that every participant receives equal opportunities. 

He sought the full support of the business community as well as the general public in this transformative journey.

Views of the Commerce Minister and NBR Chairman

During the meeting, the Commerce Minister described the current Finance Minister as “business-friendly” and “pragmatic”. 

He underlined that it is the government’s responsibility to ensure the security and confidence of the private sector in order to propel the national economy forward. 

He particularly emphasised the need to bring the gold trade out of the shadow economy and into the formal mainstream.

The Chairman of the National Board of Revenue, Abdur Rahman Khan, echoed the Finance Minister’s views, stating that Bangladesh would progress only when its businessmen prosper. 

He assured the business community that revenue collection would be made easier and that no unnecessary regulatory burden would be imposed on them.

At the meeting, businessmen from various sectors highlighted the specific challenges faced by their industries. They also appealed for reductions in customs duties and taxes, and the withdrawal of certain restrictive measures.